This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 4 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It examines how social processes influence and are changed by economic activity. A) Socioeconomics. B) Public economics. C) Applied economics. D) Economics. Show Answer Correct Answer: A) Socioeconomics. 2. New technology advances the rate at which furniture can be assembled. Why does this change the supply? A) There is a change in cost of production. B) The number of producers changes. C) The expectations of consumers changes. D) The output rate declines. Show Answer Correct Answer: A) There is a change in cost of production. 3. How does microeconomics differ from macroeconomics? A) Microeconomics focuses on individuals and firms, while macroeconomics looks at the entire economy. B) Microeconomics studies international trade, while macroeconomics studies household budgets. C) Microeconomics only applies to developed countries, while macroeconomics is for developing countries. D) Microeconomics is a subset of macroeconomics. Show Answer Correct Answer: A) Microeconomics focuses on individuals and firms, while macroeconomics looks at the entire economy. 4. Presidential Decree No. 757 established the ..... on July 31, 1975. A) People's Home site Corporation (PHC). B) Foreign Direct Investment (FDI). C) National Housing Authority (NHA). D) Business Process Outsourcing (BPO). Show Answer Correct Answer: C) National Housing Authority (NHA). 5. Which does not belong to the group?Types of industry: A) Energy. B) Healthcare. C) Automotive. D) PhilHealth. Show Answer Correct Answer: D) PhilHealth. 6. This is a human development measure of the Philippine government that provides conditional grants to the poorest of the poor, to improve health, nutrition, and education of children aged 18. A) 4 Ps. B) Free Education. C) Free housing. D) Free meal. Show Answer Correct Answer: A) 4 Ps. 7. What will happen if there is an Increase in demand A) Increase in demand shifts the demand curve to the right. B) Increase in the demand shift the demand curve to the left. Show Answer Correct Answer: A) Increase in demand shifts the demand curve to the right. 8. Agriculture A) Perfect competition. B) Monopoly. C) Oligopoly. D) Monopolistic competition. Show Answer Correct Answer: A) Perfect competition. 9. Economics as social science has something to do with our daily lives. A) True. B) False. Show Answer Correct Answer: A) True. 10. The process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit. A) Trade. B) Retail. C) Wholesale. D) Merchandise. Show Answer Correct Answer: B) Retail. 11. It measures the prices of goods and consequently measures the purchasing power of consumers. A) Consumer price index. B) Producer price index. C) Consumer output. D) Gross domestic output. Show Answer Correct Answer: A) Consumer price index. 12. What is the process of examining economic data and information to derive meaningful insights and conclusions about economic phenomena? A) Decision-Making. B) Economic Analysis. C) Optimization. D) Policy Evaluation. Show Answer Correct Answer: B) Economic Analysis. 13. It happens when a good is scarce compared to its demand. It is ..... A) Scarcity. B) Relative Scarcity. C) Absolute Scarcity. D) Opportunity Costs. Show Answer Correct Answer: B) Relative Scarcity. 14. The sum of all costs associated with production A) Total cost. B) Short run. C) Supply elasticity. D) Negative returns. Show Answer Correct Answer: A) Total cost. 15. Scarcity is due to unlimited resources that nature offers. A) True. B) False. Show Answer Correct Answer: B) False. 16. In the market, the price elasticity for the demand of canned goods sold by Aling Gracia Grocery Store is the: A) Ratio of the percentage changes in quantity demanded for the goods to the percentage change in its price. B) Responsiveness of revenue to a change in quantity of the canned goods. C) Ratio of the change in quantity demanded divided by the change in its price of the canned goods. D) Response of revenue to a change in the price. Show Answer Correct Answer: A) Ratio of the percentage changes in quantity demanded for the goods to the percentage change in its price. 17. Get to earn returns through investments A) Impact on the consumer. B) Impact on the supplier & investors. C) Impact on the government. D) Impact on the household & community. Show Answer Correct Answer: B) Impact on the supplier & investors. 18. The law of supply applies when the producers supply more masks at a higher price; selling at higher quantity at a higher price increases revenue. A) True. B) False. Show Answer Correct Answer: B) False. 19. It refers to utilization of human services, physical assets, and other natural resources in the environment A) Consumption. B) Allocation. C) Distribution. D) Production. Show Answer Correct Answer: A) Consumption. 20. WHICH IS NOT A FACTOR OF PRODUCTION? A) CAPITAL. B) TAX. C) LABOR. D) LAND. Show Answer Correct Answer: B) TAX. ← PreviousNext →Related QuizzesEconomics QuizzesApplied Economics Quiz 1Applied Economics Quiz 2Applied Economics Quiz 3Applied Economics Quiz 5Applied Economics Quiz 6Applied Economics Quiz 7Applied Economics Quiz 8Applied Economics Quiz 9Applied Economics Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books