This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 3 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A business function completed by business owners and other individuals to assess the current business environment. A) Industry Analysis. B) SWOT Analysis. C) Environmental Analysis. D) Porter's Five Forces. Show Answer Correct Answer: A) Industry Analysis. 2. What do you call the stage of production where Total Product decreases and as a result, Marginal Product is negative? A) Stage of Decreasing returns. B) Stage of Diminishing returns. C) Stage of Positive returns. D) Stage of Negative returns. Show Answer Correct Answer: D) Stage of Negative returns. 3. A maximum legal selling price above which a product cannot be sold. A) Consumer Surplus. B) Price Floor. C) Absolut Advantage. D) Price Ceiling. Show Answer Correct Answer: D) Price Ceiling. 4. It is the ability of one's business to sustain itself through a period of time. A) Viability. B) Relationship. C) Strength. D) Business viability. Show Answer Correct Answer: D) Business viability. 5. It is the branch of knowledge concerned with the production, consumption and transfer of wealth. A) Economy. B) Sociology. C) Social science. D) Ecology. Show Answer Correct Answer: A) Economy. 6. What is the purpose of performing a SWOT analysis? A) Identifies internal and external factors that may affect the business future performance. B) Access an organizations performance. C) Evaluates whether the business venture is a good idea. D) None of above. Show Answer Correct Answer: A) Identifies internal and external factors that may affect the business future performance. 7. The most essential in understanding the economy as a system? A) Macroeconomics. B) Microeconomics. C) Economics. D) Industry. Show Answer Correct Answer: B) Microeconomics. 8. Which is TRUE about economics as a social science. A) Scarce resources and limited needs drive choice. B) Economics explains and predicts economic events. C) The scientific method is based on the normative analysis. D) Economic hypotheses lead directly to predictions. Show Answer Correct Answer: B) Economics explains and predicts economic events. 9. I am the organized action of making goods and services for sale A) Government. B) Culture. C) Economy. D) Industry. Show Answer Correct Answer: D) Industry. 10. What can a company do to achieve stellar customer service and satisfaction? A) Listen to customers with the help of suggestion boxes, focus groups, surveys, and other tools. B) Define what "superior service" means so that customers and employees know exactly what to expect and what to provide. C) Hire friendly, courteous sales and service representatives. D) All of the above. Show Answer Correct Answer: D) All of the above. 11. It keeps your business top of mind so consumers think of it when they require or need a service or product. A) Smart office space pays. B) Advertisement. C) Don't be lax with the legal. D) Stay connected on the move. Show Answer Correct Answer: B) Advertisement. 12. This acts like a fire or a driving force that make every business successful. A) Principles. B) Tools. C) Techniques. D) Strategies. Show Answer Correct Answer: A) Principles. 13. Enterprise Car Rentals offers to pick you up and drop you off at home when you rent a car from them. How do this separate their company from other car rental companies? A) Service level. B) Physical features. C) Advertising. D) Location. Show Answer Correct Answer: A) Service level. 14. What Porter's Forces of Competitive Position Analysis if a supplier can enjoy the power to drive prices up, it is also possible for a buyer to drive prices down? A) Supplier power. B) Possibility of substitution. C) Number of Competitors. D) Buyer power. Show Answer Correct Answer: D) Buyer power. 15. It can be simply defined as the mass emigration of technically skilled people from one country to another. A) Immigration. B) Emigration. C) Brain Drain. D) Migration. Show Answer Correct Answer: C) Brain Drain. 16. The different amounts of a product that a buyer would purchase at different prices A) Demand Schedule. B) Demand. C) Supply Schedule. D) Supply. Show Answer Correct Answer: B) Demand. 17. External factors that are unfavorable for achieving your organization's objective. A) Strengths. B) Weaknesses. C) Opportunities. D) Threats. Show Answer Correct Answer: D) Threats. 18. Whichof thefollowing best describesthe term limited liability?If the business fails: A) Personalpossessionsoftheownercanbetakentopayanydebts. B) Theownerispersonallyliableforallthedebtsofthebusiness. C) Thereisnolimitontheamounttheownerhastopaytosettledebts. D) Theowner only loses the amountinvestedinthebusiness. Show Answer Correct Answer: D) Theowner only loses the amountinvestedinthebusiness. 19. Studies the decisions and choices of the individual units and how these decisions affect the prices of goods in the market? A) Absolute scarcity. B) Macroeconomics. C) Microeconomics. D) Relative scarcity. Show Answer Correct Answer: B) Macroeconomics. 20. The proper use of resources is to: A) Maximize the benefits. B) Hasten the production. C) Minimize the opportunity cost. D) A. A and B. Show Answer Correct Answer: C) Minimize the opportunity cost. ← PreviousNext →Related QuizzesEconomics QuizzesApplied Economics Quiz 1Applied Economics Quiz 2Applied Economics Quiz 4Applied Economics Quiz 5Applied Economics Quiz 6Applied Economics Quiz 7Applied Economics Quiz 8Applied Economics Quiz 9Applied Economics Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books