Applied Economics Quiz 43 (20 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. ..... involves capital spending.

Correct Answer: B) Investments.

2. It is a condition where there are insufficient resources to satisfy all needs and wants of a population.

Correct Answer: D) Scarcity.

3. Microeconomics or MacroeconomicsThe current unemployment rate in the Philippines.

Correct Answer: B) Macroeconomics.

4. Staff members says that if you want a day-off from work you should order a hambuger from the Leisure Center's cafeteria.

Correct Answer: B) Weakness.

5. What is the example of shifters of demand

Correct Answer: B) Numbers of buyers.

6. It is an equation showing the maximum output of a commodity that a firm can produce per period of time with each set of inputs.

Correct Answer: C) Production function.

7. The tree that was cut down to make lumber to build a wooden box

Correct Answer: B) Natural resource.

8. This refers to the one of the factors of production that means any mental or physical effort and its recompense is wages and salaries.

Correct Answer: B) Labor.

9. It is important to the seller since it gauges how far demand can charge relative to price.

Correct Answer: D) Prioce Elasticity.

10. Steel, automobiles, airlines, aircraft manufacturers

Correct Answer: D) Oligopoly.

11. The term Households, refers to all the consumers in our economy

Correct Answer: A) True.

12. It is an interaction between buyers and sellers of trading or exchange. It is where the consumer buys and the seller sells.

Correct Answer: B) Market.

13. Is a market dominated by a few suppliers.

Correct Answer: B) Oligopoly.

14. Resources that refers to the qualities of a human being.

Correct Answer: D) Human Resources.

15. Which of the following show cases strength of a business?

Correct Answer: B) Skilled and knowledgeable staff.

16. What is the value of the next best alternative foregone when a choice is made, illustrating the cost of making decisions?

Correct Answer: A) Opportunity Cost.

17. If the price is increasing what is the effect in quantity demanded

Correct Answer: C) Decreasing.

18. Individuals or companies who desires to possess or make us of products and services.

Correct Answer: A) Customers.

19. The exchange rate refers to the value of a nation's currency versus the currency of another nation or economic zone.

Correct Answer: A) True.

20. What is the value of price if the demand function is Qd = 18-3P and the Qd is equal to 12.

Correct Answer: B) 2.