This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 107 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 107 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. SWOT analysis A) This technique, which not operates by 'peeling back layers of the company. B) Designed for use in the secondary stages of decision-making processes and can be used as a tool for evaluation of the strategic position of organizations of many kinds. C) It is intended to specify the objectives of the business venture or project and identify the internal and external factors that are favorable and unfavorable to achieving those objectives. D) All of the above. Show Answer Correct Answer: C) It is intended to specify the objectives of the business venture or project and identify the internal and external factors that are favorable and unfavorable to achieving those objectives. 2. Kinds of economic system where the decision are based on traditions and practices upheld over the years and passed to generation to generation A) Traditional economy. B) Command economy. C) Market economy. D) None of above. Show Answer Correct Answer: A) Traditional economy. 3. Ruby, manager in Stone Company, instruct her team in sales department to submit their project proposal as there are potential investors coming in two days. However, due to the limited time given to them, they come unprepared and the potential investors are not satisfied. What type of scarcity does sales department faced? A) Scarcity. B) Relative Scarcity. C) Absolute Scarcity. D) Shortage. Show Answer Correct Answer: C) Absolute Scarcity. 4. It refers to income less spending. A) Taxes. B) Capital. C) Savings. D) Investments. Show Answer Correct Answer: C) Savings. 5. Which does not belong to the group? A) Demand. B) Price. C) Quantity demand. D) Production. Show Answer Correct Answer: D) Production. 6. A theory that uses marginal analysis because it assumes that people make decisions by weighing incremental benefits from expected additional costs, all measured from the realities of the production possibilities frontier. A) Quality Theory. B) Demand Theory. C) Supply Theory. D) Price Theory. Show Answer Correct Answer: C) Supply Theory. 7. Secret agreement among firms to sell at the same or similar prices. A) Cartel. B) Monopolistic Competition. C) Collusion. D) Oligopoly. Show Answer Correct Answer: C) Collusion. 8. Needs refers to anything a human being needs for their survival. A) FACT. B) BLUFF. Show Answer Correct Answer: A) FACT. 9. A line on a graph that illustrates an upward slope because of the direct relationship between price and quantity A) Demand Schedule. B) Demand Curve. C) Supply Schedule. D) Supply Curve. Show Answer Correct Answer: D) Supply Curve. 10. It is the worth of a domestic money or currency in a foreign currency. A) Foreign currency Rate. B) Purchasing Power Parity. C) International Currency Rate. D) Exchange rate. Show Answer Correct Answer: D) Exchange rate. 11. What do we call the minimum allowable price set above the equilibrium? A) Ceiling Price. B) Equilibrium Price. C) Price Matrix. D) Price Floor. Show Answer Correct Answer: D) Price Floor. 12. ELASTICITY is a measure of how much buyers and sellers respond to changes in market conditions. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 13. Which of the following is not true? A) Applied Economics acts as mechanism to determine what steps can be taken to improve the economic situation. B) Applied Economics deals with the study of man's life and how he deals with other men. C) Applied economics is the study of economics in relation to real world situations. D) Applied economics teach valuable lessons on how to avoid recurrence of a negative situation. Show Answer Correct Answer: B) Applied Economics deals with the study of man's life and how he deals with other men. 14. It indicates that there is a constant relationship between two variables:when one variable changes, the other does not change. A) Positive slope. B) Slope of zero. C) Negative slope. D) Slope. Show Answer Correct Answer: B) Slope of zero. 15. Interest rates are the cost of using or borrowing money. A) True. B) False. Show Answer Correct Answer: A) True. 16. 8) Which is NOT a factor of production? a) land labor entrepreneurship skilb) laborc) entrepreneurship skild) skill A) Land labor. B) Entrepreneurship. C) Labor. D) Skills. Show Answer Correct Answer: D) Skills. 17. A "boom" period is economic growth- A) Below the trend line. B) At the peak. C) Above the trend line. D) None of above. Show Answer Correct Answer: C) Above the trend line. 18. Applied Economics is the study of observing how theories work in practice. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 19. In Industry Analysis, what is meant by the term 'substitute'? A) A substitute refers to an alternative manufacturing process. B) A substitute is a rival firm offering the same products. C) A substitute is something else consumers would rather spend their money on. D) A substitute is an alternative product or service that performs the same function forthe consumer. Show Answer Correct Answer: C) A substitute is something else consumers would rather spend their money on. 20. Steps in SEIA that focuses on gathering information about the socio-economic environment of the proposed development. A) Profiling Baseline Conditions. B) Government. C) Household. D) Locality. Show Answer Correct Answer: A) Profiling Baseline Conditions. ← 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