This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 26 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 26 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Debt is the payment for the use of land and other natural or economic resources that is in fixed supply. A) True. B) False. Show Answer Correct Answer: B) False. 2. What is the most fundamental economic problem? A) Buying more imported products. B) Health. C) Scarcity. D) Security. Show Answer Correct Answer: C) Scarcity. 3. The price of a unit of foreign currency in terms of the domestic currency. A) Power Rate. B) Consumer Rate. C) Banking Rate. D) Exchange Rate. Show Answer Correct Answer: D) Exchange Rate. 4. An industry that builds small products such as electronics and furniture is called what? A) Manufecturing. B) Light. C) Service. D) Heavy. Show Answer Correct Answer: B) Light. 5. (Ed >1) A) Elastic demand. B) Unitary Elastic demand. C) Inelastic demand. D) Perfectly Inelastic demand. E) Perfectly Elastic demand. Show Answer Correct Answer: A) Elastic demand. 6. The original and primary factor of production A) Land. B) Labor. C) Capital. D) Entrepreneur. Show Answer Correct Answer: A) Land. 7. These are an important legal barriers that give rise to monopolies. A) Patent, Copyright. B) Signature, Dry Seal. C) Money-laundering, Corruption. D) Taxes, Interests. Show Answer Correct Answer: A) Patent, Copyright. 8. The study of the ways that individuals and societies allocate their limited resources to satisfy their unlimited wants. A) Economics. B) Applied economics. C) Scarcity. D) Applied science. Show Answer Correct Answer: A) Economics. 9. When can we say that a Business is NOT viable? A) It has sufficient cash. B) When it has more spending on the costs of running the business. C) When it has more revenue coming in. D) When it is returning a profit. Show Answer Correct Answer: B) When it has more spending on the costs of running the business. 10. Which of the following explains opportunity? A) Emerging competitors. B) Emerging needs for your products and services. C) Negative media or press. D) Things you company does well. Show Answer Correct Answer: D) Things you company does well. 11. There are many different theories of economic development, but most of their ideas about how the economy develops converge. Which of the following IS NOT something these theories would promote? A) The government should work on developing human and infrastructural capital to foster economic growth. B) Policies, financial institutions and the business environment should encourage consumption, investment and technological progress. C) Economic growth/development is heavily dependent on a country's natural resources. Countries with a lack of natural resources also lack development possibilities. D) All of the above are correct. Show Answer Correct Answer: C) Economic growth/development is heavily dependent on a country's natural resources. Countries with a lack of natural resources also lack development possibilities. 12. Rental on land could not be increased by landowners because of the Rent Control Law. A) Microeconomics. B) Macroeconomics. Show Answer Correct Answer: A) Microeconomics. 13. DESIRES FOR NON-ESSENTIAL ITEMS A) WANTS. B) NEEDS. C) CAPITAL. D) LABOR. Show Answer Correct Answer: A) WANTS. 14. Consumer sovereignty has certain assumptions regarding consumer behavior EXCEPT ..... A) Consumers are rational. B) Preferences exist over various goods and services in the market, using the concept of marginal utilities. C) Consumer are subject to budget constraints. D) Prices exist due to unlimited wants and the scarcity of resources. E) Manage the lifecycle. Show Answer Correct Answer: E) Manage the lifecycle. 15. When does market equilibrium occur? A) When demand exceeds supply. B) When demand and supply are equal. C) It never occurs in real markets. D) When supply exceeds demand. Show Answer Correct Answer: B) When demand and supply are equal. 16. In this type of economic system, ancient methods are used in deciding what goods to produce. A) Traditional. B) Command. C) Market Economy. D) Trade. Show Answer Correct Answer: A) Traditional. 17. Economics as a term has originated in the 9th century BC from Ancient Greek word ..... A) Oiko. B) Nomia. C) Oikonomia. D) Okonomi. Show Answer Correct Answer: C) Oikonomia. 18. A decrease in the price of a complementary good will A) Shift the demand curve of the joint commodity to the left. B) Increase the price paid for a substitute good. C) Shift the supply curve of the joint commodity to the left. D) Shift the demand curve of the joint commodity to the right. Show Answer Correct Answer: A) Shift the demand curve of the joint commodity to the left. 19. The application of economic theory and econometrics in specific settings with the goal of analyzing potential outcomes. A) Economics. B) Applied economics. Show Answer Correct Answer: B) Applied economics. 20. Reishi-0. 53Lion's Mane-0. 78Turkey Tail-0. 21Cordyceps-1. 20Based on these elasticity estimates, which medicinal mushroom has the most elastic demand? A) Lion's Mane. B) Cordyceps. C) Reishi. D) Turkey Tail . Show Answer Correct Answer: B) Cordyceps. ← 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