This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 38 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 38 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is the main objective of industries? A) To earn profit for the owners. B) To become popular in the business industry. C) To be a part of modernization. D) To evaluate the best business. Show Answer Correct Answer: A) To earn profit for the owners. 2. Laws that encourage competition and break up monopolies/oligopolies in the marketplace. A) Antitrust Laws. B) Deregulation Laws. C) Price Fixing Laws. D) Free Market Laws. Show Answer Correct Answer: A) Antitrust Laws. 3. Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather. A) Free Market. B) Traditional. C) Mixed. D) Command. Show Answer Correct Answer: B) Traditional. 4. Jennifer Lopez is seen wearing a new short and sleek dress. People now want this dress. Which demand determinant is this most likely to fall under? A) Change in Consumer Income. B) Change in Consumer Tastes. C) Change in Price of Substitute Good. D) Change in Consumer Price Expectations. Show Answer Correct Answer: B) Change in Consumer Tastes. 5. The law of demand applies during online sales of computers when consumers rush to buy products at 30% discounts. A) True. B) False. Show Answer Correct Answer: A) True. 6. It refers to the costs and sacrifices that we have to carry, making decision based on alternatives give. A) Allocation. B) Distribution. C) Opportunity Cost. D) Production. Show Answer Correct Answer: C) Opportunity Cost. 7. Which of the following best describe Gross Domestic Product or GDP? A) Foreign residents. B) Made by Filipinos. C) Made in the Philippines. D) Residents of a country. Show Answer Correct Answer: C) Made in the Philippines. 8. It is the condition of balance or equality A) Perfect competition. B) Equilibrium price. C) Law of supply. D) Oligopoly. Show Answer Correct Answer: B) Equilibrium price. 9. Seek to locate the power in a business situation, its current competitive position, and the strength of a position that an organization may enter to. A) SWOT Analysis. B) Porter's Five Forces of Competitive Position Analysis. Show Answer Correct Answer: B) Porter's Five Forces of Competitive Position Analysis. 10. Which refers to products that are identical or similar? A) Differentiated. B) Homogeneous. C) Heterogeneous. D) Customized. Show Answer Correct Answer: B) Homogeneous. 11. It is the extra utility that a consumer derives from an additional unit of a good or service. A) Marginal utility. B) Increased utility. C) Total utility. D) Decrease utility. Show Answer Correct Answer: A) Marginal utility. 12. Consumer Theory describes how consumers make decisions on what to buy. A) True. B) False. Show Answer Correct Answer: A) True. 13. Entrepreneurs are dreamers and believe their ideas are possible, even when they seem unattainable. A) Hardworking. B) Opportunity Seeker. C) Optimistic. D) Self Confidence. Show Answer Correct Answer: C) Optimistic. 14. It describes what an organization excels at and what separates it from thecompetition. A) Strengths. B) Weaknesses. C) Opportunities. D) None of the above. Show Answer Correct Answer: A) Strengths. 15. It is a condition where all other factors than the price are held constant. A) Faux Pax. B) Pacta Sunt Servanda. C) Ceteris Paribus. D) Omnibus Nomen. Show Answer Correct Answer: C) Ceteris Paribus. 16. States that additional output starts to diminish at a certain point as additional units of a variable input are combined with one or more fixed inputs. A) Production. B) The Law of Diminishing Marginal Returns. C) Production function. D) Hirschman Index (HHI). Show Answer Correct Answer: B) The Law of Diminishing Marginal Returns. 17. Which best describes the following?Bread and Butter:Coffee and CreamerPencils and Notebooks:Phone and Sim CardCar and Petroleum:Movies and Pop Corn A) Equilibrium. B) Shortage. C) Surplus. D) Complements. Show Answer Correct Answer: D) Complements. 18. Given this Qd = 6-P/2. What is the quantity demand if the price is 6? A) 1. B) 2. C) 3. D) 4. Show Answer Correct Answer: C) 3. 19. Monopolies can control the price of a product because ..... A) They are evil. B) They are illegal. C) The have a unique product. D) The government supports them. Show Answer Correct Answer: C) The have a unique product. 20. Is the sector of the economy concerned with the production of goods and services. A) Firm. B) Entrepreneur. C) Market. D) Industry. Show Answer Correct Answer: D) Industry. ← 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