This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 23 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 23 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the Characteristics of Perfect Competition A) Many sellers. B) Many buyers. C) One seller. D) None of above. Show Answer Correct Answer: A) Many sellers. 2. Mr Coyote goes to the ticket booth to buy tickets for a Spurs game. Mr. Coyote is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? A) The arena forgot to print enough tickets. B) The supply of tickets was greater than the demand. C) The arena charged too much money for each ticket. D) The demand for tickets was greater than the supply. Show Answer Correct Answer: D) The demand for tickets was greater than the supply. 3. A general increase in prices. A) Demand. B) Inflation. C) Price. D) Scarcity. Show Answer Correct Answer: B) Inflation. 4. Deals with what is things that are actually happening such as the current inflation rate. A) Macroeconomics. B) Microeconomics. C) Positive Economics. D) Normative economics. Show Answer Correct Answer: C) Positive Economics. 5. Shortage could be solved by: A) Increasing the price. B) Decreasing the price. C) By wearing pants. D) None of the above. Show Answer Correct Answer: A) Increasing the price. 6. In this economic system profit can be a motive to sell products at a higher amount. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: C) Market. 7. The demand for vitamin C increases so the price ..... A) Increases. B) Decreases. Show Answer Correct Answer: A) Increases. 8. This is the study of economics in relation to real world situations, as opposed to the theory of economics. It is the application of economic principles and theories to real situations and trying to predict what the outcomes might be. A) Applied Economics. B) Economics. C) Social Science. D) Physical Science. Show Answer Correct Answer: A) Applied Economics. 9. Which of the following implies the meaning of the component concept in the word management ( man-age-men-time)? A) As time passes by, humans grow in age and multiply in number. B) As time passes by, the needs of the people multiply in number. C) As humans grow in age, time multiplies in number. D) As humans grow in age, they provide solutions to the problems faced by the economy. Show Answer Correct Answer: A) As time passes by, humans grow in age and multiply in number. 10. It is came from the nature that are used in production including land, raw materials and natural process. A) Natural resources. B) Economic resources. C) Capital resources. D) None of above. Show Answer Correct Answer: A) Natural resources. 11. Which of following economic resources is physical and human effort exerted in production? A) Labor. B) Land. C) Capital. D) Scarcity. Show Answer Correct Answer: A) Labor. 12. The agents interact among themselves in a specific and/or cultural framework that determines their relationships. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 13. Place where buyers and sellers meet to exchange goods and services for money. A) Market. B) Factor of production. C) Money. D) Interdependent. Show Answer Correct Answer: A) Market. 14. What will happen if there is a decrease in supply A) Decrease in supply shifts the supply curve to the left. B) Decrease in supply shifts the supply curve to the right. Show Answer Correct Answer: A) Decrease in supply shifts the supply curve to the left. 15. Is there any advantage in a country if they have delegates or representative in the World trade Organization? A) Yes, it can promote a good relationship to other country. B) Yes, country will be updated in all means. C) No, its just a waste of time. D) No, it creates a disadvantage on their part. Show Answer Correct Answer: A) Yes, it can promote a good relationship to other country. 16. A group of buyer and sellers of a particular good or service A) Supply. B) Agency. C) Demand. D) Market. Show Answer Correct Answer: D) Market. 17. What is the social science that examines how individuals, businesses, and societies make choices to allocate resources to meet their needs and wants? A) Scarcity. B) Opportunity Cost. C) Supply and Demand. D) Economics. Show Answer Correct Answer: D) Economics. 18. It is the distribution process where one organization buys products/goods or services and selling them to customers for personal use. A) Retailer. B) Retail. C) Retailing. D) All of the above. Show Answer Correct Answer: C) Retailing. 19. What is the purpose of performing a SWOT Analysis? (CRE) A) Identifies internal and external factors that may affect the business future performance. B) Access a organisations performance. C) Evaluates whether the business venture is a good idea. D) Gives the management team a broader view on the potential opportunity. Show Answer Correct Answer: A) Identifies internal and external factors that may affect the business future performance. 20. He introduced the phrase "Applied Economics" . A) Nicholas Gregory Mankiw. B) John Neville Keynes. C) Paul Samuelson. D) Alfred Marshall. Show Answer Correct Answer: B) John Neville Keynes. ← 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