This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 41 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 41 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. High rate of labor turnover A) Strength. B) Weakness. C) Opportunities. D) Threat. Show Answer Correct Answer: B) Weakness. 2. Which statement expresses a central idea of how the laws of supply and demand work? A) The government sets the prices for goods and services. B) Prices are determined by the interaction of producers and consumers. C) Consumers alone determine the prices for goods and services. D) Technology dictates the prices charged for goods and services. Show Answer Correct Answer: B) Prices are determined by the interaction of producers and consumers. 3. What is mixed economy A) A free market. B) The country's money. C) Market-base economics system with.limited government involvement. D) The World Bank's money. Show Answer Correct Answer: C) Market-base economics system with.limited government involvement. 4. What do you call the stage of production where Total Product is increasing at a fast rate and the Marginal Product and Average Product are both increasing? A) Stage of Increasing returns. B) Stage of Decreasing returns. C) Stage of Diminishing returns. D) Stage of Decreasing returns. Show Answer Correct Answer: A) Stage of Increasing returns. 5. It refers to economic activities derived from or connected to farm products such as crop production, as well as crop processing, transportation and distribution. A) Agriculture. B) Agribusiness. C) Agro-allied. D) Agrochemicals. Show Answer Correct Answer: B) Agribusiness. 6. 8) Father of modern economics a) Alexander Hamiltonb) Mr. Weissingerc) Adam Smithd) none of these A) Alexander Hamiltonb) Mr. Weissingerc) Adam Smithd) none of these. B) Mr. Weissinger. C) Adam Smith. D) None of these. Show Answer Correct Answer: C) Adam Smith. 7. It refers to people who have no jobs and are looking for work. A) Underemployed. B) Full Employed. C) Unemployed. D) None of above. Show Answer Correct Answer: C) Unemployed. 8. How many firms are there in a perfect competition? A) 1. B) Many. C) 2-5. D) 0. Show Answer Correct Answer: B) Many. 9. This framework was developed by Michael Porter. A) SWOT Analysis. B) Environmental Scanning. C) PORTER'S Five Forces. D) Industry Analysis. Show Answer Correct Answer: C) PORTER'S Five Forces. 10. This is the most democratic form of economic system. A) Traditional economy. B) Command economy. C) Market economy. D) Normative economy. Show Answer Correct Answer: C) Market economy. 11. Electricity and water are an example of ..... A) Perfect Competition. B) Monopolistic Competition. C) Natural Monopoly. D) Oligopoly. Show Answer Correct Answer: C) Natural Monopoly. 12. It studies the individual economic units rather than the whole economic system. A) Macroeconomics. B) Microeconomics. C) Positive Economics. D) Normative Economics. Show Answer Correct Answer: B) Microeconomics. 13. Describes very little a change in demand with a large change in price A) Elastic. B) Inelastic. C) Demand curve. D) Price. Show Answer Correct Answer: B) Inelastic. 14. What do you call the unit of measurement in utility? A) Util. B) Satisfaction. C) HHI. D) Utils. Show Answer Correct Answer: D) Utils. 15. Which of the following is not a determinant of demand elasticity? A) Share of consumer's budget spend on good. B) Duration of adjustment period. C) Availability of substitutes. D) Government spending. Show Answer Correct Answer: D) Government spending. 16. Joe owns a shoe store. At the end of the month Joe decides what to do with his profits. A) Command. B) Free Market. C) Traditional. D) None of above. Show Answer Correct Answer: B) Free Market. 17. In environmental analysis, what factor study about the income of the people, target market, inflation, recession, prosperity, demand and supply of the market. A) Economic Forces. B) Political Factors. C) Physical environment. D) Culture and Lifestyle. Show Answer Correct Answer: A) Economic Forces. 18. A market that has a few sellers of basically the same goods. A) Perfect Competition. B) Monopolistic Competition. C) Pure Monopoly. D) Oligopoly. Show Answer Correct Answer: D) Oligopoly. 19. A sluggish agriculture may result an unstable society with the spreas of poverty while insufficiency in food may invite inflationary pressures on dependence on exports. A) True. B) False. Show Answer Correct Answer: B) False. 20. It refers to the ability that customers have to drive lower prices. A) Threat of Substitute Products. B) Bargaining Power of Suppliers. C) Competitive Rivalry. D) Bargaining Power of Buyers. Show Answer Correct Answer: D) Bargaining Power of Buyers. ← 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