This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 108 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 108 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A shift in a demand or supply curve occurs when quantity demanded or supplied changes even though price remains the same. A) True. B) False. Show Answer Correct Answer: A) True. 2. How are goods and services exchanged in a traditional economy? A) Through prices and wages. B) Through government regulation. C) Through bartering. D) Through shortages and surpluses. Show Answer Correct Answer: C) Through bartering. 3. Highways, sanitation, schools, national defense, police, and fire protection are examples of ..... A) National products. B) Public goods and services. Show Answer Correct Answer: B) Public goods and services. 4. The owner of a new business can win the consumers away from the existing seller except; A) By offering something that will benefit the buyers. B) Create several commercials/advertisement for her products. C) Give the consumers more choices, new goods, better quality. D) Innovate the product with new features that are not found in the existing competing goods. Show Answer Correct Answer: B) Create several commercials/advertisement for her products. 5. The money withdrawn from the circular flow of economic activity is ..... A) An injection. B) A leakage. Show Answer Correct Answer: B) A leakage. 6. What do we call the amount of a good that buyers purchase at a higher price? A) Law of Demand. B) Law of Supply. C) Market Equilibrium. D) Bargaining power of suppliers. Show Answer Correct Answer: A) Law of Demand. 7. Marketing consists of what? A) Selling at a lower price than rivals sell for. B) Producing more output to lower average costs. C) Advertising and packaging. D) None of these. Show Answer Correct Answer: D) None of these. 8. I am the science, art and business for cultivting soil, producing crops and rising livestock, farming. A) Service. B) Wholesaler. C) Agriculture. D) Retail. Show Answer Correct Answer: C) Agriculture. 9. The top gainer in the Philippine Exports in June 2020. A) Metal Components. B) Mineral. C) Chemical. D) Coconut Oil. Show Answer Correct Answer: B) Mineral. 10. Consumers demand less of this type of good when their income rises. A) Normal good. B) Inferior goods. C) Elastic good Related good. D) Related good. Show Answer Correct Answer: B) Inferior goods. 11. It is a strategic planning technique to assess the internal and externalfactors as well as current and future potential. A) SWOT Analysis. B) Environmental Scanning. C) Business Plan. D) Marketing Research. Show Answer Correct Answer: A) SWOT Analysis. 12. Opportunity cost is referred to as "the one that got away" . A) True. B) False. Show Answer Correct Answer: A) True. 13. Sole proprietorship A) Individual entrepreneurship. B) A type of enterprise that is owned and run by one person and in which there is a legal distinction between the owner and the business entity. C) Receives all profits (subject to taxation specific to the business) and has limited responsibility for all losses and debts. D) All of the above. Show Answer Correct Answer: A) Individual entrepreneurship. 14. The field of Economics which study how households and firms make decisions and how they interact in markets. It deals with the economic behavior of individual units such as consumers, firms, and the owners of the factors of production. A) Macroeconomics. B) Microeconomics. C) Applied Science. D) Social Science. Show Answer Correct Answer: B) Microeconomics. 15. Refers to the proper utilization of economic goods. A) Production. B) Consumption. C) Distribution. D) Public finance. E) Exchange. Show Answer Correct Answer: B) Consumption. 16. When human are faced with scarce resources they are forced to make ..... A) Scarcity. B) Decision-making. C) Choices. D) Trade-offs. Show Answer Correct Answer: B) Decision-making. 17. In savings the most important thing or necessary is ..... A) Money. B) Profit. C) Gains. D) Income. Show Answer Correct Answer: A) Money. 18. Law of Demand states that "as the price increases, the quantity demanded for that product decreases." A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 19. A principle in which everything must work together from employee to president or from equipment to resources. A) Systems. B) Scalability. C) Sustainability. D) Growth. Show Answer Correct Answer: A) Systems. 20. How does the law of supply apply to changes in price? A) Supply increases as price falls. B) Supply increases as price rises. C) Supply remains constant regardless of price. D) Supply is determined solely by government regulation. Show Answer Correct Answer: A) Supply increases as price falls. ← 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