This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 67 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 67 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What does it mean? PED = 0 A) Perfectly inelastic demand. B) Inelastic demand. C) Unitarily elastic demand. D) Elastic demand. E) Perfectly elastic demand. Show Answer Correct Answer: A) Perfectly inelastic demand. 2. It is the graphical representation ofthe demand schedule. A) Demand. B) Demand Schedule. C) Demand Curve. D) Quantity Demanded. Show Answer Correct Answer: C) Demand Curve. 3. If the income elasticity of market demand is negative, most consumers view the good as: A) A luxury good. B) Having many imperfect substitutes. C) An inferior good. D) A normal good. Show Answer Correct Answer: C) An inferior good. 4. It is imperfectly competitive market where in products are differentiated and entry and exit are easy A) Monopoly. B) Oligopoly. C) Monopolistic competition. D) Perfect competition. Show Answer Correct Answer: C) Monopolistic competition. 5. Savings is setting aside current income for ..... use. A) Future. B) Present. Show Answer Correct Answer: A) Future. 6. The benefit you give up because you choose to take one action in favor of another. A) Comparative advantage. B) Absolute advantage. C) Opportunity cost. D) Trade-off. Show Answer Correct Answer: C) Opportunity cost. 7. The excessive use of our natural resources may compromise its ability to provide income and other benefits in the future. Which of the following should be adopted and strictly implemented to protect our environment? A) Animal Welfare Act. B) Clean Air Act. C) Ecological Solid Waste Management. D) Total ban on Mining. Show Answer Correct Answer: D) Total ban on Mining. 8. What do Governments give to both businesses and households? A) Taxes. B) A headache. C) Goods & Services. D) Opportunity Costs. Show Answer Correct Answer: C) Goods & Services. 9. These services are not profiting motive but as a social cause. A) Business Services. B) Personal Services. C) Social Services. D) None of the above. Show Answer Correct Answer: C) Social Services. 10. It is the definition of a manufacturing business. A) The manufacturing business is any business that uses components, parts, or raw materials to make a finished good. B) The manufacturing business is the business which transformsinputs into outputs through the use of tools, human labor, machinery, and chemical processing. C) Manufacturing business includes the process of turning rawmaterials into finished goods. D) All of the above. Show Answer Correct Answer: D) All of the above. 11. What is an example of a consumer? A) A farmer who grows corn. B) A person who buys books. C) An artist who sells painting. D) A worker who fixed trucks. Show Answer Correct Answer: B) A person who buys books. 12. If there is a decrease in demand, the graph will shift to the A) Right. B) Left. C) Up. D) Down. Show Answer Correct Answer: B) Left. 13. It refers to the movement of people within one country, i.e rural-to-urban migration A) Internal Migration. B) International Migration. Show Answer Correct Answer: A) Internal Migration. 14. Mr. Jonas has conducted a SWOT analysis for his restaurant. What should his next step be? (CRE) A) Making sure that weaknesses are offset by the strengths and threats are turned into opportunities. B) Making sure that weaknesses are offset by opportunities and threats are turned into strengths. C) Making sure that strengths are offset by weaknesses and opportunities and turned into threats. D) Making sure that opportunities are offset by threats and strengths are turned into weaknesses. Show Answer Correct Answer: A) Making sure that weaknesses are offset by the strengths and threats are turned into opportunities. 15. The following define scarcity, EXCEPT. A) The good is scarce compared to its demand. B) The unlimited resources of society. C) The supply is limited. D) The unlimited wants of society. Show Answer Correct Answer: B) The unlimited resources of society. 16. If new competitors can enter your market easily because the are few barriers, your ..... is high. A) Supplier power. B) Threat of substitution. C) Margin. D) Threat of new entry. Show Answer Correct Answer: D) Threat of new entry. 17. Which one is the correct formula for Income Elasticity of demand? A) Percentage change in income / Percentage change in quantity demand for a good. B) Percentage change in quantity demand for a good / Percentage change in income. C) Percentage change in supplied for a good / Percentage change in income. D) Percentage change in quantity demand for a good / Percentage change in its price. Show Answer Correct Answer: B) Percentage change in quantity demand for a good / Percentage change in income. 18. Identify the type of market that matches each itemWork From Home set-up A) GOODS MARKET. B) FINANCIAL MARKET. C) LABOR MARKET. D) None of above. Show Answer Correct Answer: C) LABOR MARKET. 19. When we put the supply and demand curves on one and the same graph, they will intersect at one point called ..... A) Liquidity. B) Point. C) Equity. D) Equilibrium. Show Answer Correct Answer: D) Equilibrium. 20. The economic problem that refers to the nature of goods and services the economy should produce. A) What to produce. B) How to produce. C) How much to produce. D) For whom to produce. Show Answer Correct Answer: A) What to produce. ← 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