This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 105 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 105 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Temporary shortage of paracetamol brands in the market. A) Relative scarcity. B) Absolute scarcity. Show Answer Correct Answer: A) Relative scarcity. 2. The society would always consider the immediate beneficiary of the goods. A) What to produce?. B) For whom to produce?. C) How to produce?. D) What provisions/laws should be made. Show Answer Correct Answer: B) For whom to produce?. 3. It is the study of the decisions made by people and business regarding the allocation of resources, and prices at which they trade goods and services. A) Microeconomics. B) Macroeconomics. C) Production. D) Allocation. Show Answer Correct Answer: A) Microeconomics. 4. Is where the workers offer services and look for jobs, and where employers look for workers to hire A) Goods Market. B) Labor Market. C) Financial Market. D) None of above. Show Answer Correct Answer: B) Labor Market. 5. Below are the examples of a manufacturing business, EXCEPT. A) Machinery and Equipment. B) Rubber and Plastic Products. C) Wearing Apparel. D) Medical Clinic. Show Answer Correct Answer: D) Medical Clinic. 6. It means that more foreign currencies are being sold for pesos that those being bought with pesos. A) BOP Surplus. B) BOP Deficit. Show Answer Correct Answer: A) BOP Surplus. 7. Point out what force acts as a deterrent against new competitors. This force decides how easy (or not) it is to enter an industry. A) Bargaining power of buyers. B) Barriers to entry. C) Bargaining power of suppliers. D) Industry rivalry. Show Answer Correct Answer: B) Barriers to entry. 8. As social science, economics can be more: A) Predictable. B) Unpredictable. C) Changeable. D) All of the above. Show Answer Correct Answer: D) All of the above. 9. The weight of the earth is 6 septillion (6 x 1024) metric tons. A) Positive statement. B) Normative statement. C) Mixed statement. D) All of the above. Show Answer Correct Answer: A) Positive statement. 10. If ABM firm sells its output in a market, with many sellers and buyers of homogeneous product, and unlimited resource mobility, the structures is a/an A) Monopolist. B) Oligopolist. C) Perfect competitor. D) Monopolistic competitor. Show Answer Correct Answer: C) Perfect competitor. 11. Produces the intangibles supporting and complementing production into other sectors as well as among its own industries. A) Agriculture, Fishery and Forestry. B) Industrial Sector. C) Service Sector. D) Environmental Sector. Show Answer Correct Answer: C) Service Sector. 12. What is the process of making choices that maximize individual or collective well-being based on available information and preferences? A) Rational decision-making. B) Emotional decision-making. C) Impulsive decision-making. D) Irrational decision-making. Show Answer Correct Answer: A) Rational decision-making. 13. Internal things that may limit a company's ability to achieve it's goals would be known as a A) Strength. B) Weakness. C) Opportunity. D) Threat. Show Answer Correct Answer: B) Weakness. 14. What are the Economic Resources that are considered as factors of production? A) Land, Air, Manpower and Entrepreneurship. B) Land, Water, Labor, Capital. C) Land, Labor, Capital and Entrepreneurship. D) Land, Water, Air and People. Show Answer Correct Answer: C) Land, Labor, Capital and Entrepreneurship. 15. Which of the following is an example of positive externalities? A) Government Budget Surplus. B) More export than import. C) Motorway improvement scheme. D) Noise pollution. Show Answer Correct Answer: A) Government Budget Surplus. 16. These are the things that your competitors do better than you ..... A) Strengths. B) Weaknesses. C) Opportunites. D) Threats. Show Answer Correct Answer: B) Weaknesses. 17. Refers to the benefit or positive cause of a choice. A) Marginal Thinking. B) Opportunity Cost. C) Incentives. D) Trade off. Show Answer Correct Answer: C) Incentives. 18. Which refers to the capability of a person or a group of buyers to spend for goodsand services? A) Buying decision. B) Consumer behavior. C) Spending limit. D) Purchasing power. Show Answer Correct Answer: D) Purchasing power. 19. What is Law of supply A) Inverse relationship between the price and the quantity of supplied. B) Direct relationship between the price and the quantity of supplied. Show Answer Correct Answer: B) Direct relationship between the price and the quantity of supplied. 20. Pursuing food self-sufficiency by securing food grains internationally may result in low prices for food grains in the light of the higher prices in other countries. A) True. B) False. Show Answer Correct Answer: B) False. ← 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