This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 6 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following are economists referring to when talking about demand? A) The various quantities of a good or service that consumers are willing and able to purchase over a range of prices during a specified period of time. B) The various quantities of a good or service that producers are willing and able to sell over a range of prices during a specified period of time. C) All else equal, as price increases, quantity demanded decreases and as price decreases, quantity demanded increases. D) All else equal, as price increases, quantity supplied increases and as price decreases, quantity supplied decreases. Show Answer Correct Answer: A) The various quantities of a good or service that consumers are willing and able to purchase over a range of prices during a specified period of time. 2. It refers to the rate of pay fixed either by a collective bargaining agreement or by governmental enactment as the lowest wage payable to specified categories of employees A) Inflation. B) Price Freeze. C) Minimum Wage. D) Recession. Show Answer Correct Answer: C) Minimum Wage. 3. What does it mean?Ed > 1 A) Elastic demand. B) Perfectly inelastic demandc) Inelastic demand. C) Inelastic demand. D) Unitarily elastic demand. Show Answer Correct Answer: A) Elastic demand. 4. The following are the influences on demand except ..... A) Flow of demand. B) Changes in taxes. C) Efficiency and effectiveness. D) Changes in technology. Show Answer Correct Answer: A) Flow of demand. 5. ..... are inputs needed to produce goods andservices. A) Factor payments. B) Factors of production. Show Answer Correct Answer: B) Factors of production. 6. A big sari-sari store having an asset of one million five hundred thousand is an example of ..... A) Large scale business. B) Small business. C) Medium business. D) Micro business. Show Answer Correct Answer: D) Micro business. 7. According to the law of supply, when prices decrease A) Quantity supplied decreases. B) Supply decreases. C) Quantity supplied increases. D) Supply increases. Show Answer Correct Answer: A) Quantity supplied decreases. 8. In which market structure is there the MOST competition? A) Monopoly. B) Oligopoly. C) Monopolistic Competition. D) Perfect Competition. Show Answer Correct Answer: D) Perfect Competition. 9. Oil deposits A) Human resources. B) Natural resources. C) Capital good. D) Capital fund. Show Answer Correct Answer: B) Natural resources. 10. The price and quantity where demand equals supply; price and quantity toward which a free market automatically moves. A) Equilibrium Price. B) Equilibrium Quantity. C) Equilibrium Price and Quantity. D) Equilibrium Market. Show Answer Correct Answer: C) Equilibrium Price and Quantity. 11. What are capital resources? A) Things from nature used to produce goods. B) The machines, tools, and buildings used to produce goods. C) The people used to produce goods. D) None of above. Show Answer Correct Answer: B) The machines, tools, and buildings used to produce goods. 12. These products are used in the operation of a business but are not used in the actual production of a good or service, i.e. computers, forklifts, telephones etc. A) Items. B) Equipment. C) Producers. D) Consumers. Show Answer Correct Answer: B) Equipment. 13. Who decides the specific prices for goods or services in a price-controlled market? A) Consumers. B) Producers and suppliers. C) The government authorities. D) Financial analysts. Show Answer Correct Answer: C) The government authorities. 14. Economics is the study of how A) Gov't allocates scare resources to satisfy people's unlimited wants. B) Gov't supplies money to businesses to produce goods & services. C) People use their scarce resources to satisfy their unlimited wants. D) Businesses supply unlimited goods & services with limited resources. Show Answer Correct Answer: C) People use their scarce resources to satisfy their unlimited wants. 15. This part of the market determines DEMAND. A) Buyers. B) Sellers. C) Suppliers. D) None of above. Show Answer Correct Answer: A) Buyers. 16. It shows the share of various household groups ranked from the poorest to the richest on the total national income. A) Relative poverty. B) Lorenz Curve. C) Gini Coefficient. D) Poverty incidence. Show Answer Correct Answer: B) Lorenz Curve. 17. This is a market structure that has a single player that controls the market. A) Oligopoly. B) Capitalism. C) Monopoly. D) Pure competition. Show Answer Correct Answer: C) Monopoly. 18. A market structure were products are identical to competitors products A) Monopoly. B) Monopolistic Competition. C) Oligopoly. D) Pure Competition. Show Answer Correct Answer: D) Pure Competition. 19. Scarcity requires that people must ..... A) Complete. B) Cooperate. C) Efficiently allocate the scarce resources to meet the needs of the people. D) Trade. Show Answer Correct Answer: C) Efficiently allocate the scarce resources to meet the needs of the people. 20. Which of the following market types has the fewest number of firms? A) Perfect competition. B) Monopoly. C) Monopolistic competition. D) Oligopoly. Show Answer Correct Answer: D) Oligopoly. ← PreviousNext →Related QuizzesEconomics QuizzesApplied Economics Quiz 1Applied Economics Quiz 2Applied Economics Quiz 3Applied Economics Quiz 4Applied Economics Quiz 5Applied Economics Quiz 7Applied Economics Quiz 8Applied Economics Quiz 9Applied Economics Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books