This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 62 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 62 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Individuals who will buy the products and services in the market. A) Consumers. B) Creditors. C) Government. D) Suppliers. Show Answer Correct Answer: A) Consumers. 2. Advantage of seeking strategic alliance with other within related or within businesses. A) Alliances. B) Differentiation. C) Defensive Strategies. D) Cost Leadership. Show Answer Correct Answer: A) Alliances. 3. This reflects the quantities of goods and services demanded at different prices. A) Law of demand. B) Law of supply. C) Economic resources. D) Demand schedule. Show Answer Correct Answer: D) Demand schedule. 4. In a perfectly competitive market, if the market demand curve for a commodity has a negative slope then the market structure must be: A) Monopoly and market price will rise. B) Monopolistic competition and market price will remain constant. C) Perfect competition and market price will both remain constant. D) Monopoly and market price will both remain constant. Show Answer Correct Answer: A) Monopoly and market price will rise. 5. What does the role of Economics in the Efficient running of a society? A) Martial. B) Radical. C) Crucial. D) Tactical. Show Answer Correct Answer: C) Crucial. 6. Identify the type of economic system described in each statement.This is the dominant economic system of USA and Cuba. A) Traditional Economy. B) Market Economy. C) Planned/ Command Economy. D) None of above. Show Answer Correct Answer: B) Market Economy. 7. Arrange in order the 7 steps of the decision-making process:a) Identify the alternativesb) Choose among the alternativesc) Identify the decisiond) Weigh the evidencee) Take actionf) Review your decision & its consequencesg) Gather the necessary and relevant information A) A, b, c, d, e, f, g. B) C, g, a, d, b, e, f. C) A, d, e, f.g.b.d. D) C, f, e, g.d.a.b. Show Answer Correct Answer: B) C, g, a, d, b, e, f. 8. What determines the prices of goods and services? A) Supply. B) Demand. C) Supply and demand. D) Goods. Show Answer Correct Answer: C) Supply and demand. 9. Philippines imported goods from Indonesia. Philippines then exported those goods to japan. What type of trade is it? A) Import Trade. B) Export Trade. C) Entreport Trade. D) Entrepot Trade. Show Answer Correct Answer: D) Entrepot Trade. 10. There is a nationwide demand for oil, at current consumption levels, at some point there will not be enough oil left to meet demand. What scarcity is this? A) Scarcity. B) Relative Scarcity. C) Absolute Scarcity. D) Shortage. Show Answer Correct Answer: B) Relative Scarcity. 11. What happens to a monopolistically competitive firm that begins to charge an excessive price for its product? A) The firm will go out of business. B) Consumers will substitute a rival's product. C) Consumers will boycott the product. D) The government will regulate the price. Show Answer Correct Answer: B) Consumers will substitute a rival's product. 12. ..... is applied on the sale of goods and services. A) Value added tax. B) Percentage tax. Show Answer Correct Answer: A) Value added tax. 13. What is perfect competition A) Market structure where a large numbers of small firms compete against each other. B) Market structure where a small numbers of large firms compete against each other. Show Answer Correct Answer: A) Market structure where a large numbers of small firms compete against each other. 14. When a pharmaceutical company first markets a vaccine of Anti-Covid19 viruses, it is usually under a ..... A) Patent. B) Recognition. C) Certificate. D) Copyright. Show Answer Correct Answer: A) Patent. 15. A economic system characterized by competition and high level of private ownership A) Centralized Economy. B) Mixed Economy. C) Free market economy. D) Traditional Economy. Show Answer Correct Answer: C) Free market economy. 16. It is the study of the trade-offs and choices that we make, given the fact of scarcity. A) Economics. B) Free Goods. C) Opportunity cost. D) Scarcity. Show Answer Correct Answer: A) Economics. 17. The resources required to make a product (good or service) A) Economics. B) Consumption. C) Four factors of production. D) Scarcity. Show Answer Correct Answer: C) Four factors of production. 18. Macroeconomics deals with the following except: A) Gross National Product. B) Employment. C) National income. D) Price of rice. Show Answer Correct Answer: D) Price of rice. 19. A business organization where two or more persons combine their resources in a business with a view to making profit. A) Sole Proprietorship. B) Corporation. C) Partnership. D) Cooperative. Show Answer Correct Answer: C) Partnership. 20. All are determinants of demand Except. A) Income. B) Price expectations. C) Prices of related goods. D) Technology. Show Answer Correct Answer: D) Technology. ← 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