This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 24 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 24 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It is attained whereQd = Qs A) Market Equilibrium. B) Demand Quantity. C) Equilibrium Quantity. D) Supply Quantity. Show Answer Correct Answer: C) Equilibrium Quantity. 2. Which of the following statements about co-operative business organisations is true? A) All co-operatives are only concerned with retailing. B) Profits are shared equally amongst members. C) They are owned by shareholders. D) Workers have no say in decision-making. Show Answer Correct Answer: B) Profits are shared equally amongst members. 3. What is this relationship? A) PERFECTLY INELASTIC. B) INELASTIC. C) UNITARY ELASTIC. D) PERFECTLY ELASTIC. E) ELASTIC. Show Answer Correct Answer: C) UNITARY ELASTIC. 4. Differentiation is ..... A) Having identical products. B) Copying another business. C) Small differences that make your product unique. D) Having control of the market value. Show Answer Correct Answer: C) Small differences that make your product unique. 5. It is the limitation of resources to answer the expanding human wants. A) Scarcity. B) Decision-making. C) Wants. D) Trade-offs. Show Answer Correct Answer: A) Scarcity. 6. These factors are beyond the control of the management however, have agreat impact on the performance, decision making, and strategy of thebusiness. A) External Environment. B) Internal Environment. C) Macro Environment. D) Micro Environment. Show Answer Correct Answer: A) External Environment. 7. A tool used by most businesses to assess and understand the internal and external forces that may affect the company's future performance. A) Industry Analysis. B) PESTLE Analysis. C) Porter's Five Forces Model. D) SWOT Analysis. Show Answer Correct Answer: D) SWOT Analysis. 8. What is the Example of Market structure A) Number of sellers. B) Many sellers. C) Perfect competition. D) Pure competition. Show Answer Correct Answer: C) Perfect competition. 9. Refers to the difference between a subject's reference price and the featured price. A) Acquisition utility. B) Transaction utility. Show Answer Correct Answer: B) Transaction utility. 10. It can be an instrument for the allocation of resources through a market system. A) Price. B) Income. C) Interest. D) Demand. Show Answer Correct Answer: A) Price. 11. This is an economic system where people follow the occupation of their ancestors: A) Command. B) Market. C) Mixed. D) Traditional. Show Answer Correct Answer: D) Traditional. 12. Which of the following does not belong to macroeconomic policy goals of a country A) Keep the economy growing over time. B) Limit unemployment. C) Keep prices stable. D) Raise unemployment. Show Answer Correct Answer: D) Raise unemployment. 13. Economists point out that scarcity must be addressed to protect the A) The poor but not the rich. B) Both the poor and the rich. C) Neither the poor nor the rich. D) The poor but never the rich. Show Answer Correct Answer: B) Both the poor and the rich. 14. This process helps to identify those internal and external factors of the environment which affect the organization's abilities to work properly A) Economic forces. B) Environmental analysis. C) Physical environment. D) Political factors. Show Answer Correct Answer: B) Environmental analysis. 15. It refers to the cost advantage experienced by a firm when it increases itslevel of output. A) Cost Efficiencies. B) Economies of Scale. C) Budget Constraints. D) Production Costs. Show Answer Correct Answer: B) Economies of Scale. 16. This factor of production is paid in the form of rent or lease. A) Land. B) Labor. C) Capital. D) Entrepreneur. Show Answer Correct Answer: A) Land. 17. The computers of the production manager in an office are what kind of goods or products? A) Consumer goods. B) Capital goods. C) Both consumer and capital goods. D) Economic goods. Show Answer Correct Answer: B) Capital goods. 18. It is when a single firm that sells in the market has no close substitutes A) Monopoly. B) Oligopoly. C) Microeconomics. D) Monopolistic competition. Show Answer Correct Answer: A) Monopoly. 19. A sole proprietor is not personally liable for the obligations of his or her business. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 20. Non-price competition is the use of ads, giveaways, or promotions to win customers A) True. B) False. Show Answer Correct Answer: A) True. ← 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