This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 16 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It is a product or service a consumer sees as the same or similar to another product. A) LAW OF DEMAND. B) SUBSTITUTE. C) SUPPLY. D) MARKET. Show Answer Correct Answer: B) SUBSTITUTE. 2. A SWOT analysis is used to analyze an organization current ..... A) Assets. B) Opportunities. C) Situation. D) Standing. Show Answer Correct Answer: C) Situation. 3. It is a condition in which there is an insufficient resources to satisfy all the needs and wants of a population. A) Shortage. B) Scarcity. C) Surplus. D) Resources. Show Answer Correct Answer: B) Scarcity. 4. True or False:The average Filipino e-commerce shopper spent USD 18 on online consumer goods purchases in 2018. A) True. B) False. Show Answer Correct Answer: A) True. 5. The exchange of goods and services. A) A. consumer. B) B. economics. C) C. market. D) Trade. Show Answer Correct Answer: D) Trade. 6. All of the following are examples of complements EXCEPT A) Butter and margarine. B) Cameras and film. C) Peanut butter and jelly. D) Flashlights and batteries. Show Answer Correct Answer: A) Butter and margarine. 7. It is a study of the ways that individuals and societies allocate their limited resources to satisfy their unlimited wants. A) Human nature. B) Natural resources. C) Experimentation. D) Plants and Animals. Show Answer Correct Answer: A) Human nature. 8. A supplier in a business is someone who acts as an intermediary between the manufacturer and retailer, ensuring that communication is forthcoming and stock is of sufficient quality. A) True. B) False. Show Answer Correct Answer: A) True. 9. THE ESSENTIALS OF LIFE A) WANTS. B) NEEDS. C) CAPITAL. D) LABOR. Show Answer Correct Answer: B) NEEDS. 10. Which of the following is not an economic agent in your locality? A) Producer. B) Consumer. C) Public Sector. D) None of ABC. Show Answer Correct Answer: D) None of ABC. 11. Identify the type of market that matches each itemJobs Fair A) GOODS MARKET. B) FINANCIAL MARKET. C) LABOR MARKET. D) None of above. Show Answer Correct Answer: C) LABOR MARKET. 12. Which of the following describes economic situation when there is a very high demand for land for rent? A) Price of land or rent is very low. B) Price of land or rent is very high. C) Price of land or rent is manageable. D) Price of land or rent is negative. Show Answer Correct Answer: A) Price of land or rent is very low. 13. The VAT (Value Added Tax) is under which classification of taxes? A) Direct Taxes. B) Incomes Taxes. C) Indirect Taxes. D) None of the choices. Show Answer Correct Answer: C) Indirect Taxes. 14. In this economic system decisions are based on traditions years and passed on and practices upheld over the from generation to generation. A) Traditional Economy. B) Command Economy. C) Market Economy. D) Mixed Economy. Show Answer Correct Answer: A) Traditional Economy. 15. Defined as:things that are made or grown and then sold A) Services. B) Exports. C) Imports. D) Goods. Show Answer Correct Answer: D) Goods. 16. Allocation of resources means: A) Appropriation. B) Stocking. C) Keeping. D) Protection. Show Answer Correct Answer: A) Appropriation. 17. Which government agency is responsible for the following?OFW remittances A) BSP. B) NEDA. C) DOLE. D) POEA. Show Answer Correct Answer: A) BSP. 18. What is market equilibrium? A) The point where quantity supplied equals quantity demanded. B) The point where supply exceeds demand. C) The point where demand exceeds supply. D) The point where prices are at their highest. Show Answer Correct Answer: A) The point where quantity supplied equals quantity demanded. 19. This type of allocation mechanism uses culture, social norms, to temper wants, and encourages producers to expand production in the light of the problem of scarcity. This system is made through the formation of simple of human wants which are shaped by social norms and values. A) Market system as an allocation mechanism. B) Command as an allocation mechanism. C) Tradition as an allocation mechanism. D) Mixed as an allocation mechanism. Show Answer Correct Answer: C) Tradition as an allocation mechanism. 20. .... is a means of identifying the internal and external forces that may affect the business. A) SWOT Analysis. B) General Partnership. C) Porter's five forces Analysis. D) Business Analysis. Show Answer Correct Answer: A) SWOT Analysis. ← 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