This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 35 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 35 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It simply means having a lower opportunity cost. A) Absolute advantage. B) Comparative advantage. C) Opportunity cost. D) Cost and benefit analysis. Show Answer Correct Answer: B) Comparative advantage. 2. With which term is a command economic system MOST closely associated? A) Entrepreneurship. B) Economic Freedom. C) Perfect competition. D) Governmental regulation. Show Answer Correct Answer: D) Governmental regulation. 3. An entrepreneur is some who come up with new ideas for products, markets or techniques. A) True. B) False. C) Maybe. D) None of above. Show Answer Correct Answer: A) True. 4. It is the cost-benefit analysis in which the positive and negative impacts of projects, developments, and legislations on society are weighed and measured A) Impact of study. B) Impact of government. C) Impact of international trade. D) Impact of Household. Show Answer Correct Answer: A) Impact of study. 5. Which of the following is an example of a monopolistically competitive industry? A) Rice farming. B) Colleges and universities. C) The local electricity produce. D) The domestic automobile producing industry. Show Answer Correct Answer: C) The local electricity produce. 6. Which of the following is not a fallacies of economics? A) Failure to hold things constant under ceteris paribus. B) Post hoc fallacy. C) Fallacy in perfect information. D) Sweeping generalization. Show Answer Correct Answer: C) Fallacy in perfect information. 7. The main objective of SWOT is to ..... A) It can identify business risks and rewards. B) It can also a way of identifying the internal and external forces that may affect the business. C) Analyze framework that can help a company meet its challenges and identify new markets. D) All of the above. Show Answer Correct Answer: D) All of the above. 8. Capitalism is most closely related to which type of economic system? A) Command. B) Traditional. C) Free Enterprise. D) Mixed. Show Answer Correct Answer: C) Free Enterprise. 9. Studies individual income A) Microeconomics. B) Macroeconomics. C) Economics. D) Political Economics. Show Answer Correct Answer: A) Microeconomics. 10. The type of business ownership in which all business decisions are the sole responsibility of the owner. A) Sole proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: A) Sole proprietorship. 11. A graphical illustration of the demand schedule with the price measured on the vertical axis (Y), and the quantity demanded measured on the horizontal axis (X). A) Demand Curve. B) Supply Curve. C) Price Curve. D) Quantity Curve. Show Answer Correct Answer: A) Demand Curve. 12. One firm dominates the market, barriers to entry, possibly supernormal profit. A) Perfect Competition. B) Monopoly. C) Monopolistic Competition. D) Oligopoly. Show Answer Correct Answer: B) Monopoly. 13. When quantity supplied and quantity demanded is equal A) Surplus. B) Shortage. C) Equilibrium. D) Law of demand. Show Answer Correct Answer: C) Equilibrium. 14. A tax in which the tax rate increases as the taxable base amount increases. A) Proportional Tax. B) Regressive Tax. C) Progressive Tax. D) None of above. Show Answer Correct Answer: C) Progressive Tax. 15. A new study has shown that avocados are extremely healthy. The demand for avocados has increased due to a change in A) Market size. B) Price of a substitute good. C) Price of a complementary good. D) Tastes and preferences. Show Answer Correct Answer: D) Tastes and preferences. 16. International trade A) The exchange of goods and services between countries. B) Trading globally gives consumers and countries the opportunity to be exposed to goods and services not available in their own countries, or which would be more expensive domestically. C) The importance of international trade was recognized early on by political economists like Adam Smith and David Ricardo. D) All of the above. Show Answer Correct Answer: D) All of the above. 17. Using economic theories, applied economics tries to address the central problem of economics which is scarcity. A) True. B) False. Show Answer Correct Answer: A) True. 18. The farmers' market is an example of ..... A) A monopoly. B) A purely/perfectly competitive market. C) An oligopoly. D) A monopolistic competition. Show Answer Correct Answer: B) A purely/perfectly competitive market. 19. Which does not belong to the group?Examples of Banking and Finance industry: A) Pawnshops. B) Commercial Banks. C) Insurance Companies. D) Computer Shops. Show Answer Correct Answer: D) Computer Shops. 20. The following are the Types of Hybrid Financing EXCEPT ..... A) Preference Capita. B) Convertible Debentures. C) Warrants. D) Options. E) Lifecycle. Show Answer Correct Answer: E) Lifecycle. ← 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