This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 66 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 66 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The total value of goods and services produced in a country in a year, divided by number in the population A) GNI per capita. B) PPP per capita. C) GDP per capita. D) Production. Show Answer Correct Answer: C) GDP per capita. 2. Is much like pure competition in that there are many suppliers and the barriers to entry are low. A) Oligopoly. B) Monopolistic competition. C) Pure monopoly. D) None of above. Show Answer Correct Answer: B) Monopolistic competition. 3. .... is a means to evaluate the possible or probable effects of external forces and conditions on the survival and growth of the business. A) Environmental Analysis. B) Partnership. C) Porter's five forces Analysis. D) SWOT Analysis. Show Answer Correct Answer: A) Environmental Analysis. 4. Mario was looking around the gadget store. He wanted to buy a laptop and a smartphone. When he saw the price of the products, he realized he can only afford one. He decided to buy the laptop afterwards. The one that is given up-the smartphone-is called ..... A) Want. B) Opportunity Cost. C) Allocation. D) Shortage. Show Answer Correct Answer: B) Opportunity Cost. 5. What is the law of supply? A) The lower the price, the larger the quantity produced. B) A smaller the quantity will be produced because the price is higher. C) The lower the price, the smaller the quantity produced. D) Price doesn't affect the manufacturers production of a good. Show Answer Correct Answer: C) The lower the price, the smaller the quantity produced. 6. The two major questions answered by wealth utilization are: A) Production and Wastage. B) Production and Reservation. C) Production and Consumption. D) None of the above. Show Answer Correct Answer: C) Production and Consumption. 7. Labor, human capital, entrepreneurship, natural resources and capital are all examples of ..... A) Factors of production. B) Outputs. C) Public goods. D) Substitute in production. Show Answer Correct Answer: A) Factors of production. 8. The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product) A) Monopoly. B) Oligopoly. C) Perfect competition. D) Monopolistic competition. Show Answer Correct Answer: D) Monopolistic competition. 9. The four types of economic systems are: A) Traditional, Command, Mixed, & Market. B) Traditional, Command, Combined, & Market. C) Communism, Capitalism, Free Market, and Macroeconomics. D) Microeconomics, Macroeconomics, Individual, and Traditional. Show Answer Correct Answer: A) Traditional, Command, Mixed, & Market. 10. If the percentage change in quantity demanded is-10% and the percentage change in price is 5%, what is the price elasticity of demand? A) -0.2. B) -2. C) 2. D) 0.2. Show Answer Correct Answer: B) -2. 11. An investor is any person or other entity (such as a firm or mutual fund) who commits capital with the expectation of receiving financial returns. A) True. B) False. Show Answer Correct Answer: A) True. 12. The author of the book "General Theory of Employment, Interests and Money" is A) Joseph Schumpeter. B) Donald Trump. C) Karl Marx. D) John Maynard Keynes. Show Answer Correct Answer: D) John Maynard Keynes. 13. It is the graphical representation of thesupply schedule. A) Supply. B) Quantity Supplied. C) Supply Curve. D) Surplus. Show Answer Correct Answer: C) Supply Curve. 14. Type of Economy that is half command and half market A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: D) Mixed. 15. Which way does a supply curve slope? A) Down. B) Up. C) Both. D) Neither. Show Answer Correct Answer: B) Up. 16. Which of the following is NOT included in a country's GDP? A) Consumer Spending. B) Business Spending. C) Government Spending. D) Net Exports. E) Net Imports. Show Answer Correct Answer: E) Net Imports. 17. What market structure does not require advertisement or innovation? A) Monopoly. B) Monopolistic. C) Oligopopy. D) Perfect Competition. Show Answer Correct Answer: D) Perfect Competition. 18. If the population increases, the price of housing becomes A) Lower. B) Higher. C) The same. D) Cannot be determined. Show Answer Correct Answer: B) Higher. 19. The processing of raw materials into more valuable products falls under the category of A) Primary Industry. B) Secondary Industry. C) Tertiary Industry. D) None of these. Show Answer Correct Answer: B) Secondary Industry. 20. How can a tariff be considered a barrier? A) It decreases the customers. B) It creates defects to the products. C) It increases the prices of the products. D) It lessen the prices of the products. Show Answer Correct Answer: C) It increases the prices of the products. ← 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