This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 109 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 109 (9 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The following are characteristics of a Command Economy, EXCEPT ..... A) Private property is illegal. B) Everyone is paid EQUALLY. C) Industry & business is controlled by government. D) Private ownership of resources. Show Answer Correct Answer: D) Private ownership of resources. 2. What do you call to the payment for the use of land? A) Rent. B) Spending. C) Income. D) Capital. Show Answer Correct Answer: A) Rent. 3. In this type of economy, the consumers exercise virtual autonomy on what they will buy and at what quantities they will buy and at what price. A) Planned. B) Traditional. C) Market. D) Mixed. Show Answer Correct Answer: C) Market. 4. Internal factors that are favorable for achieving your organization's objective. A) Strengths. B) Weaknesses. C) Opportunities. D) Threats. Show Answer Correct Answer: A) Strengths. 5. What does it mean? PED > 1 A) Perfectly inelastic demand. B) Inelastic demand. C) Unitarily elastic demand. D) Elastic demand. E) Perfectly elastic demand. Show Answer Correct Answer: D) Elastic demand. 6. Alfred Marshall A) An American economist, who was one of the most influential economists of his time. B) His book, Principles of Economics (1990), was the dominant economic textbook in England for many years. C) It brings the ideas of supply and demand, marginal utility, and costs of production into a coherent whole. D) All of the above. Show Answer Correct Answer: C) It brings the ideas of supply and demand, marginal utility, and costs of production into a coherent whole. 7. The Philippine economy grew at the rate of 5.8% in 2013. A) Microeconomics. B) Macroeconomics. Show Answer Correct Answer: B) Macroeconomics. 8. Which of the following Internal Factor that consisting of employees? A) Financial Resources. B) Personal Resources. C) Human Resources. D) Natural Resources. Show Answer Correct Answer: C) Human Resources. 9. Demand for the goods provided by the suppliers will increase A) Impact on the Household. B) Impact on Suppliers and Investors. C) Impact on the Consumer. D) Impact on Community. Show Answer Correct Answer: B) Impact on Suppliers and Investors. ← PreviousRelated 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