Applied Economics Quiz 18 (20 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. Which of the following is/are the roles and functions of the Bangko Sentral ng Pilipinas (BSP)?

Correct Answer: D) All of the above.

2. Your staff had bad relations with the manager.

Correct Answer: B) Weaknesses.

3. GoPro & Red Bull. Pottery Barn & Sherwin-Williams. Casper & West Elm. are examples of .....

Correct Answer: A) Partnerships.

4. The people who make or provide goods and services

Correct Answer: A) Producer.

5. The following must be considered in analyzing the industry except:

Correct Answer: D) Relationship with supplier.

6. Identify the type of market that matches each itemStocks Certificates

Correct Answer: B) FINANCIAL MARKET.

7. Lower prices typically .....

Correct Answer: D) Motivate consumers to buy.

8. An economist would probably state that in a market economy, prices are generally determined by the interaction between

Correct Answer: D) Buyers and sellers.

9. Who will benefit If the new business can provide new goods and services, better quality and more options?

Correct Answer: B) Consumer.

10. Which of the following resources can be considered not scarce?

Correct Answer: D) Businesses.

11. When do economic principles have a significant impact on government decision-making?

Correct Answer: B) During economic crises and in crafting policies for economic well-being.

12. At this point, quantity demanded is equal to quantity supplied (Q ..... d-Q ..... s)

Correct Answer: D) Market Equilibrium.

13. These are the factors for Socio-economic Impact Studies

Correct Answer: C) All of the above.

14. An increase in income shifts the demand curve upward rather than downward because:

Correct Answer: A) Income increases demand.

15. If the quantity demanded is greater than quantity supplied, there is .....

Correct Answer: A) Excess Demand.

16. The following describe the importance of applying applied economics in solving an economic problem, EXCEPT one.

Correct Answer: A) It creates problem and solution to a given situation.

17. Below are the examples of retail trade business, EXCEPT.

Correct Answer: D) None of the above.

18. It is a tablethat summarizes the quantity demanded for every price level.

Correct Answer: B) Demand Schedule.

19. Determined by the willingness and ability of producers to sell a product ( good or service) at different prices.

Correct Answer: C) Supply.

20. A place or situation in which the buyers and sellers of a product interact for the purpose of exchange

Correct Answer: D) Market.