This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 59 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 59 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which refers to the lowest legal wage companies can pay workers? A) Compensation. B) Financial aid. C) Minimum wage. D) Subsidies. Show Answer Correct Answer: C) Minimum wage. 2. These are the things your company does well ..... A) Strengths. B) Weaknesses. C) Opportunites. D) Threats. Show Answer Correct Answer: A) Strengths. 3. How can you categorize the statement "affordable housing" ? A) Cheap housing. B) Expensive housing. C) Luxurious housing. D) Quality housing. Show Answer Correct Answer: A) Cheap housing. 4. It is the foregone benefit on making choices. A) Sunk cost. B) Opportunity Cost. C) Incentive Cost. D) Coastal Road. Show Answer Correct Answer: B) Opportunity Cost. 5. This is a result of collaboration among few sellers on a specific price of productsin the market? A) Perfect competition. B) Monopoly. C) Contestable market. D) Oligopoly. Show Answer Correct Answer: D) Oligopoly. 6. It refers to the amount (quantity) of a good that buyers are willing to purchase at alternative prices for a given period. A) Substitution effect. B) Supply function. C) Demand schedule. D) Demand function. Show Answer Correct Answer: C) Demand schedule. 7. What is the Characteristics of Monopolistics A) Perfect information and many sellers. B) Perfect information and many buyers. C) Perfect information and few sellers. D) None of above. Show Answer Correct Answer: A) Perfect information and many sellers. 8. The using up of a resource A) Scarcity. B) Supply. C) Services. D) Consumption. Show Answer Correct Answer: D) Consumption. 9. In order to park on campus, one must purchase an expensive parking permit; yet there still is difficulty finding a parking spot. This indicates ..... A) Parking permits are priced to high. B) Parking permits are priced to low. C) We need more parking spots. D) The first year students should not be allowed to have cars on our campus. Show Answer Correct Answer: B) Parking permits are priced to low. 10. It is the exchange of goods and services between countries. A) Comparative Advantage. B) Economies of Scale. C) International Trade. D) International Trade. Show Answer Correct Answer: C) International Trade. 11. The President and CEO of PLDT & Smart. A) Manuel V. Pangilinan. B) Michael V. Pangilinan. C) Mike V. Pangilinan. D) Manuela V. Pangilinan. Show Answer Correct Answer: A) Manuel V. Pangilinan. 12. Factors, such as technological or legal conditions, that prevent new firms from competing equally with an existing firm A) Barriers to entry. B) Market structure. Show Answer Correct Answer: A) Barriers to entry. 13. What is the movement of the curve or slope when it is a supply curve? A) Leftward. B) Sideward. C) Downward. D) Upward. Show Answer Correct Answer: D) Upward. 14. It is the heart of the economy A) Consumption. B) Production. C) Exchange. D) Distribution. Show Answer Correct Answer: B) Production. 15. When the losses of the company are high it is at risk of closing and bankrupt. A) True. B) False. Show Answer Correct Answer: A) True. 16. Percent change in demand is less than percentage change in price. A) Perfectly Inelastic demand. B) Inelastic demand. Show Answer Correct Answer: B) Inelastic demand. 17. The following are examples of agribusiness except: A) Hog Raising. B) Furniture Making. C) Cattle Farming. D) Poultry Raising. Show Answer Correct Answer: C) Cattle Farming. 18. Without this, the production process cannot exceed further A) Land. B) Labor. C) Capital. D) Entrepreneur. Show Answer Correct Answer: A) Land. 19. Which of the following external factor that includes local, nation and international financial trends development in the country's stock market, reform in the banking system growth of the Gross Domestic Product? A) Economics Trends. B) Market Trends. C) Demographic Characteristics. D) Competitive treats. Show Answer Correct Answer: A) Economics Trends. 20. A seller or company that follows or accepts the prevailing price of products in amarket is called a ..... A) Price taker. B) Price completer. C) Price searcher. D) Price builder. Show Answer Correct Answer: A) Price taker. ← 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