This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 104 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 104 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Meralco A) Perfect competition. B) Monopoly. C) Oligopoly. D) Monopolistic competition. Show Answer Correct Answer: B) Monopoly. 2. These are factors that affect the supply curve, except one: A) Sellers. B) Buyer's income. C) Expectations. D) Price changes. Show Answer Correct Answer: B) Buyer's income. 3. States that, holding nonprice factors constant, the quantity of a good or service that a supplier is willing to offer on the market relates directly to price. A) Law of Demand. B) Law of Supply. C) Law of Demand and Supply. D) Law of Curve Shifts. Show Answer Correct Answer: B) Law of Supply. 4. Farm products such as wheat and corn A) Perfect Competition. B) Monopoly. C) Monopolistic Competition. D) Oligopoly. Show Answer Correct Answer: A) Perfect Competition. 5. Which best of the following best describes economics as a social and an applied science? A) The study of products we need to survive. B) The study of how customers make choices when there is unlimited supply of resources. C) The study of human personalities. D) The study of how buyers make choices when there is limited supply. Show Answer Correct Answer: D) The study of how buyers make choices when there is limited supply. 6. It is also termed as "human capital": A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: B) Labor. 7. It is the rising of local prices. A) Misery index. B) Inflation. Show Answer Correct Answer: B) Inflation. 8. The type of government, the stability and strength of the government, and the good leadership are factors that can be an advantage to a business. A) Economic Forces. B) Political Forces. C) Physical Environment. D) Customers. Show Answer Correct Answer: B) Political Forces. 9. TRUE OR FALSE:The downward slope of the demand curve illustrates the law of supply-the inverse relationship between prices and quantity demanded. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 10. Goods made by people to be used specifically to produce goods and services:Tools, office equipment, roads, factories, etc. A) Capital. B) Labor. C) Land. D) Entrepreneurship. Show Answer Correct Answer: A) Capital. 11. What is Monopolistic Competition A) Many sellers provides diverse or differenciated products, similar but not identical. B) Many sellers provides inverse or differenciated products, similar but not identical. Show Answer Correct Answer: A) Many sellers provides diverse or differenciated products, similar but not identical. 12. What is the Example of Monopolistic Competition A) Apple and Samsung. B) Meralco And Manila Water. C) Jollibee And Mcdonalds. D) None of above. Show Answer Correct Answer: C) Jollibee And Mcdonalds. 13. Calculated by taking into account the monetary worth of a nation's goods and services after a certain period of time, usually one year A) GDP. B) GDP per Capita. C) Nominal GDP. D) Cost of Living. Show Answer Correct Answer: B) GDP per Capita. 14. A government-set maximum price that can be charged for a good or service A) Basic Price. B) Price Foundation. C) Price Ceiling. D) Limit Price. Show Answer Correct Answer: C) Price Ceiling. 15. Because of the presence of scarcity there is a need for man to make ; A) Decisions in choosing how to maximize the use of scarce resources. B) Use the limited resources as much as they want. C) A lot of products and services even there is a presence of scarcity. D) None of above. Show Answer Correct Answer: A) Decisions in choosing how to maximize the use of scarce resources. 16. It is also termed as human resource: A) Land. B) Labor. C) Capital. D) Entrepreneur. Show Answer Correct Answer: B) Labor. 17. Why is it essential to study the Core Principles of Economics? A) To become a professional economist. B) To make informed decisions in life. C) To win in economic debates. D) To write economic textbooks. Show Answer Correct Answer: B) To make informed decisions in life. 18. ..... are the producing units in the economy. A) Household. B) Producer. C) Firm. D) Consumer. Show Answer Correct Answer: C) Firm. 19. "ALL OTHER THINGS HELD CONSTANT" is an economic model that illustrates the theory: A) Economic Idea. B) Social Science. C) Ceteris Paribus. D) Behavioral theory. Show Answer Correct Answer: C) Ceteris Paribus. 20. Trade offs and opportunity costs are found everywhere in our daily life. A) True. B) False. Show Answer Correct Answer: A) True. ← PreviousNext →Related QuizzesEconomics QuizzesApplied Economics Quiz 1Applied Economics Quiz 2Applied Economics Quiz 3Applied Economics Quiz 4Applied Economics Quiz 5Applied Economics Quiz 6Applied Economics Quiz 7Applied Economics Quiz 8Applied Economics Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books