This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 20 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 20 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Money entering the circular flow of economic activity is ..... A) An injection. B) A leakage. Show Answer Correct Answer: A) An injection. 2. It is the proper allocation and efficient use of available resources for the maximum satisfaction of human wants? A) Science. B) Mathematics. C) Accounting. D) Economics. Show Answer Correct Answer: D) Economics. 3. The quantity of a commodity that is in the market and available for purchase at particular price. Or the amount of goods and services available for sale at given prices in a given period of time and place. A) DEMAND. B) SUPPLY. Show Answer Correct Answer: B) SUPPLY. 4. The formula for calculating elasticity of demand is: A) The % change in quantity demanded over the % change in price. B) The % change in price over the % change in quantity demanded. C) The change in price over the change in quantity demanded. D) The change in price over the change in quantity demande. Show Answer Correct Answer: B) The % change in price over the % change in quantity demanded. 5. Identify the type of market that matches each itemFinal Goods A) GOODS MARKET. B) FINANCIAL MARKET. C) LABOR MARKET. D) None of above. Show Answer Correct Answer: A) GOODS MARKET. 6. It is the use of the insights gained from economic theory and research to make better decisions and solve real-world problems. A) Applied Economics. B) Economics. C) Social Science. D) Physical Science. Show Answer Correct Answer: A) Applied Economics. 7. If we pay more Ph peso for one US dollar, it means the peso A) Appreciated. B) Depreciated. C) Became more valuable. D) None of the above. Show Answer Correct Answer: B) Depreciated. 8. "There is a steady supply of meals in the market" is an example of ..... A) Strenghts. B) Weaknesses. C) Opportunities. D) Threats. Show Answer Correct Answer: A) Strenghts. 9. If the price is below the equilibrium point, the quantity demanded is lesser than the quantity supplied. A) True. B) False. C) I don't know. D) None of above. Show Answer Correct Answer: B) False. 10. If an increase in the price of good X results in a decrease in the demand for good Y (and vice versa), the goods are ..... A) Substitute. B) Complements. C) Inferior goods. D) Market Demand. Show Answer Correct Answer: B) Complements. 11. Which of the following is an example of a trade-off? A) Choosing to produce more of one good and less of another. B) Choosing to consume more of one good and less of another. C) Choosing to produce more of all goods. D) Choosing to consume more of all goods. Show Answer Correct Answer: B) Choosing to consume more of one good and less of another. 12. It refers to the specific amount of the product that buyers are willing to buy at a given price? A) Demand. B) Price. C) Needs. D) Supply. Show Answer Correct Answer: D) Supply. 13. When does an increase in consumer income typically affect market demand? A) During economic recessions. B) During an economic boom. C) When there is a price decrease. D) It has no effect on market demand. Show Answer Correct Answer: B) During an economic boom. 14. Car manufacturing firms, airlines company and telecommunication companies are an example of ..... A) Monopoly. B) Monopolistic competition. C) Oligopoly. D) Perfect Competition. Show Answer Correct Answer: C) Oligopoly. 15. In monopolistic competition, each firm supplies a small part of the market. This occurs because A) There are barriers to entry. B) Firms produce differentiated products. C) There are no barriers to entry. D) There are a large number of firms. Show Answer Correct Answer: B) Firms produce differentiated products. 16. Refers to the product created as a result of the combination of inputs in the production process. A) Input. B) Output. C) Fixed Inputs. D) Variable Input. Show Answer Correct Answer: B) Output. 17. Which of the following product used as a replacement for other productthat performs the same function? A) Brand. B) Clone. C) Original. D) Substitutes. Show Answer Correct Answer: D) Substitutes. 18. .... includes a look at the population size, location of thebusiness, land distribution, climate and global warming situation, whether or not the area is prone to flood or earthquake. A) General Partnership. B) Physical Environment. C) Porter's five forces Analysis. D) SWOT Analysis. Show Answer Correct Answer: A) General Partnership. 19. It is a division of economics that is concerned with the overall performance of the entire economy. A) Microeconomics. B) Socio-economic. C) Macroeconomics. D) Economic System. Show Answer Correct Answer: C) Macroeconomics. 20. The Greek translation of the word economics A) Ekonomiya. B) Oikonomia. C) Okonomea. D) Oikomia. Show Answer Correct Answer: B) Oikonomia. ← 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