This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 42 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 42 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Partnership is a type of business firm that is owned by shareholders who own stock in the firm. A) True. B) False. Show Answer Correct Answer: B) False. 2. Which of the following improves quality and productivity, decreases costs and price and provides more jobs, return on investment? A) Production chain. B) TRAIN Law. C) Deming Chain. D) None of the above. Show Answer Correct Answer: C) Deming Chain. 3. Economics is a social science because it deals with: A) Human Behavior. B) Natural resources. C) Experimentation. D) Plants and animals. Show Answer Correct Answer: A) Human Behavior. 4. How many retail businesses were established and registered in 2017? A) 101, 136. B) 115, 998. C) 123, 487. D) None of the above. Show Answer Correct Answer: A) 101, 136. 5. Which of these best describes the law of demand? A) If prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up. B) If prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down. C) There is no law of demand, each situation is unique and demand and prices cannot be predicted. D) Prices will go up for certain goods when quantity demanded goes up and vice versa. Show Answer Correct Answer: A) If prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up. 6. When might a price floor be imposed by the government? A) During economic recessions. B) In response to low demand for a product. C) When the government wants to maximize consumer surplus. D) To support producers and ensure a minimum income. Show Answer Correct Answer: D) To support producers and ensure a minimum income. 7. What is the Example of Perfect competition A) Notebook. B) Jollibee. C) Water. D) A and C. Show Answer Correct Answer: D) A and C. 8. FORMULA OF PRICE PRICE ELASTICITY OF SUPPLY A) . B) . Show Answer Correct Answer: A) . 9. It may be defined as that branch of economic analysis which studies the behaviour of not one particular unit but all the units combined. A) Microeconomics. B) Applied Economics. C) Macroeconomics. D) Economics. Show Answer Correct Answer: C) Macroeconomics. 10. When quantity consumers are willing and able to buy equals the quantity producers are willing and able to sell. A) Surplus. B) Market Equilibrium. C) Invisible Hand. D) Market exchange. Show Answer Correct Answer: B) Market Equilibrium. 11. Communism have a totalitarian form of government; this means that the government runs everything and makes all decisions. A) True. B) False. Show Answer Correct Answer: A) True. 12. TRUE OR FALSE:Go Negosyo Act promotes ease of doing business and facilitate access to services for MSMEs through the Negosyo Centers. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 13. Read the following situation to determine what the outcome would be:A new type of television set uses 3-D images. many stores will have large quantities of the older style televisions. What will happen to the price of these older televisions? A) The price will remain the same. B) The price will rise. C) The price will fall. D) None of above. Show Answer Correct Answer: C) The price will fall. 14. Land, labor, and capital are examples of resources. A) True. B) False. Show Answer Correct Answer: A) True. 15. If the price of hamburgers rise, but the price of hot dogs remains the same, which are suppliers more likely to supply? A) Hamburgers. B) Hot dogs. Show Answer Correct Answer: A) Hamburgers. 16. Technology has allowed people to work fewer hours. A) True. B) False. Show Answer Correct Answer: A) True. 17. Who is responsible for making macroeconomic policies? A) Individuals and households. B) International organizations. C) Governments and central banks. D) Small businesses. Show Answer Correct Answer: C) Governments and central banks. 18. It refers to as the exchange or trade of gold and services between different nations. A) International exchange. B) Government. C) Household. D) International trade. Show Answer Correct Answer: A) International exchange. 19. With the good business, there is also an impact to the community except; A) Some provides scholarship s to poor but deserving students. B) Activities like wellness program, livelihood projects and even medical and dental mission. C) Financial support to the less fortunate. D) Gambling and lottery in the community will be allowed. Show Answer Correct Answer: D) Gambling and lottery in the community will be allowed. 20. The easiest form of business to start and end is a (n) A) Limited liability partnership. B) Franchise. C) S corpration. D) Proprietorship. Show Answer Correct Answer: D) Proprietorship. ← 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