This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 52 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 52 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The slope of a demand curve depends on A) The units used to measure quantity but not the units used to measure price. B) The units used to measure price but not the units used to measure quantity. C) Neither the units used to measure price nor the units used to measure quantity. D) Theunits used to measure price and the units used to measure quantit. Show Answer Correct Answer: B) The units used to measure price but not the units used to measure quantity. 2. Economics deals with graphs in interpreting results. This means that economics is ..... ? A) Economics as an Art. B) Economics as Applied Science. C) Economics as Normative Science. D) Economics as Social Science. Show Answer Correct Answer: A) Economics as an Art. 3. It is a commonly accepted measure of market concentration. A) Production. B) The Law of Diminishing Marginal Returns. C) Production function. D) Hirschman Index (HHI). Show Answer Correct Answer: D) Hirschman Index (HHI). 4. When an economy produces more houses and fewer computers, it is answering the question of ..... ? A) "For Whom". B) "How". C) "What". D) "Where". Show Answer Correct Answer: B) "How". 5. One of the implications of an expanded population is the enlargement: A) Of natural resources. B) Of the body. C) Of the houses. D) Of the labor force. Show Answer Correct Answer: D) Of the labor force. 6. Positive statements is a ..... A) Statements of fact that can be proven using relevant fact. B) Statements that contain words such as "have to", "ought to", etc . C) Statements of inquiry. D) Statements that cannot be verified or tested. Show Answer Correct Answer: A) Statements of fact that can be proven using relevant fact. 7. It shows the different quantities that are offered for sale at various prices A) Equilibrium price. B) Supply schedule. C) Demand schedule. D) Law of supply. Show Answer Correct Answer: B) Supply schedule. 8. It refers to the value of the best-forgone alternative. In addition, it is the value of the next highest-valued alternative use of resources. A) Scarcity. B) Relative Scarcity. C) Absolute Scarcity. D) Opportunity Costs. Show Answer Correct Answer: D) Opportunity Costs. 9. Your aim is to win their customers, convince them to buy from you instead and remain as loyal customer. A) Customer. B) Competition. C) Supplier. D) Substitute. Show Answer Correct Answer: B) Competition. 10. To address the unlimited needs and wants of the people with the limited resources is one of the significant concerns in economics. A) True. B) False. Show Answer Correct Answer: A) True. 11. A market is not only a place. It is a state when the players in the market agree to transact on the purchase of the commodity. A) True. B) False. Show Answer Correct Answer: A) True. 12. Which of the following could be a strength? A) Weather. B) A new international market. C) A price that is too high. D) The location of a business. Show Answer Correct Answer: D) The location of a business. 13. How many factors affect the demand of the buyer? A) 2. B) 3. C) 4. D) 5. Show Answer Correct Answer: C) 4. 14. Economics is a science because: A) It can predict the future. B) It conducts experiment in a laboratory. C) It measures the quantity of output. D) It undergoes observation and experimentation. Show Answer Correct Answer: A) It can predict the future. 15. Identify which resource is referred to by the following words. Technology A) Land. B) Labor. C) Capital. D) None of above. Show Answer Correct Answer: C) Capital. 16. Which of the following could be an opportunity? A) Having quality processes and procedures. B) Moving into new market segments that offer improved profits. C) Damaged reputation. D) A new competitor in your home market. Show Answer Correct Answer: B) Moving into new market segments that offer improved profits. 17. What could be the reason in the slowdown in remittances as stated by the WorldBank? A) A weak peso will negate the impact of crude oil prices abroad. B) Political uncertainties in host countries. C) Slowdown in the advanced economies. D) Stricter implementation of the migrant workers bill of rights. Show Answer Correct Answer: D) Stricter implementation of the migrant workers bill of rights. 18. This refers to the lowest wage per hour that a worker may be paid, as mandated by law. A) Minimum wage. B) Taxes. C) Maximum wage. D) Value Added Tax. Show Answer Correct Answer: A) Minimum wage. 19. It refers to the stock of capital assets such as factories, machines, tools & equipment, raw material, transport vehicles, etc A) Land. B) Labor. C) Capital. D) Entrepreneur. Show Answer Correct Answer: C) Capital. 20. How much is the VAT on equivalent sale transaction? A) 3%. B) 12%. C) 25%. D) 32%. Show Answer Correct Answer: B) 12%. ← 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