This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 22 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 22 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. This implies the use of money in particular associating it to exchange, scarcity and choice. A) Economics. B) Economics as Applied Science. C) Economics as Social Science. D) Economic as a Study of Economic Activities. Show Answer Correct Answer: A) Economics. 2. OIKOS-means Management A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 3. Deals with wealth focuses and it was being used by individuals and society at large for material survival, stability and development. A) Study of wealth. B) Study of making choice. C) Study of Allocation. D) Social science. Show Answer Correct Answer: A) Study of wealth. 4. A table that shows the quantity demanded of a good or service at different price levels. A) Demand Schedule. B) Supply Schedule. C) DistributionSupply curve. D) Law of Demand. Show Answer Correct Answer: A) Demand Schedule. 5. In the world of ..... competition, each individual seller would accept that price. A) Pure monopoly. B) Oligopoly. C) Monopolistic competition. D) Perfect competition. Show Answer Correct Answer: D) Perfect competition. 6. What do you call the small portion of an industry? A) Business. B) Sole Proprietorship. C) Corporation. D) Cooperative. Show Answer Correct Answer: A) Business. 7. Land:Oceans while Capital ..... A) Wage. B) House. C) Machinery. D) Forest. Show Answer Correct Answer: C) Machinery. 8. It is an allocation mechanism in which the state or an agency of the government maybe in charge in the allocation of resources by using its political power in answering the basic economic problems of production and distribution. A) Tradition as an allocation mechanism. B) Command as an allocation mechanism. C) Market system as an allocation mechanism. D) Mixed system as an allocation mechanism. Show Answer Correct Answer: B) Command as an allocation mechanism. 9. It is an act of maximizing the benefits from the use of scarce resources. A) Scarcity. B) Efficiency. C) Microeonomics. D) Macroeconomics. Show Answer Correct Answer: B) Efficiency. 10. Which government agency is responsible for the following?minimum wage policy A) BSP. B) NEDA. C) DOLE. D) POEA. Show Answer Correct Answer: C) DOLE. 11. A monetary remuneration computed on hourly, daily, weekly, or piece work basis paid by an employer to an employee in exchange for work done A) Money. B) Wage. C) Benefits. D) Labor. Show Answer Correct Answer: B) Wage. 12. People are seldom satisfied with one trip to the shops and always want to consume more A) Nonsatiation. B) Decreased marginal utility. C) Increased marginal utility. D) Utility maximization. Show Answer Correct Answer: A) Nonsatiation. 13. In a command economy, economic decisions are made by the A) Consumers. B) Market. C) Government. D) Producers. Show Answer Correct Answer: C) Government. 14. Which of the following statements about factors of production is false? A) The factor of production land means natural resources. B) The factor of production termed capital means the money which the owners of firms need to set their firms up. C) The factor of production termed labor means human resources. D) The term factors of production is another term for resources. Show Answer Correct Answer: B) The factor of production termed capital means the money which the owners of firms need to set their firms up. 15. Agreement is drawn up and profits are divided among the partners according to the terms of agreement. A) Sole Proprietorship. B) Partnership. C) Cooperative. D) Corporation. Show Answer Correct Answer: B) Partnership. 16. We have a competition standard swimming pool; although it has no wave machines or additional equipment as do competing local facilities. A) Strength. B) Weakness. C) Opportunity. D) Threat. Show Answer Correct Answer: B) Weakness. 17. It measures the strength of the domestic currency. A) Exchange rate. B) Exchange index. C) Real GDP. D) Remittance. Show Answer Correct Answer: A) Exchange rate. 18. These are the knowledge and skills workers acquire through education and training that enables them to produce. A) Absolute poverty. B) Overall poverty. C) Human capital. D) Physical capital. Show Answer Correct Answer: C) Human capital. 19. Which structure uses differentiation to make its products unique? A) Monopoly. B) Monopolistic competition. C) Oligopoly. D) Pure / perfect competition. Show Answer Correct Answer: B) Monopolistic competition. 20. What notion of viability states that the business is growing when it is continually having profits? A) Viability as a Future profit. B) Viability as Growth. C) Viability as a Shareholder value. D) Viability as a Profitability. Show Answer Correct Answer: B) Viability as Growth. ← 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