This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 46 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 46 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The condition where there are insufficient resources to satisfy all the needs and wants of a population. A) Scarcity. B) Limited resources. C) Inflation. D) None of above. Show Answer Correct Answer: A) Scarcity. 2. Includes the stock market securities of corporations are traded. A) Goods Market. B) Labor Market. C) Financial Market. D) None of above. Show Answer Correct Answer: C) Financial Market. 3. What will happen if there is an decrease in demand A) Decrease in demand shifts the damand curve to the right. B) Decrease in demand shifts the damand curve to the left. Show Answer Correct Answer: B) Decrease in demand shifts the damand curve to the left. 4. Why do markets exist? A) To allow people to exchange goods and services. B) To allow people to earn money. C) To increase profits for business owners. D) To concentrate the productive efforts of individuals. Show Answer Correct Answer: A) To allow people to exchange goods and services. 5. This kind of market structure is considered the most concentrated with a single sellerdetermining the price that would maximize the profit of the business enterprise. A) Oligopoly. B) Perfect Competition. C) Monopoly. D) Monopsony. Show Answer Correct Answer: C) Monopoly. 6. It is analytical framework that can help a company meet its challenges and identify new markets. A) SWOT Analysis. B) Porter's Five Forces of Competitive Position Analysis. Show Answer Correct Answer: A) SWOT Analysis. 7. Something we pay for that we can touch A) Goods. B) Services. Show Answer Correct Answer: A) Goods. 8. What are Price Controls? A) Regulations that dictate the prices of luxury goods. B) Government policies that restrict the sale of certain products. C) Policies that influence the maximum or minimum prices of goods or services. D) Government guidelines for ethical pricing practices. Show Answer Correct Answer: C) Policies that influence the maximum or minimum prices of goods or services. 9. It is used to determine the viability of an idea whether it is worth the investment or otherwise may not be doable. A) Business Opportunity. B) Feasibility Study. C) Opportunity Screening. D) Opportunity Seeking. Show Answer Correct Answer: B) Feasibility Study. 10. Represented by a movement along a demand or supply curve from one price-quantity point to another. A) Change in Value Demanded and Value Supplied. B) Change in Curve Demanded and Curve Supplied. C) Change in Price Demanded and Price Supplied. D) Change in Quantity Demanded and Quantity Supplied. Show Answer Correct Answer: D) Change in Quantity Demanded and Quantity Supplied. 11. An opportunity cost is commonly termed as: A) Implicit Cost. B) Opportunity Lost. C) Explicit Cost. D) Economic Cost. Show Answer Correct Answer: D) Economic Cost. 12. Sara's Hair Palace is a small, locally owned beauty salon in Sterling. This represents what type of business? A) Corporation. B) Partnership. C) Sole proprietorship. D) None of above. Show Answer Correct Answer: C) Sole proprietorship. 13. It is the income minus the expenditures. A) Profit. B) Expenses. C) Capital. D) Investments. Show Answer Correct Answer: A) Profit. 14. Which characterizes an industry that has many sellers offering differentiatedproducts? A) Perfect competition. B) Monopolistic competition. C) Monopoly. D) Contestable market. Show Answer Correct Answer: B) Monopolistic competition. 15. Your leading product has a 30% market share which is 10% higher than your best competitor. Where would you analyze this information in SWOT analysis? A) Weaknesses. B) Strengths. C) Threats. D) Opportunities. Show Answer Correct Answer: B) Strengths. 16. If the marginal product is less than the average product, then the average product will rise. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 17. What does marginal analysis involve? A) Analyzing the total cost and total benefit of a decision. B) Examining the incremental changes in costs and benefits. C) Comparing the costs and benefits of different decisions. D) Evaluating the long-term impact of a decision. Show Answer Correct Answer: B) Examining the incremental changes in costs and benefits. 18. The following are the difficulties in doing business in the country except: A) High taxes. B) Bureaucratic corruption. C) Costly registration. D) Poor advertisements. Show Answer Correct Answer: D) Poor advertisements. 19. Small changes, big ..... A) Cash. B) Savings. C) Profit. D) Product. Show Answer Correct Answer: B) Savings. 20. Which of the following IS NOT an example of non-price competition? A) Location. B) Service Level. C) Price. D) Status. Show Answer Correct Answer: C) Price. ← 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