This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 106 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 106 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A guide to industry analysis that explains when and how a business is developed. A) Geographic area. B) History of the industry. C) Business Description. D) Size of the industry. Show Answer Correct Answer: B) History of the industry. 2. Economics become one of the most insignificant studies of modern days. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 3. Which of the following BEST describes a market system? A) The government provides services, such as telephones and television. B) A person can start any legal business and charge any price. C) The government provides food and housing to all workers. D) Businesses are owned by the government. Show Answer Correct Answer: B) A person can start any legal business and charge any price. 4. Which produces the final product the final product by using raw materials and semi raw materials through different of production. A) Genetics Industry. B) Analytical Industry. C) Synthetic Industry. D) Processing Industry. Show Answer Correct Answer: D) Processing Industry. 5. It is the activity of apportioning material resources to consumers and assigning service providers according to their roles and functions. A) Production. B) Allocation. C) Distribution. D) Consumption. Show Answer Correct Answer: B) Allocation. 6. A ..... is an interaction between buyers and sellers of trading or exchange. A) Company. B) School. C) Market. D) Factory. Show Answer Correct Answer: C) Market. 7. What does the point of equilibrium on the supply and demand graph illustrate? A) Where the supply curve intersects the y-axis. B) Where the demand curve intersects the x-axis. C) Where the supply and demand curves intersect. D) Where the supply and demand curves are parallel. Show Answer Correct Answer: C) Where the supply and demand curves intersect. 8. Which of the following could cause the price for automobiles to decrease? A) The local factory gives a big raise to its employees. B) None of the choices. C) A brand new automobile dealership opens in town. D) The price of gasoline falls. Show Answer Correct Answer: C) A brand new automobile dealership opens in town. 9. A type of Inflation wherein there is a mild and less than 10% inflation rate. A) Creeping Inflation. B) Galloping Inflation. C) Gliding Inflation. D) Swinging inflation. Show Answer Correct Answer: A) Creeping Inflation. 10. What does opportunity cost refer to? A) The value of the next best alternative foregone. B) The cost of the chosen option. C) The total cost of all available options. D) The cost of the least valuable option. Show Answer Correct Answer: A) The value of the next best alternative foregone. 11. It refers to any human service physical or intellectual. Also referred to as human capital. A) Economic capital. B) Labor. C) Entrepreneurship. D) Land. Show Answer Correct Answer: B) Labor. 12. How does the field of Economics contribute to problem-solving in society? A) By ignoring real-world issues. B) By using economic theories to address practical problems. C) By creating more problems. D) By advocating for theoretical solutions. Show Answer Correct Answer: B) By using economic theories to address practical problems. 13. Supplied items were readily available. A) Strength. B) Weakness. C) Opportunities. D) Threat. Show Answer Correct Answer: A) Strength. 14. As price of commodity increases, suppliers are attracted to sell more while buyers tend to ..... A) Increase their consumption. B) Reduce their consumption. C) Maintain their consumption. D) None of the above. Show Answer Correct Answer: B) Reduce their consumption. 15. This industry relates to the putting of various raw material together to make a final product. A) Genetics Industry. B) Analytical Industry. C) Synthetic Industry. D) Processing Industry. Show Answer Correct Answer: C) Synthetic Industry. 16. REASON WHY WE ARE STUDYING ECONOMICS? A) POVERTY. B) SCARCITY. C) TRADE-OFF. D) UNEMPLOYMENT. Show Answer Correct Answer: B) SCARCITY. 17. Benefit from the establishments through revenues and taxes A) Impact on the consumer. B) Impact on the supplier & investors. C) Impact on the government. D) Impact on the household & community. Show Answer Correct Answer: C) Impact on the government. 18. A solid understanding of economic principlescan serve as significant tools to helpaddress the country's economic problem. A) True. B) False. Show Answer Correct Answer: A) True. 19. This refers to the requirements for a large production plants to a feasible operation in theindustry. A) Scale barriers. B) Limited information. C) Legal barriers. D) Product Differentiation. Show Answer Correct Answer: A) Scale barriers. 20. Which of the following would not be considered compliments? A) Shoes and socks. B) Tennis Racquet and Tennis Balls. C) Coke and Pepsi. D) Automobiles and Gasoline. Show Answer Correct Answer: C) Coke and Pepsi. ← 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