This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 37 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 37 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following has NOT observed in the community during the ECQ in the same locality? A) Everyone enjoyed shopping in the market. B) Unemployment in the community was sharply experienced. C) Prices of commodities suddenly increased. D) The people in Manila were reluctant of the pandemic protocols. Show Answer Correct Answer: D) The people in Manila were reluctant of the pandemic protocols. 2. Rent is a good form of investment because of its demand, high occupancy rate, affordable property price, and growth potential. A) True. B) False. Show Answer Correct Answer: A) True. 3. What is supply A) Refers to a sellers. B) Refers to a quantity of goods that seller is willing to sell for sale. C) Refers to the quantity of a product. D) B and C. Show Answer Correct Answer: B) Refers to a quantity of goods that seller is willing to sell for sale. 4. What is the revenues collected from taxes on income and profits, social security contributions, taxes levied on goods and services, payroll taxes on the ownership and transfer of property, and other taxes? A) Government Fund. B) Income. C) Tax revenue. D) National Income. Show Answer Correct Answer: C) Tax revenue. 5. When the quantity consumers are willing and able to buy equals the quantity that producers are willing and able to sell. A) Surplus. B) Shortage. C) Market equilibrium. D) None of above. Show Answer Correct Answer: C) Market equilibrium. 6. A new business wants to identify its profitability level in the market. What business tool should they use? A) SWOT Analysis. B) PESTEL. C) Porter's Five. D) None of above. Show Answer Correct Answer: C) Porter's Five. 7. Measure of the way in which quantity supplied responds to a change in price A) Short run. B) Negative returns. C) Supply elasticity. D) Long run. Show Answer Correct Answer: C) Supply elasticity. 8. Get a chance to sell to the newly established business, which means income for them. A) Impact on the consumer. B) Impact on the supplier & investor. C) Impact on the government. D) Impact on the household & community. Show Answer Correct Answer: B) Impact on the supplier & investor. 9. The ..... is the lowest legal wage companies can pay workers. A) Income rate. B) Minimum wage. Show Answer Correct Answer: B) Minimum wage. 10. A business with the main purpose of gaining profit is called ..... A) Autonomy. B) Big Idea. C) Profitability. D) Scalability. Show Answer Correct Answer: C) Profitability. 11. Economics is the study of ..... A) How to make money. B) How to operate a business. C) People making choices because of the problem of scarcity. D) The Government decision process. Show Answer Correct Answer: C) People making choices because of the problem of scarcity. 12. Are goods that can be used in place of another. A) Substitutes. B) Suppliers. C) Competition. D) Customer. Show Answer Correct Answer: A) Substitutes. 13. An interaction between buyers and sellers of trading or exchange. A) Market. B) Economy. C) Business. D) Supply. Show Answer Correct Answer: A) Market. 14. 41) Goods that are bought and used together are a) substitute goodsb) income goodc) unrelated goodsd) complementary goods. A) Substitute goods. B) Complementary goods. C) Unrelated goods. D) Income good. Show Answer Correct Answer: B) Complementary goods. 15. Tools we use to make products A) Capital resources. B) Human resources. C) Natural resources. D) Entrepreneurs. Show Answer Correct Answer: A) Capital resources. 16. Are those that can be changed easily and on short notice. A) Input. B) Output. C) Fixed Inputs. D) Variable Input. Show Answer Correct Answer: D) Variable Input. 17. Utilities such as gas, water, cable television A) Perfect Competition. B) Monopoly. C) Monopolistic Competition. D) Oligopoly. Show Answer Correct Answer: B) Monopoly. 18. Economics is best defined as the study of how people, businesses, governments, and societies A) Make choices to cope with scarcity. B) Attain wealth. C) Choose abundance over scarcity. D) Use their infinite resources. Show Answer Correct Answer: A) Make choices to cope with scarcity. 19. It is typically measured through GDP A) Economic System. B) GNP. C) Expenditure. D) Economic System. Show Answer Correct Answer: A) Economic System. 20. The supplies at every occasion are example of A) Elastic Supply. B) Unitary Elastic Supply. C) Inelastic Supply. D) Perfectly Inelastic Supply. E) Perfectly Elastic Supply. Show Answer Correct Answer: A) Elastic Supply. ← 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