This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 61 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 61 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It is attained when the quantity demanded is equal to the quantity supplied. A) Market Equilibrium. B) Market. C) Equilibrium. D) Non-determinant. Show Answer Correct Answer: A) Market Equilibrium. 2. If the price is above the equilibrium level, the quantity demanded is greater than the quantity supplied. A) True. B) False. Show Answer Correct Answer: A) True. 3. This field of economics looks at the economy as a whole. A) Microeconomics. B) Macroeconomics. C) Applied Economics. D) Social Economics. Show Answer Correct Answer: B) Macroeconomics. 4. A new business means new products or services available to the buyers, giving them more choices. A) Impact on Households. B) Impact on the Government. C) Impact on the Community. D) Impact on the consumer. Show Answer Correct Answer: D) Impact on the consumer. 5. Ceteris paribus is Latin for all things being ..... A) Greater than. B) Equal. C) Unequal. D) Less than. Show Answer Correct Answer: B) Equal. 6. This is an analysis of economics which deals what should be. A) Economic problem. B) Economic solution. C) Normative Economics. D) Positive Economics. Show Answer Correct Answer: C) Normative Economics. 7. A natural resources available to create supply such as raw materials that comes from the ground. A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: A) Land. 8. This encompasses the basic principle of using to protect people from being overpowered by giants and/or other forces. A) Protectionist Law. B) Power Law. C) Protectionism. D) Protectionism Law. Show Answer Correct Answer: C) Protectionism. 9. Purchasing Power Parity (PPP) A) A popular metric used by microeconomic analysts that compare different countries' currencies through a "basket of goods" approach. B) Allows for businesses to compare economic productivity and standards of living between countries. C) Some countries adjust their gross domestic product (GDP) figures to reflect PPP. D) All of the above. Show Answer Correct Answer: C) Some countries adjust their gross domestic product (GDP) figures to reflect PPP. 10. Which of the following is total value of everything produced in the country? A) GNP. B) GDP. C) GDP per Capita. D) GNP per capita. Show Answer Correct Answer: B) GDP. 11. Indicate which economic resource does the following term belongs to. ENGINEERS A) LAND. B) LABOR. C) CAPITAL. D) ENTREPRENEURSHIP. Show Answer Correct Answer: B) LABOR. 12. In SWOT analysis, "Entry of competitors" is ..... A) Strength. B) Opportunity. C) Weakness. D) Threat. Show Answer Correct Answer: D) Threat. 13. Below are the examples of service, EXCEPT. A) Education. B) Auditing. C) Laundry. D) None of the above. Show Answer Correct Answer: D) None of the above. 14. Which of the following explains economics pertains to the study on how society creates its material wealth, how it makes this wealth available to its people with minimum difficulties, and how it expands its wealth. A) Anthropology. B) Political Science. C) Psychology. D) Social Science. Show Answer Correct Answer: D) Social Science. 15. It is the additional output produced by an additional unit of the input. A) Marginal Product. B) Marginal Utility. Show Answer Correct Answer: A) Marginal Product. 16. What measure shows what percentage of the eligible workers do not have jobs? A) Gross Domestic Product. B) Unemployment Rate. C) Inflation Rate. D) Underemployment rate. Show Answer Correct Answer: B) Unemployment Rate. 17. Firms face competition when the good they produce A) S in a market with natural barriers to entry. B) Is unique. C) Is in a market with legal barriers to entry. D) Has a close substitute. Show Answer Correct Answer: B) Is unique. 18. . It refers to a compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures. A) Tax. B) Expenses. C) Income. D) Revenue. Show Answer Correct Answer: A) Tax. 19. Which is true on the value of an economic theory in practice? It is determined by A) How accurate the assumptions are. B) How well the theory can be represented by a graph. C) How well the theory can predict or explain. D) How economical the model is. Show Answer Correct Answer: C) How well the theory can predict or explain. 20. It pertains to the activities of the government regarding taxation, borrowings and expenditures. A) Consumption. B) Public Finance. C) Production. D) Distribution. Show Answer Correct Answer: B) Public Finance. ← 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