This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 57 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 57 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It has been shown that with greater economic interdependence among countries, the market mechanism is the most effective means to organize economic activity. Thus, there is no need for government intervention. A) TRUE. B) FALSE . Show Answer Correct Answer: B) FALSE . 2. The market equilibrium price is the price at which A) Surpluses depress the number of goods supplied. B) The government will not intervene in the market. C) Shortages and surpluses will have no effect on the market. D) The quantity demanded is the same as the quantity supplied. Show Answer Correct Answer: D) The quantity demanded is the same as the quantity supplied. 3. Competitive advantages that can also be gained by business that seek cooperation within or related industries is termed as ..... A) Alliance. B) Cost-leadership. C) Defensive strategy. D) Threats. Show Answer Correct Answer: A) Alliance. 4. The following are the factors of production except A) Land. B) Capital. C) Labor. D) Allocation. Show Answer Correct Answer: D) Allocation. 5. Relative poverty is measured by: A) Lorenz Curve. B) The Gini Coefficient. C) Either A or B. D) Both A and B. Show Answer Correct Answer: D) Both A and B. 6. This refers to the money that companies used to buy resources A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: C) Capital. 7. E-commerce operates in the following market segments, EXCEPT: A) Business to business. B) Business to consumer. C) Consumer to consumer. D) None of the above. Show Answer Correct Answer: D) None of the above. 8. Which decision-making tool systematically demonstrates the varying factors that need to be considered during the decision-making process? It can be used to examine two facets of an object, event, or concept for comparison A) Decision Matrix. B) T-Chart. C) Decision Tree. D) Conjoint Analysis. Show Answer Correct Answer: B) T-Chart. 9. A change in customers' likes and interests may be seen as an: A) Strength. B) Weakness. C) Opportunity. D) None of above. Show Answer Correct Answer: C) Opportunity. 10. When does Economics come into play in decision making? A) Only in business contexts. B) Only in personal finance. C) Always, in all aspects of life. D) Rarely, in exceptional cases. Show Answer Correct Answer: C) Always, in all aspects of life. 11. A line on a graph that illustrates a downward slope because of the inverse relationship between price and quantity A) Demand Schedule. B) Demand Curve. C) Supply Schedule. D) Supply Curve. Show Answer Correct Answer: B) Demand Curve. 12. Economics is..... A) The study of how to meet unlimted, competing wants with limited resources. B) The study of people and how they spend their money. C) The study of how people need to budget their money. D) The study of how to meet limited wants with limited resources. Show Answer Correct Answer: A) The study of how to meet unlimted, competing wants with limited resources. 13. An economic system that allows individuals to start businesses, but still has government regulations is A) Traditional. B) Market. C) Command. D) Mixed. Show Answer Correct Answer: D) Mixed. 14. Identify the type of economic system described in each statement.What to produce, how to produce, and for whom to produce depends on the government. A) Traditional Economy. B) Market Economy. C) Planned/ Command Economy. D) None of above. Show Answer Correct Answer: C) Planned/ Command Economy. 15. This force studies how easy it is for consumers to switch from a business'sproduct or service to that of a competitor. A) Threat of Substitute Products. B) Bargaining Power of Suppliers. C) Competitive Rivalry. D) Bargaining Power of Buyers. Show Answer Correct Answer: A) Threat of Substitute Products. 16. Research from Bangladesh has shown that giving ultra-poor households a productive asset (ex. chickens, cows, sewing machines) and training them on how to best use this asset to generate income improved outcomes in incomes and savings, psychological well-being and increased the number of hours they worked. A) TRUE. B) FALSE . Show Answer Correct Answer: A) TRUE. 17. What is the point at which the quantity demanded and the quantity supplied are equal called? A) Elasticity. B) Efficiency. C) Equilibrium price. D) Production possibilities. Show Answer Correct Answer: C) Equilibrium price. 18. What will happen if the price of a good increases? A) The demand for complementary goods will increase. B) The demand for the good will decrease. C) The demand for the good will increase. D) The demand for substitute goods will increase. Show Answer Correct Answer: D) The demand for substitute goods will increase. 19. When quantity supplied is smaller than quantity demanded, you have a ..... A) Shortage. B) Surplus. C) Deficit. D) Equilibrium. Show Answer Correct Answer: A) Shortage. 20. What are the purposes of economic indicators? A) Identifying economic theorists. B) Measuring economic performance and trends. C) Predicting the weather. D) Analyzing literature. Show Answer Correct Answer: B) Measuring economic performance and trends. ← 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