This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 17 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It is measures the responsiveness of the demand for a good to the change in the price of a substitute good or a complement A) Arc Elasticity. B) Price Elasticity. C) Income Elasticity. D) Cross Elasticity. Show Answer Correct Answer: D) Cross Elasticity. 2. It refers to factors that have the potential to harm an organization. A) Strengths. B) Weaknesses. C) Opportunities. D) None of the above. Show Answer Correct Answer: D) None of the above. 3. Workers without any paid employee-an individual who works for himself/herself instead of working for an employer. A) Wage and salary. B) Self-employed. C) Unpaid family workers. D) None of above. Show Answer Correct Answer: B) Self-employed. 4. Which of the following is the correct formula for Supply Function? A) Qs = a(b)(P). B) Qs = a/b(P). C) Qs = a-b(P). D) Qs = a+b(P). Show Answer Correct Answer: D) Qs = a+b(P). 5. Under the microeconomic concept, which represents the income constraint of consumers. A) Indifference Map. B) Indifference Curve. C) Budget Line. D) None of above. Show Answer Correct Answer: C) Budget Line. 6. When price goes down, Demand goes down A) True. B) False. Show Answer Correct Answer: B) False. 7. The desire for a particular good backed up by sufficient purchasing power. A) SUPPLY. B) LAW OF SUPPLY. C) LAW OF DEMAND. D) DEMAND. Show Answer Correct Answer: D) DEMAND. 8. It focuses on the studies of behavior of individuals and how they react to the different economic issues like the problem of scarcity. A) Economics as Social Science. B) Economics as Applied Science. C) Microeconomics. D) Macroeconomics. Show Answer Correct Answer: A) Economics as Social Science. 9. Consumers demand more of this type of good when their income rises. A) Normal good. B) Inferior good. C) Elastic good. D) Substitution good. Show Answer Correct Answer: A) Normal good. 10. Many choices are about whether to do a little more or a little less of something and not about "all or nothing" A) True. B) False. Show Answer Correct Answer: A) True. 11. What is not required for manufacturing? A) Machine. B) Intrant. C) Human Labor. D) Chemical Processing. Show Answer Correct Answer: B) Intrant. 12. Why do changes in consumer preferences affect market demand? A) Because they alter market supply. B) Because they impact production costs. C) Because they influence what consumers are willing to buy at different prices. D) Because they are unrelated to market dynamics. Show Answer Correct Answer: C) Because they influence what consumers are willing to buy at different prices. 13. What refers to the state or condition in which people do not have minimum standard of life deemed accepted by the society? A) Population growth. B) Poverty. C) Unemployment. D) Illiterate. Show Answer Correct Answer: B) Poverty. 14. It is the application of economic theory and econometrics in specific settings with the goal of analyzing potential outcomes. A) Applied economics. B) Law of demand. C) Economics. D) Economic system. Show Answer Correct Answer: A) Applied economics. 15. As the price of an item goes up, suppliers will attempt to maximize their profits by increasing the quantity offered for sale. The statement refers to ..... A) Law of supply. B) Law of demand. C) Demand schedule. D) Supply schedule. Show Answer Correct Answer: A) Law of supply. 16. What was one of the economic factors driving the 2008 financial crisis? A) Stable lending practices. B) High demand for homes. C) Government policies. D) Low unemployment rate. Show Answer Correct Answer: B) High demand for homes. 17. This refers to the favorable external factors that could give an organization a competitive advantage. A) Strengths. B) Weaknesses. C) Opportunities. D) Threats. Show Answer Correct Answer: C) Opportunities. 18. Shortage means ..... A) Quantity demanded is greater than quantity supplied. B) Quantity demanded is equal to quantity supplied. C) Quantity demanded is less than quantity supplied. D) None of the above. Show Answer Correct Answer: A) Quantity demanded is greater than quantity supplied. 19. .... is a type of a partnership which all general partners have unlimited liability and loan payments will extend to their personal property. A) General Partnership. B) General Partnership. C) Porter's five forces Analysis. D) SWOT Analysis. Show Answer Correct Answer: A) General Partnership. 20. It is when the market is dominated by small number of strategy cali interacting firms A) Monopoly. B) Oligopoly. C) Perfect competition. D) Monopolistic competition. Show Answer Correct Answer: B) Oligopoly. ← 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