This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 13 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which cost includes the ordinary items that an accountant would include as the firms expenses? A) Opportunity costs. B) Explicit costs. C) Implicit Costs. D) Utility Costs. Show Answer Correct Answer: B) Explicit costs. 2. The majority of customers who stop patronizing a particular store do so because ..... A) Its prices are high. B) Its quality is too low. C) An indifferent employee treated them poorly. D) It failed to advertise enough. Show Answer Correct Answer: C) An indifferent employee treated them poorly. 3. Kinds of scarcity when a good is scarce compared to its demand A) Relative scarcity. B) Absolute scarcity. Show Answer Correct Answer: A) Relative scarcity. 4. Financial Market includes the stock market where securities of corporations are traded. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 5. Creating an economic certainty for the communities in which it thrives A) Profitability. B) Standards. C) Purpose. D) Autonomy. Show Answer Correct Answer: A) Profitability. 6. What do you call a framework that helps to assess new venture and can help identify the business's risks and rewards? A) MOST Analysis. B) PESTEL Analysis. C) Porter's Five Forces Competitive Position Analysis. D) SWOT Analysis. Show Answer Correct Answer: D) SWOT Analysis. 7. The following are guides to industry analysis. Which of the following identifies the area whether local, regional nationwide or international? A) Geographic area. B) Buyer. C) Product. D) Size of the industry. Show Answer Correct Answer: A) Geographic area. 8. Is the additional utility or satisfaction from the consumption of an additional unit of a good, keeping other things constant. A) Total Utility. B) Marginal Utility. C) Utility. D) None of above. Show Answer Correct Answer: B) Marginal Utility. 9. What does it mean?% change in Quantity demanded = % change in Price. A) Perfectly inelastic demand. B) Inelastic demand. C) Unitarily elastic demand. D) Elastic demand. E) Perfectly elastic demand. Show Answer Correct Answer: C) Unitarily elastic demand. 10. ABM Computer shop purchased additional 10 units of computer for the business.These goods are called: A) Consumers goods. B) Luxury Goods. C) Capital Goods. D) Economic Goods. Show Answer Correct Answer: C) Capital Goods. 11. The firm's primary objective in producing output is to minimize profits. A) True. B) False. Show Answer Correct Answer: B) False. 12. It is the step in decision-making after taking the decision into action. A) Evaluating the outcome of the decision and steps taken. B) Making the final decision. C) Identifying the problem. D) None of above. Show Answer Correct Answer: A) Evaluating the outcome of the decision and steps taken. 13. What is it called when you have limited quantities of resources used to meet unlimited wants? A) Profit. B) Specialization. C) Cartel. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 14. Which government agency is responsible for the following?current foreign exchange rate A) BSP. B) NEDA. C) HURLB. D) POEA. Show Answer Correct Answer: A) BSP. 15. Which of the following internal factor as the company's location, facilities, machinery, and equipment? A) Financial Resources. B) Personal Resources. C) Human Resources. D) Natural Resources. Show Answer Correct Answer: B) Personal Resources. 16. What do you call the cost that includes opportunity costs of resources owned and used by the firm's owner? A) Opportunity costs. B) Implicit Costs. C) Utility costs. D) Explicit Costs. Show Answer Correct Answer: B) Implicit Costs. 17. This occurs when a firm raises money for working capital or capital expenditures by selling debt instruments to individuals and/or institutional investors? A) Credit. B) Loan. C) Debt financing. D) Investing. Show Answer Correct Answer: C) Debt financing. 18. These products are constantly being purchased and used up in the operation of a business. A) Non-economic Wants. B) Installations. C) Supplies. D) Equipment. Show Answer Correct Answer: C) Supplies. 19. Active investors tend to buy and hold the components of various market indexes, and may optimize their allocation weights to certain asset classes based on rules such as Modern Portfolio Theory's (MPT) mean-variance optimization. A) True. B) False. Show Answer Correct Answer: B) False. 20. What do you call the additional utility derived from consuming an additional unit of the good? A) Utility. B) Total Utility. C) Marginal Utility. D) Commercial Utility. Show Answer Correct Answer: C) Marginal Utility. ← 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