This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 36 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 36 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. APPLICATION OF ECONOMIC PRINCIPLES AND THEORIES TO REAL-WORLD SITUATIONS A) ECONOMICS. B) APPLIED ECONOMICS. C) MACROECONOMICS. D) MICROECONOMICS. Show Answer Correct Answer: B) APPLIED ECONOMICS. 2. It is one of the most common indicators used to track the health of a nation's economy. A) Manufacturing Value Added. B) Gross National Product. C) Gross Domestic Product. D) Value Added Tax. Show Answer Correct Answer: C) Gross Domestic Product. 3. The following will make an event or problem be considered a contemporary issue, except: A) Important and valuable to society. B) Has an unclear effect on society. C) Happening at the present. D) Being talked by various groups in the society. Show Answer Correct Answer: B) Has an unclear effect on society. 4. It refers to the movement of people from one country to another. A) Internal Migration. B) International Migration. Show Answer Correct Answer: B) International Migration. 5. It refers to an object or system made available for consumer to use. A) Product. B) Investments. C) Services. D) Manufacturing. Show Answer Correct Answer: A) Product. 6. This trade refers to the exchange of the goods and services between the countries which basically is the export and import (as well as entreport) of goods and services. A) Foreign Trade. B) International Trade. C) Free Trade. D) Trade. Show Answer Correct Answer: B) International Trade. 7. Where does the analysis of market supply focus on? A) Only on the demand side of the market. B) On the interaction of both supply and demand. C) Only on the supply side of the market. D) On government regulations only. Show Answer Correct Answer: B) On the interaction of both supply and demand. 8. Elements in the environment that could cause trouble for the business are A) Strenhts. B) Weaknesses. C) Opportunities. D) Threats. Show Answer Correct Answer: D) Threats. 9. When you are making a decision, what should you keep in mind? A) Do whatever you want. B) Do the proper decision-making process. C) Do the decision-making process improperly. D) None of above. Show Answer Correct Answer: B) Do the proper decision-making process. 10. The role of an investor in a business is to provide high-quality products from a manufacturer at a good price to a distributor or retailer for resale. A) True. B) False. Show Answer Correct Answer: B) False. 11. Capital is anything that we produce-factory, buildings, skill, and knowledge of workers-and then use in the production of other goods and services. A) True. B) False. Show Answer Correct Answer: A) True. 12. The most common type of market. A) Good market. B) Financial market. C) Labor market. D) Market. Show Answer Correct Answer: A) Good market. 13. There is only one firm that provides services and dominates the market like water and electricity. A) Pure or Perfect Competition. B) Monopolistic competition. C) Pure Monopoly. D) Oligopoly. Show Answer Correct Answer: C) Pure Monopoly. 14. The physical effort of the manpower to produce the protective devices of thefrontliners describes which factor of production? A) Land. B) Capital. C) Labor. D) Entrepreneur. Show Answer Correct Answer: C) Labor. 15. What is the study of economic behavior and decision making of small units, such as individuals, families, and businesses called? A) Macroeconomics. B) Microeconomics. C) Economics. D) Economic statistics. Show Answer Correct Answer: B) Microeconomics. 16. Where does market supply primarily come from? A) Consumers. B) Sellers and producers. C) Government authorities. D) Financial institutions. Show Answer Correct Answer: B) Sellers and producers. 17. Why does the price elasticity of demand measure responsiveness to price changes? A) To determine the number of consumers in the market. B) To identify consumer preferences. C) To assess how sensitive quantity demanded is to price changes. D) To measure the supply curve's steepness. Show Answer Correct Answer: C) To assess how sensitive quantity demanded is to price changes. 18. A business that creates its own plan to expand its economic growth. A) Autonomy. B) Big Idea. C) Profitability. D) Scalability. Show Answer Correct Answer: B) Big Idea. 19. Which comparative environment refers to having two dominating sellers orcompanies in the market? A) Oligopoly. B) Monopoly. C) Duopoly. D) Contestable market. Show Answer Correct Answer: C) Duopoly. 20. Refers to the competitive environment in which buyers and sellers operate. A) Market. B) Structure. C) Economy. D) Market Structure. Show Answer Correct Answer: D) Market Structure. ← 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