This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 48 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 48 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What best describes how to use the opportunities section of the SWOT? A) Pass this on to your manager to act upon?. B) Use your strengths to help make them happen and use them to off set potential threats. C) Ignore them as they will sort themselves out. D) Recognise them but do nothing has you are not yet ready to act upon them. Show Answer Correct Answer: B) Use your strengths to help make them happen and use them to off set potential threats. 2. Which situation is most likely to lead to the lowest prices? A) There is only one producer making the good. B) Businesses secretly agree to share their profits. C) Competition between businesses is prohibited. D) Several producers compete to sell goods to the public. Show Answer Correct Answer: D) Several producers compete to sell goods to the public. 3. What is trade-off A) An alternative that we sacrifice when we make a decision. B) To trade. C) Opportunity cost. D) The more expensive alternative. Show Answer Correct Answer: A) An alternative that we sacrifice when we make a decision. 4. Which does not belong to the group? The SWOT Analysis tool: A) Strength. B) Weakness. C) Opportunity. D) Timeliness. Show Answer Correct Answer: D) Timeliness. 5. .... involves a look at income of the people, economic conditions such as inflation, recession, prosperity, demand, and supply in the market. A) Economic forces. B) Social Forces. C) Porter's five forces Analysis. D) Political Forces. Show Answer Correct Answer: A) Economic forces. 6. The good sold by all sellers in the market is assumed to be homogeneous. A) True. B) False. Show Answer Correct Answer: A) True. 7. Perfect competition implies ideal situation for buyers and sellers. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 8. This factor drives the Economy and makes it more dynamic. A) Savings. B) Planning. C) Total Spending. D) Budgeting. Show Answer Correct Answer: C) Total Spending. 9. These are the effects of economies of scales on the production costs, EXCEPT: A) It reduces the per-unit fixed cost. B) It reduces the per unit variable cost. C) As a result of increased production, the fixed cost gets spread overmore output than before. D) None of the above. Show Answer Correct Answer: D) None of the above. 10. Inelastic goods have fewer substitutes and price change doesn't affect quantity demanded as much. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 11. Point at which supply and demand curve intersect each other A) Price ceiling. B) Excess demand. C) Equilibrium. D) Disequilibrium. Show Answer Correct Answer: C) Equilibrium. 12. Printed and online promotion is needed in starting your business. A) Advertisement. B) Big ideas. C) Sustainability. D) Growth. Show Answer Correct Answer: A) Advertisement. 13. A farmers market is an example of ..... A) Pure monopoly. B) Oligopoly. C) Monopolistic competition. D) Perfect competition. Show Answer Correct Answer: D) Perfect competition. 14. A force that refers to the possibility that costumers will find a different way of doing what your company does. A) Competitive Rivalry. B) The threat of Substitute products. C) Bargaining power of buyers. D) The threat for new entrants. Show Answer Correct Answer: B) The threat of Substitute products. 15. Which of the following market types has a large number of firms that sell similar but slightly different products? A) Perfect competition. B) Oligopoly. C) Monopolistic competition. D) Monopoly. Show Answer Correct Answer: C) Monopolistic competition. 16. Price change in supply A) There is a movement along the quantity supplied. B) There is a movement along the supply curve. C) There is a movement along the curve. D) None of above. Show Answer Correct Answer: B) There is a movement along the supply curve. 17. Which comparative environment is ideal for buyers and sellers? A) Monopolistic competition. B) Monopoly. C) Perfect competition. D) Oligopoly. Show Answer Correct Answer: C) Perfect competition. 18. Which is the most accurate definition of the study of economics? Economics is the study of ..... ? A) Affluence in a morally bankrupt world. B) How society uses its limited resources and deals with the production, distribution, and consumption of goods and services. C) The distribution of surplus goods to those in need. D) Ways to reduce wants to eliminate the problem of scarcity. Show Answer Correct Answer: B) How society uses its limited resources and deals with the production, distribution, and consumption of goods and services. 19. .... is the aggregation of the different businesses engaged in the A) Industry. B) Corporation. C) Partnership. D) Cooperative. Show Answer Correct Answer: A) Industry. 20. Items that people tend to buy more of when their incomes increase. A) Normal Goods. B) Substitute Goods. C) Inferior Goods. D) Complimentary Goods. Show Answer Correct Answer: A) Normal Goods. ← 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