This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 11 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Refers to the practice of encouraging a certain minimum resale price of products. A) Price taker. B) Customers. C) Price maintenance. D) None of above. Show Answer Correct Answer: C) Price maintenance. 2. It refers to the proper utilization of economic goods. A) Consumption. B) Public Finance. C) Production. D) Distribution. Show Answer Correct Answer: A) Consumption. 3. Which is NOT a major economic problem? A) When to produce?. B) What to produce?. C) How to produce?. D) For whom to produce?. Show Answer Correct Answer: A) When to produce?. 4. ..... is a business tax that is regulated in the Philippines which is imposed on individuals or businesses that sell or rent out goods and services with annual sales not exceeding PHP 3 Million and is not VAT, registered. A) Percentage tax. B) Withholding tax. Show Answer Correct Answer: A) Percentage tax. 5. The fundamental economic problem that must be solved efficiently. A) Scarcity of resources. B) Health system. C) Surplus of demands. D) Export policies. Show Answer Correct Answer: A) Scarcity of resources. 6. Who is the origin of the study of Economics? A) Adam Jones. B) Adam Smith. C) Albert Einstein. D) Socrates. Show Answer Correct Answer: B) Adam Smith. 7. Economics is the study of how individuals, bsiness firms, governments, and societies as a whole make choices under conditions of scarcity. A) True. B) False. Show Answer Correct Answer: A) True. 8. What is the fundamental economic problem that arises due to limited resources and unlimited human wants? A) Surplus. B) Abundance. C) Equilibrium. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 9. This covers the gathering, creation or invention of resources. A) Production. B) Allocation. C) Distribution. D) Consumption. Show Answer Correct Answer: A) Production. 10. A change in the price of a good causes people to buy more or less of an item. This best describes the concept of A) The demand curve. B) Change in demand. C) C) changein quantity. D) Demandedelasticity. Show Answer Correct Answer: C) C) changein quantity. 11. A Global international organization dealing with the rules of trade between nations. A) WTO. B) ADB. C) NATO. D) ETU. Show Answer Correct Answer: A) WTO. 12. Is the work done by people with education, skills and motivation and productivity A) Capital. B) Entrepreneur. C) Labor. D) Land. Show Answer Correct Answer: C) Labor. 13. Which of the following is true about preparing a SWOT Analysis? A) It should focus on where the organization is today, not where it could be in the future. B) A SWOT Analysis is objective. C) It should be specific and avoid grey areas. D) It should analyze the organization only and ignore the performance of competitors. Show Answer Correct Answer: C) It should be specific and avoid grey areas. 14. Which of the following market features is likely to cause a surplus of a particular product? A) Monopoly. B) Price floor. C) Price ceiling. D) Perfect market. Show Answer Correct Answer: C) Price ceiling. 15. When income goes down, consumer buy more A) True. B) False. Show Answer Correct Answer: B) False. 16. It refers to the allocation of products among the factors of production: A) Production. B) Consumption. C) Distribution. D) Exchange. Show Answer Correct Answer: C) Distribution. 17. How much people want something A) Supply. B) Demand. Show Answer Correct Answer: B) Demand. 18. When the price of good A rises, people start to drink good B. In this case, what is good B considered? A) Luxury good. B) Complementary good. C) Substitute good. D) Normal good. Show Answer Correct Answer: C) Substitute good. 19. External forces these are those that affect a company, an organization, an individual, and those outside their control A) Strength and Weaknesses. B) Opportunities and Threats. Show Answer Correct Answer: B) Opportunities and Threats. 20. The act of one, two, or more people engaged in profit-making in commercialactivity refers to ..... ? A) Business. B) Commerce. C) Partnership. D) Trade. Show Answer Correct Answer: A) Business. ← 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