This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 60 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 60 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is an example of cooperative? A) Nova Deci. B) PLDT. C) Bank of Philippine Island. D) Meralco. Show Answer Correct Answer: A) Nova Deci. 2. Which of the following is an example of an opportunity cost? A) The cost of producing a good. B) The cost of consuming a good. C) The cost of not producing a good. D) The cost of not consuming a good. Show Answer Correct Answer: D) The cost of not consuming a good. 3. The market supply curve for gasoline shows the A) Effect on market demand of a change in the supply of gasoline. B) Quantity of gasoline that firms offer for sale at different prices. C) Quantity of gasoline that consumers are willing to buy at different prices. D) All of the above are correct. Show Answer Correct Answer: B) Quantity of gasoline that firms offer for sale at different prices. 4. Entrepreneurs do all of the following, EXCEPT: A) Bear risk from business decisions. B) Come up with new ideas about what, how, when, and where to produce. C) Organize labor, land, and capital. D) Own all the resources. Show Answer Correct Answer: D) Own all the resources. 5. It is a period in which at least one factor of production is considered fixed. A) Short-run. B) Medium-run. C) Long-run. D) Infinity-run. Show Answer Correct Answer: D) Infinity-run. 6. Labor Day is celebrated in the Philippines on June 12. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 7. Why does no one firm dominate in a perfect competition? A) No firm wants to. B) Each firm sells to different people. C) Each firm produces so little of the total supply that they cannot influence prices. D) One firm will eventually dominate and make it a monopoly. Show Answer Correct Answer: C) Each firm produces so little of the total supply that they cannot influence prices. 8. A temporary imbalance in the market that happens when supply of a good or service is high and demand for such is low. A) Equilibrium. B) Shortage. C) Surplus. D) Moderation. Show Answer Correct Answer: C) Surplus. 9. Indicate which economic resource does the following term belongs to. PRODUCTION EQUIPMENTS A) LAND. B) LABOR. C) CAPITAL. D) ENTREPRENEURSHIP. Show Answer Correct Answer: D) ENTREPRENEURSHIP. 10. Which among the following has discussed technology as a factor affecting supply? A) Technology increases the cost of suppliers. B) Technology has nothing to do with supply. C) Technology is not beneficial at all, to both buyers and sellers. D) Technology is beneficial to suppliers as it reduces costs. Show Answer Correct Answer: D) Technology is beneficial to suppliers as it reduces costs. 11. Sufficient financial resources A) Strength. B) Weakness. C) Opportunities. D) Threat. Show Answer Correct Answer: A) Strength. 12. Which is the least essential statement about the Philippines' basic economicproblems? A) Economic resources may not be enough to support growing population. B) Poverty is another significant socio-economic problem in of our country. C) Unemployment is still a main problem of the Philippine economy. D) Work from home and home schooling affects our economy. Show Answer Correct Answer: D) Work from home and home schooling affects our economy. 13. What is the relationship between price and quantity demanded known as? A) Market elasticity. B) Market demand. C) Market equilibrium. D) The demand curve. Show Answer Correct Answer: D) The demand curve. 14. This is the authoritative system wherein decision-making is centralized in the government or a planning committee. This kind of economy holds true in dictatorial, socialist, and communist nations A) Traditional Economy. B) Command Economy. C) Market Economy. D) None of above. Show Answer Correct Answer: B) Command Economy. 15. Which of the following is the example of a goods? A) A nurse. B) Shoes. C) A teacher. D) A firefighter. Show Answer Correct Answer: B) Shoes. 16. It is part of Science that studies the ownership, use, and exchange of scarce resources of the people. What it is? A) Economics. B) Economics as Applied Science. C) Economics as Social Science. D) Microeconomics. Show Answer Correct Answer: A) Economics. 17. It is a free gift of nature. A) Land. B) Labor. C) Capital. D) Entrepreneur. Show Answer Correct Answer: A) Land. 18. Investment is an asset obtained without the intention of producing sales or income. A) True. B) False. C) Maybe. D) All is correct. Show Answer Correct Answer: B) False. 19. True or false:Decision-making is essential part of our daily lives. A) True. B) False. Show Answer Correct Answer: A) True. 20. Thousands of people leave a small town due to a factory closing down. Sales at the local grocery store are reduced. What causes this change? A) Prices or availability of substitutes. B) Prices or availability of complementary goods. C) Change in the weather or season. D) Change in the number of buyers. Show Answer Correct Answer: D) Change in the number of buyers. ← 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