This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 21 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 21 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It is the income needed to purchase these minimum nutritional requirements and other necessities for daily survival. A) Poverty Challenge. B) Poverty Threshold. C) Absolute Poverty. D) Relative Poverty. Show Answer Correct Answer: B) Poverty Threshold. 2. Defined as the people who are willing and able to work. Consists of the employed and the unemployed 15 years old and over. A) Labor force. B) Labor supply. Show Answer Correct Answer: A) Labor force. 3. What is the Significance of Market structure A) Market structure of a business determines its market power. B) Market structure of a business determines its economic system. Show Answer Correct Answer: A) Market structure of a business determines its market power. 4. Defined as:to bring in a product or service from another country. A) Imports. B) Goods. C) Services. D) Exports. Show Answer Correct Answer: A) Imports. 5. Concerned with the behavior of individual entities such as the consumer, the producer, and the resources owner. It is more concerned on how goods flow from the business firm to the consumer and how resources move from the resource owner to the business firm. A) Macroeconomics. B) Microeconomics. Show Answer Correct Answer: B) Microeconomics. 6. Which best describes economics as a social and an applied science? A) The study of things we need to survive. B) The study of how people make choices when they are facedwith an unlimited supply of resources. C) The study of human behavior. D) The study of how buyers make choices when there is limited supply of resources. Show Answer Correct Answer: D) The study of how buyers make choices when there is limited supply of resources. 7. It is the expansion of human needs: A) Human Resources. B) Natural Resources. C) Allocation. D) None of the above. Show Answer Correct Answer: D) None of the above. 8. It is where workers offer services and look for jobs, and where employers look for workers to hire. A) Good Market. B) Labor Market. C) Financial Market. D) Market. Show Answer Correct Answer: B) Labor Market. 9. In a planned economy, the State provides the strategic planning guide that will dictate the product and services that would be made available to the communities. The statement above is ..... A) True. It is also prevalent in the Communist and Socialist types of government. B) True. It shows the interaction among the buyers and sellers of products and services. C) False. The above statement is an example of market economy. D) False. It is not a characteristic of a planned economy. Show Answer Correct Answer: A) True. It is also prevalent in the Communist and Socialist types of government. 10. In a market equilibrium, a higher price will result to: A) Shortage. B) Surplus. C) Constant supply. D) Constant demand. Show Answer Correct Answer: B) Surplus. 11. The law of demand states; there is an INVERSE relationship between price and quantity demanded. Which of the following is not a true statement? A) Price goes up qty demanded goes down. B) Price goes down, qty demanded goes up. C) Price goes up, demand goes down. D) All answers are correct. Show Answer Correct Answer: C) Price goes up, demand goes down. 12. The efficient allocation of available resources. A) Economics. B) Applied economics. C) Needs. D) Wants. Show Answer Correct Answer: A) Economics. 13. Refers to the marketing of goods and services to different economic outlets for allocation to individual consumers. In monetary terms, this is the allocation of income among persons or household. A) Production. B) Exchange. C) Public finance. D) Distribution. E) Consumption. Show Answer Correct Answer: D) Distribution. 14. . A business which has its own identity and is distinct from the owners is called ..... A) Autonomy. B) Big Idea. C) Profitability. D) Scalability. Show Answer Correct Answer: A) Autonomy. 15. The following are some of the problems of our country, EXCEPT: A) Unemployment. B) Poverty. C) Overpopulation. D) Peso Appreciation. Show Answer Correct Answer: D) Peso Appreciation. 16. A change in a determinant will lead to a proportionately lesser change in demand or supply. A) Elasticity. B) Elastic. C) Inelastic. D) Unitary Elastic. Show Answer Correct Answer: C) Inelastic. 17. What does Macroeconomics primarily study? A) Individual consumers. B) The behavior of individual firms. C) The overall economy, including factors like inflation, unemployment, and national income. D) Historical economic events. Show Answer Correct Answer: C) The overall economy, including factors like inflation, unemployment, and national income. 18. Aside from the actual monetary / resource cost, what other cost is incurred when decisions are made? A) Chance Expense. B) Trade off. C) Equivalent Exchange. D) Opportunity Cost. Show Answer Correct Answer: D) Opportunity Cost. 19. What field of Economics does study the markets of goods and services? A) Macroeconomics. B) Microeconomics. C) Nanoeconomics. D) Gigaeconomics. Show Answer Correct Answer: B) Microeconomics. 20. A person who sells a merchandise or renders a service. A) Buyer. B) Laborer. C) Seller. D) None of above. Show Answer Correct Answer: C) Seller. ← 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