This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 28 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 28 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Fixed-income investments are for risk-tolerant individuals. A) True. B) False. Show Answer Correct Answer: B) False. 2. It is one of the basic economic problems of the country which caused by low productivity and unequal distribution of income and wealth. A) Education. B) Poverty. C) Corruption. D) Poor management. Show Answer Correct Answer: B) Poverty. 3. It refers to the relationship between the price of good and service and the quantity or number of units all consumers in a market would choose to buy during a given period of time A) Demand. B) Law of Demand. C) Supply. D) Law of Supply. Show Answer Correct Answer: A) Demand. 4. What is a Lorenz Curve? A) It shows the share of various household groups on the total national income. B) It is a measure of income inequality derived from another Lorenz Curve. C) The curve of the body of Lorenz. D) None of the above. Show Answer Correct Answer: A) It shows the share of various household groups on the total national income. 5. What is the applicability of the Theories of Economics? A) Very vast. B) Very fast. C) Very cast. D) Very last. Show Answer Correct Answer: A) Very vast. 6. Unlimited wants means? A) Infinite. B) Limited. C) Perfume. D) Watch. Show Answer Correct Answer: A) Infinite. 7. When the given resources insufficient to meet the population's needs and wants. There is a ..... A) Scarcity. B) Relative Scarcity. C) Absolute Scarcity. D) Opportunity Costs. Show Answer Correct Answer: A) Scarcity. 8. What do we call the impact on the industries that refers to trends among people? A) Social. B) Economic. C) Opportunities. D) Strength. Show Answer Correct Answer: A) Social. 9. This part of the market determines SUPPLY. A) Buyers. B) Sellers. C) Consumers. D) None of above. Show Answer Correct Answer: B) Sellers. 10. Describes how consumers make decisions on what to buy. A) Consumer Theory. B) Production Theory. C) Consumption. D) Output. Show Answer Correct Answer: A) Consumer Theory. 11. The downward slope of the demand curve illustrates the law ofsupply-the inverse relationship between prices and quantity demanded. A) True. B) False. Show Answer Correct Answer: B) False. 12. It is the idea that it is consumers who influence production decisions. A) Consumer theory. B) Supplier theory. C) Investor theory. D) Consumer sovereignty. Show Answer Correct Answer: D) Consumer sovereignty. 13. Why does market disequilibrium occur? A) When supply and demand are equal. B) When there is excess supply or excess demand. C) When price is stable. D) When there are government price controls. Show Answer Correct Answer: B) When there is excess supply or excess demand. 14. Seller has a government patent, the right to exclusively manufacture an invention for a specified number of years is called: A) Geographical monopoly. B) Government Monopoly. C) Natural Monopoly. D) Technological Monopoly. Show Answer Correct Answer: D) Technological Monopoly. 15. This system is characterized by the heavy involvement of the government in managing the economy. A) Free Market Economy. B) Mixed Economy. C) Centralized Economy. D) Traditional Economy. Show Answer Correct Answer: C) Centralized Economy. 16. When counting change back to a customer, you should always give the ..... amount of coins possible. A) Correct. B) Current. C) Best. D) Least. Show Answer Correct Answer: C) Best. 17. When economists say that resources are scarce, it means that they are what? A) Limited. B) Overflowing. C) Rare. D) Unlimited. Show Answer Correct Answer: A) Limited. 18. A new competitor (a business selling similar products) has opened nearby A) Strengths. B) Weakness. C) Opportunity. D) Threat. Show Answer Correct Answer: D) Threat. 19. Industries can be classified on the basis of A) Raw materials. B) Size. C) Ownership. D) All of the above. Show Answer Correct Answer: D) All of the above. 20. Microeconomics or MacroeconomicsTotal Philippine exports. A) Microeconomics. B) Macroeconomics. Show Answer Correct Answer: B) Macroeconomics. ← 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