This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 34 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 34 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It is the insufficiency of resources to meet the wants of consumers and insufficiency of resources for production that hamper enough production of goods and services. A) Scarcity. B) Social Science. C) Economy. D) Applied Science. Show Answer Correct Answer: A) Scarcity. 2. What do you call to the workers who work 40 hours or more? A) Labor Supply. B) Full-Time Workers. C) Part-time Workers. D) Population. Show Answer Correct Answer: C) Part-time Workers. 3. An increase in GDP signifies growth or ....., while a decline signifies ..... A) Extend-shrink. B) Expansion-contraction. C) Development-decrease. D) Evolution-downfall. Show Answer Correct Answer: B) Expansion-contraction. 4. Which decision-making tool includes using a chart to list factors associated with the decision and the possible options so that each factor can be compared for each decision? A) Decision tree. B) Pareto analysis. C) Multivoting. D) Decision matrix. Show Answer Correct Answer: D) Decision matrix. 5. It is one of the economic problems in the Philippines that require applied economics in order to propose solutions. A) Corruption. B) Malnutrition. C) Population growth. D) Fraud. Show Answer Correct Answer: C) Population growth. 6. Disadvantages for this type of business include:owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability. A) Sole Proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: A) Sole Proprietorship. 7. This will be the cheapest source since there is no middle men involved. A) Imports. B) Distributor. C) Manufacturers. D) Customer. Show Answer Correct Answer: C) Manufacturers. 8. These services support the daily operation and activities of any business. A) Business Services. B) Personal Services. C) Social Services. D) None of the above. Show Answer Correct Answer: A) Business Services. 9. Table is an example of: A) Natural Resources. B) Human Resources. C) Man-Made Resources. D) None of the above. Show Answer Correct Answer: C) Man-Made Resources. 10. ..... is an estimate of total value of all the final products and services turned out in a given period by the means of production owned by a country's residents A) GNP. B) GDP. C) GNP per capita. D) GDP per capita. Show Answer Correct Answer: A) GNP. 11. Which choice best describes Economics as a Social Science? A) Assesses the relationship between the consumption and production of goods and services in an environment of finite resources. B) Application of economic principles and theories to real situations and trying to predict the outcomes. C) Is the application of economic theory and econometrics in specific settings with the goal of analyzing potential outcomes. D) The application of economic ideas and theories to real-world circumstances with the goal of predicting the results. Show Answer Correct Answer: A) Assesses the relationship between the consumption and production of goods and services in an environment of finite resources. 12. A characteristic of resources that describes an insufficient resources to supply all the desires and needs of individuals. A) Scarcity. B) Limited edition. C) Multiple Use. D) Partially sold. Show Answer Correct Answer: A) Scarcity. 13. A firm's implicit costs consist of the opportunity costs of using the firm's own resources without receiving any explicit compensation for those resources. A) True. B) False. Show Answer Correct Answer: A) True. 14. What does the law of demand state? A) When prices rise, demand rises. B) When prices fall, demand rises. C) When prices rise, demand falls. D) When prices fall, demand remains constant. Show Answer Correct Answer: C) When prices rise, demand falls. 15. How do governments get their money? A) Tax Businesses. B) Tax Households. C) Tax both Businesses and Households. D) They print their own money. Show Answer Correct Answer: C) Tax both Businesses and Households. 16. PES = A) % change in quantity supplied of the product / % change in price of the product. B) % change in price of the product / % change in quantity supplied of the product. C) % change in quantity supplied of the product * % change in price of the product. D) % change in quantity supplied of the product-% change in price of the product. Show Answer Correct Answer: A) % change in quantity supplied of the product / % change in price of the product. 17. Non-price determinants of demand includes: A) A change in buyers' real incomes or wealth. B) Buyers' tastes and preferences. C) The prices of related products or services. D) Buyers' expectations of the product's future price. E) All of the above. Show Answer Correct Answer: E) All of the above. 18. The rate of this type of tax is 20 percent. A) Excise tax. B) Value-added-tax. C) Income tax. D) Proportional tax. Show Answer Correct Answer: A) Excise tax. 19. Adequate equipment A) Strength. B) Weakness. C) Opportunities. D) Threat. Show Answer Correct Answer: A) Strength. 20. When GDP rises faster than the long-run trend the economy is experiencing- A) Recession. B) Expansion. C) Recovery. D) None of above. Show Answer Correct Answer: B) Expansion. ← 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