This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 53 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 53 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The country that was most at risk from drought in 2020 was Somalia, with an index score of five out of a possible five.-Drought risk score worldwide 2020, by country*https://www.statista.com/statistics/1099051/drought-risk-by-country/ A) Relative scarcity. B) Absolute scarcity. Show Answer Correct Answer: B) Absolute scarcity. 2. What is the other term of Equilibrium price? A) Market-Clearing Price. B) Balance Price. C) Fair Price. D) Equality Price. Show Answer Correct Answer: A) Market-Clearing Price. 3. Refers to the average contribution per unit of input and is equal to TP/i. A) Total Product (TP). B) Marginal Product (MP). C) Average Product (AP). D) Production function. Show Answer Correct Answer: C) Average Product (AP). 4. .... It refers to goods that can be used in place of another. A) Customer. B) Substitute. C) Competition. D) Supplier. Show Answer Correct Answer: B) Substitute. 5. The study of society and how people behave and influence the world around them. A) ECONOMICS. B) APPLIED ECONOMICS. C) SOCIAL SCIENCE. D) None of above. Show Answer Correct Answer: C) SOCIAL SCIENCE. 6. It is the application of economic theory to determine the likely outcomes associated with various possible courses of action in the real world. By better understanding the likely consequences of choices made by individuals, businesses, and policy makers, we can help them make better choices A) Applied economics. B) Economic Engineering. C) Economics. D) Applied Science. Show Answer Correct Answer: A) Applied economics. 7. It is the most common type of market because it is where we buy consumers good. A) Good Market. B) Labor Market. C) Finance Market. D) Market. Show Answer Correct Answer: A) Good Market. 8. It is the work done by people-education, skills, and motivation and productivity A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: B) Labor. 9. Refers to the product created as a result of the combination of input in the production process. A) Output. B) Input. C) Consumer. D) Average Product. Show Answer Correct Answer: A) Output. 10. It is inputs used in the production of goods and services to make a profit:land, economic capital, labor, and entrepreneurship; also called "factors of production" A) Economic Goods. B) Free Goods. C) Opportunity cost. D) Productive Resources. Show Answer Correct Answer: D) Productive Resources. 11. What type of SWOT analysis is entry of competitors? A) Strength. B) Weakness. C) Oppurtunities. D) Threats. Show Answer Correct Answer: D) Threats. 12. Which formula is used to calculate price elasticity of demand? A) Price Elasticity of Demand = (Percentage change in Quantity Demand) / (Percentage change in Price). B) Price Elasticity of Demand = (Percentage change in Price) / (Percentage change in Quantity Demand). C) Price Elasticity of Demand = (Quantity Demand) / (Price). D) Price Elasticity of Demand = (Price) / (Quantity Demand). Show Answer Correct Answer: A) Price Elasticity of Demand = (Percentage change in Quantity Demand) / (Percentage change in Price). 13. McDonald's, Burger King, and Pizza Hut are examples of ..... A) Partnerships. B) Sole proprietorship. C) Franchise. D) Corporation. Show Answer Correct Answer: C) Franchise. 14. A social science that deals with the allocation of scare resources to meet the increasing human wants. A) Economics. B) Scarcity. C) Wealth. D) Allocation. Show Answer Correct Answer: A) Economics. 15. Human capital is A) Machinery that meets or exceeds federal safety standards for use by humans. B) All capital owned by individuals or corporation, but not by governments. C) The skill and knowledge of workers. D) All capital owned by. E) Individuals, but not by corporations or governments. Show Answer Correct Answer: C) The skill and knowledge of workers. 16. True or False:Assets that a company intends to hold for 2 years is a short term investment. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 17. Which of the following is not part of the three strands in the development of the definition of Economics? A) Wealth getting and wealth using. B) Decision making process. C) Scientific method. D) Allocation process. Show Answer Correct Answer: C) Scientific method. 18. An interaction between the buyers and sellers of trading or exchange. A) Market. B) Supply. C) Income. D) Demand. Show Answer Correct Answer: A) Market. 19. It is described as the study of various modes and aspects of human interactions in a group of people. A) Social Science. B) Economic Implication. C) Human Resource Development. D) Act of economizing. Show Answer Correct Answer: A) Social Science. 20. Goods are physical objects such as tables, laptops, and housewares. A) True. B) False. Show Answer Correct Answer: A) True. ← 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