This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 25 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 25 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. PHYSICAL AND HUMAN EFFORT EXERTED IN PRODUCTION A) WANTS. B) NEEDS. C) LABOR. D) CAPITAL. Show Answer Correct Answer: C) LABOR. 2. It refers to an idea into a business. A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: D) Entrepreneurship. 3. The economy of the Philippines was the second largest in East Asia after World War II. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 4. Circular flow of economic activity A) The law suggests the idea that money should not be hoarded and kept to flow in the economy to ensure economic activity and income. B) The theory suggests that money and goods from the firm go to businesses and then back to the households. C) A theory in economics first observed by JM Keynes, which suggests that the money and goods in an economy move in a circle fashion chasing each other indefinitely. D) All of the above. Show Answer Correct Answer: C) A theory in economics first observed by JM Keynes, which suggests that the money and goods in an economy move in a circle fashion chasing each other indefinitely. 5. In a SWOT analysis, which among of the following is an internal factor? A) Customers. B) Competitors. C) Company culture. D) Suppliers. Show Answer Correct Answer: B) Competitors. 6. What is demand? A) Consumers. B) Price and services. C) A person willingness to purchase a product at a specific price. D) None of above. Show Answer Correct Answer: C) A person willingness to purchase a product at a specific price. 7. What is the relationship between the Price and Quantity Demanded? A) Positive Relationship. B) Direct Relationship. C) Inverse Relationship. D) Mixed Relationship. Show Answer Correct Answer: C) Inverse Relationship. 8. Who determines the quantity of a good or service that suppliers are willing to offer in the market? A) Consumers. B) Producers and suppliers. C) Government authorities. D) Financial analysts. Show Answer Correct Answer: B) Producers and suppliers. 9. The ability to make something using fewer resources than other producers require. A) Absolute Advantage. B) Law of Comparative Advantage. C) Specialization. D) Productive Efficiency. Show Answer Correct Answer: A) Absolute Advantage. 10. ..... Shortage of goods and services is an economic problem; and shortages are always constant. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 11. What is the financial gain made in transactions? A) Profit. B) Scarcity. C) Resource. D) Wage. Show Answer Correct Answer: A) Profit. 12. This is the income after taxes. A) Wage. B) Discretionary income. C) Salary. D) Disposable income. Show Answer Correct Answer: A) Wage. 13. The most traded currency and sometimes called Greenback. A) US dollar. B) Japanese yen. C) Euro. D) None of above. Show Answer Correct Answer: A) US dollar. 14. At lower prices, an individual has a greater purchasing power. But at higher prices, he can buy less. A) INCOME EFFECT. B) LAW OF SUPPLY. C) LAW OF DEMAND. D) MARKET. Show Answer Correct Answer: A) INCOME EFFECT. 15. The capability of a system to expand its total output under an increased volume of work when resources are added. A) Autonomy. B) Big Idea. C) Profitability. D) Scalability. Show Answer Correct Answer: D) Scalability. 16. Characteristics that an entrepreneur should posses includes ..... A) Innovative. B) Value-creating. C) Growth-oriented. D) All of the above. Show Answer Correct Answer: D) All of the above. 17. Water is an example of: A) Natural Resources. B) Human Resources. C) Man-made Resources. D) None of the above. Show Answer Correct Answer: A) Natural Resources. 18. What is this condition where there are insufficient resources to satisfy the needs and wants of a population? A) Economics. B) Scarcity. C) Social Science. D) Unemployment. Show Answer Correct Answer: B) Scarcity. 19. It is a human factor of production. A) Land. B) Labor. C) Capital. D) Entrepreneur. Show Answer Correct Answer: B) Labor. 20. It is related to the growth and development of flora and fauna by multiplying a certain species of plans and breeding of animals. A) Extractive Industry. B) Genetics Industry. C) Analytical Industry. D) Synthetic Industry. Show Answer Correct Answer: B) Genetics Industry. ← 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