This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 51 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 51 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Scarcity could be solved by: A) Changing the attitude of an individual. B) Expansion of limited resources. C) Both A and B. D) None of the above. Show Answer Correct Answer: C) Both A and B. 2. The ..... is when the intentions of suppliers are just matched by the intention of buyers where the amount of goods and services demanded is just equal to the amount provided. A) Price floor. B) Equilibrium price. C) Law of Supply. D) Law of Demand. Show Answer Correct Answer: B) Equilibrium price. 3. In this tax, the interest rate is 30 percent. A) Excise tax. B) Value-added-tax. C) Income tax. D) Proportional tax. Show Answer Correct Answer: C) Income tax. 4. This is considered as the recompense of capital ..... A) Wage. B) Salaries. C) Interest. D) Rent. Show Answer Correct Answer: C) Interest. 5. A legal entity that is separate from its owners, the shareholders. A) APPLIED ECONOMICS. B) SUPPLY. C) CORPORATION. D) None of above. Show Answer Correct Answer: C) CORPORATION. 6. There is a balance between private and government accountability in achieving economic goals. A) Free Market Economy. B) Centralized Economy. C) Mixed Economy. D) Traditional Economy. Show Answer Correct Answer: C) Mixed Economy. 7. In the 1990s, AT&T controlled 90% of the phone industry and was the ONLY provider of long distance phone service. This is an example of ..... A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) A monopoly. Show Answer Correct Answer: D) A monopoly. 8. Because of mechanization and mass production, Pepsi Cola used machineries to produced goods. Which of the following methods is used by Pepsi Cola? A) Capital-intensive production. B) Labor-intensive production. C) Mixed production process. D) Product-based technology process. Show Answer Correct Answer: D) Product-based technology process. 9. The economists describe the amount of resources in an economy as: A) Always constant. B) Can never decrease or increase. C) Unlimited at any moment in time. D) Limited at any moment in time. Show Answer Correct Answer: D) Limited at any moment in time. 10. Which is not the basic element of strategic management? A) Environmental scanning. B) Strategy Formulation. C) Strategy implementation. D) Management Control. Show Answer Correct Answer: D) Management Control. 11. It is the transformation of inputs into outputs of goods & services. A) Production. B) The Law of Diminishing Marginal Returns. C) Production function. D) Hirschman Index (HHI). Show Answer Correct Answer: A) Production. 12. A factor of production with machinery and equipment as examples. A) Land. B) Resources. C) Labor. D) Capital. Show Answer Correct Answer: D) Capital. 13. This field of economics focuses on the behavior of individual economic units and the functioning of markets. A) Microeconomics. B) Macroeconomics. C) Applied Economics. D) Social Economics. Show Answer Correct Answer: A) Microeconomics. 14. Scarcity of resources means? A) Minimum resources. B) Shortage of resources. C) Slight resources. D) Excess resources. Show Answer Correct Answer: B) Shortage of resources. 15. Shows the relationship between quantity demanded and price in a given A) Demand Curve. B) The Law of Supply. C) Unitary Elasticity. D) Cross Price Elasticity of Demand. E) Inelastic Demand. Show Answer Correct Answer: A) Demand Curve. 16. An industry that is often a natural monopoly. A) Electricity. B) Grocery stores. C) Steel. D) Pure competition. Show Answer Correct Answer: A) Electricity. 17. These are semi-processed goods that are not ready for final use by the consumer. A) Raw materials. B) Intermediate goods. C) Final goods. D) None of above. Show Answer Correct Answer: B) Intermediate goods. 18. Is owned by a single individual who is singly responsible for running the business and is accountable for debts and obligation related to business. A) Sole Proprietorship. B) Partnership. C) Corporation. D) Cooperative. Show Answer Correct Answer: A) Sole Proprietorship. 19. What is the assessment of government policies and interventions to determine their effectiveness and impact on the economy? A) Optimization. B) Policy Evaluation. C) Decision-Making. D) Economic Analysis. Show Answer Correct Answer: B) Policy Evaluation. 20. Economic System where there is limited technology and ideas are passed down from generation to generation A) Command. B) Traditional. C) Mixed. D) Market. Show Answer Correct Answer: B) Traditional. ← 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