This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 44 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 44 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It is a process of combining various inputs to produce an output for consumption. A) Production. B) Consumption. C) Product. D) Consume. Show Answer Correct Answer: B) Consumption. 2. Economist points out that scarcity confronts ..... A) Both the poor and the rich people. B) Neither the poor nor the rich people. C) The poor but not the rich people. D) The rich but not the poor people. Show Answer Correct Answer: A) Both the poor and the rich people. 3. The three problems of economics is what to produce, how to produce and ..... A) When to produce. B) Where to produce. C) Which one to produce. D) For whom it will be produced. Show Answer Correct Answer: D) For whom it will be produced. 4. Reap the fruits of natural resources like the soil, water, forests. A) Agriculture, Fishery and Forestry. B) Industrial Sector. C) Service Sector. D) Environmental Sector. Show Answer Correct Answer: A) Agriculture, Fishery and Forestry. 5. The reason of Philippine government to enforce The Philippine Competition Act is: A) To limit competition. B) To promote healthy competition. C) To increase taxes. D) To provide additional public goods & services. Show Answer Correct Answer: B) To promote healthy competition. 6. According to him, economics is a science of choice. A) Fajardo. B) Nordhaus. C) Hall and Loeberman. D) Samuelson. Show Answer Correct Answer: B) Nordhaus. 7. The number of suppliers in a market. A) Barriers to entry. B) Market structure. Show Answer Correct Answer: B) Market structure. 8. In this system, the government owns most properties and resources, and economic decisions are made through a central economic plan. A) Socialism. B) Communism. C) Free Market Economy. D) Command Economy. Show Answer Correct Answer: D) Command Economy. 9. What is the study of how individuals, businesses, and societies allocate resources to satisfy their unlimited wants and needs? A) Sociology. B) Economics. C) Psychology. D) Microbiology. Show Answer Correct Answer: B) Economics. 10. Countries and states utilize this to solve the problem of allocation. A) Culture and Norms. B) Rules and Regulations. C) Economic Systems. D) Fiscal Policies. Show Answer Correct Answer: C) Economic Systems. 11. Which scenario is an example of a monopoly? A) A local water company is the sole provider of water for a small town. B) A dry cleaner specializes in environmentally friendly cleaning methods. C) A farmer produces green beans for sale at a farmer's market. D) A small number of cereal companies produce most of the cereal on the market. Show Answer Correct Answer: A) A local water company is the sole provider of water for a small town. 12. The word economics originated from the Greek word oikonomia which means ..... A) Management of the economy. B) Management of the country. C) Management of household. D) Management of community. Show Answer Correct Answer: C) Management of household. 13. The government agency that monitor the price ceiling of the commodities. A) Department of Interior and Local Government. B) Department of Justice. C) Department of Labor and Employment. D) Department of Trade and Industry. Show Answer Correct Answer: D) Department of Trade and Industry. 14. A business with one owner is known as a: A) Company. B) Sole trader. C) Partnership. D) None of above. Show Answer Correct Answer: B) Sole trader. 15. Which best describes economics as a social science and an applied science? A) The study of the things we need to survive. B) The study of how people make choices when they are faced with an unlimited supply of resources. C) The study of human behavior. D) The study of how buyers make choices when there is limited supply of resources. Show Answer Correct Answer: D) The study of how buyers make choices when there is limited supply of resources. 16. These are the tools, machinery, and equipment that are used to produce goods and services. A) Absolute poverty. B) Overall poverty. C) Human capital. D) Physical capital. Show Answer Correct Answer: D) Physical capital. 17. TRUE OR FALSE:E-commerce is facilitated through the use of electronic devices such as computers, tablets, and smartphones. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 18. According to ....., Economics is a scientific study that deals with how individuals and society may general choices. A) Fajardo. B) Nordhaus. C) Sicat. D) Webster. Show Answer Correct Answer: C) Sicat. 19. Macroeconomics deals with following: A) Gross National Product. B) Level of Employment. C) National Income and Level of Prices. D) All of the above. Show Answer Correct Answer: D) All of the above. 20. Benefits from business-sponsored activities that include sports fests and wellness programs, livelihood projects, micro financing, and even medical & dental missions. A) Impact on Households. B) Impact on the Government. C) Impact on the Community. D) Impact on the consumer. Show Answer Correct Answer: C) Impact on the Community. ← 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