This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 58 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 58 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If there's a surplus, the market price will definitely A) Rise. B) Fall. Show Answer Correct Answer: B) Fall. 2. This social media is the new market in the current century while the users are offered free services, the Companies earn from the advertising revenue. It is considered as monopoly. A) Google. B) Facebook. C) Microsoft. D) All of the Above. Show Answer Correct Answer: B) Facebook. 3. Microeconomics approaches the study of economics from the viewpoint of ..... A) Economy wide effects. B) Individual or specific markets. C) The national economy. D) Operation of the Bangko Sentral ng Pilipinas. Show Answer Correct Answer: B) Individual or specific markets. 4. These are barriers that are not of monetary form but rather it is more on things like licenses, quota, embargo. A) Non-Tariff. B) Tarrife. C) Tarrif. D) No Tarrif. Show Answer Correct Answer: A) Non-Tariff. 5. Pertains to the activities of the government regarding taxation, borrowings, and expenditures. It deals with the efficient use and fair distribution of public resources in order to achieve the maximum social benefits. A) Production. B) Distribution. C) Exchanged. D) Consumption. E) Public finance. Show Answer Correct Answer: E) Public finance. 6. Types of Ownership A) Private, Raw, Public. B) Landlord, Tenant. C) Private, Public, Joint, Co-operative. D) None of above. Show Answer Correct Answer: C) Private, Public, Joint, Co-operative. 7. What is the study that studies the way a society solves the fundamental problems of reconciling the unlimited desires of individuals with scarce resources? A) Social Science. B) Applied Science. C) Economics. D) Macroeconomics. Show Answer Correct Answer: C) Economics. 8. How does Economics impact other social sciences? A) It has no influence on other social sciences. B) It provides a unique perspective on understanding human behavior and societal choices. C) It contradicts the principles of other social sciences. D) It replaces other social sciences entirely. Show Answer Correct Answer: B) It provides a unique perspective on understanding human behavior and societal choices. 9. If the price increases, the demand will ..... A) Increase. B) Decrease. Show Answer Correct Answer: B) Decrease. 10. There are factors that can produce a shift in the demand curve. Which of the following is not included? A) Consumer income. As it increases, the quantity demanded of a good normally increases as well. B) Population. As population grows, it also means that the quantity demanded of the good at any given price also normally increases. C) Consumer preferences. If the consumer tastes shifts in favor of a particular good then there also will be an increase in the demand of that good. D) None of the above. Show Answer Correct Answer: D) None of the above. 11. The process of extracting rocks from underground is known as ..... A) Manufacturing. B) Mining. C) Quarrying. D) None of above. Show Answer Correct Answer: C) Quarrying. 12. ..... is something that you can't live without. A) Wants. B) Needs. C) Scarcity. D) Love. Show Answer Correct Answer: B) Needs. 13. Demand curve shows the relationship between quantity demanded and price in a given market on a graph A) Demand Curve. B) Supply Curve. C) Equilibrium. D) Demand Function. Show Answer Correct Answer: A) Demand Curve. 14. A 340-billion deficit in the Philippine budget is expected in the year 2015. A) MICROECONOMICS. B) MACROECONOMICS. Show Answer Correct Answer: B) MACROECONOMICS. 15. Its perspective looks at the economy as a whole, focusing on goals like production, the standard of living, unemployment and inflation. A) Macroeconomics. B) Microeconomics. C) Social Science. D) Applied Science. Show Answer Correct Answer: A) Macroeconomics. 16. In monopolistic competition, the products of different sellers are assumed to be A) Similar but slightly different. B) Identical perfect substitutes. C) Either identical or differentiated. D) Unique without any close or perfect substitutes. Show Answer Correct Answer: A) Similar but slightly different. 17. Is felt when a change in the price of a good changes consumer's real income or purchasing power, which is the capacity to buy with a given income A) Financial effect. B) Economy effect. C) Income effect. D) Substitution effect. Show Answer Correct Answer: C) Income effect. 18. Defined as the market value of final products produced within the country A) Gross National Income. B) Gross Domestic Product. C) Gross National Income. D) None of above. Show Answer Correct Answer: B) Gross Domestic Product. 19. The following statements describe the basic economic problems except: A) The study of the factors of production and scarcity leads to the concept that the value of the goods one chooses trades off another value foregone. B) Goods and services to produce are determined based on needs and desires of people. C) Proper combination of economic resources is carefully selected in producing the right amount of output. D) It is not profitable to keep some of the available resources idle. Show Answer Correct Answer: A) The study of the factors of production and scarcity leads to the concept that the value of the goods one chooses trades off another value foregone. 20. Which is not considered as tangible good? A) Cell phone. B) Mask. C) Sack of rice. D) Training service. Show Answer Correct Answer: D) Training service. ← 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