This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 68 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 68 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The monetary compensation paid by an employer to its employees is called ..... A) Grants. B) Wages. Show Answer Correct Answer: B) Wages. 2. The equipment of the coffee shop to produce cups of coffee, are what kind of goods or products? A) Consumer goods. B) Either consumer goods or capital goods. C) Capital goods. D) Economic goods. Show Answer Correct Answer: C) Capital goods. 3. This refers to the number of sellers and buyers in the market. A) Market Entry. B) Market Structure. C) Market Concentration. D) Product Differentiation. Show Answer Correct Answer: C) Market Concentration. 4. If demand for sacks of rice in Aling Puring Grocery Store is price elastic, then A) Rise in the price of sacks of rice will raise total revenue of the grocery. B) Fall in the price of sacks of rice will raise total revenue of the store. C) Fall in the price of sacks of rice will lower the quantity demanded. D) Rise in the price of sacks of rice won't have any effect on total revenues. Show Answer Correct Answer: B) Fall in the price of sacks of rice will raise total revenue of the store. 5. This is a division of economics that is concerned with the overall performance of entire economy. A) Macroeconomics. B) Microeconomics. C) Positive Economics. D) Normative Economics. Show Answer Correct Answer: A) Macroeconomics. 6. An economy sells goods to other countries A) Imports. B) Exports. Show Answer Correct Answer: B) Exports. 7. THINGS THAT YOU GAVE UP WHEN YOU MAKE A CHOICE A) CHOICE. B) OPPORTUNITY COST. C) PROBLEM. D) TRADE-OFF. Show Answer Correct Answer: B) OPPORTUNITY COST. 8. It refers to the process of producing or creating goods needed by the households to satisfy their needs and wants. A) Production. B) Allocation. C) Distribution. D) Consumption. Show Answer Correct Answer: A) Production. 9. What are the two branches of economics? A) Microeconomics. B) Macroeconomics. C) All of the Above. D) None of the Above. Show Answer Correct Answer: C) All of the Above. 10. What do you call the stage of production where Total Product is increasing at a slower rate and Marginal Product and Average Product are both decreasing? A) Stage of Increasing returns. B) Stage of Diminishing returns. C) Stage of Decreasing returns. D) Stage of Negative returns. Show Answer Correct Answer: B) Stage of Diminishing returns. 11. For PES = 1 A) PES is perfectly elastic. B) PES is unitary elastic. C) PES is perfectly inelastic. D) PES is elastic. Show Answer Correct Answer: B) PES is unitary elastic. 12. This is the most democratic forms of economic system. Based on the workings of demand and supply, decisions are made on what goods and services to produce. A) Traditional economy. B) Market economy. C) Planned economy. D) None of above. Show Answer Correct Answer: B) Market economy. 13. It takes up a close-up view of the economy and analyzes individual parts of an economy A) Microeconomics. B) Macroeconomics. Show Answer Correct Answer: A) Microeconomics. 14. What do you think is the most favorable production in manufacturing? A) Producing low units at a lower cost. B) Producing high units at higher cost. C) Producing more units at a lower cost. D) Producing moderately at a reasonable cost. Show Answer Correct Answer: C) Producing more units at a lower cost. 15. Disadvantages include limited life and the potential for conflict between partners A) Sole Propriotorship. B) Partnership. C) Corporation. D) None of above. Show Answer Correct Answer: B) Partnership. 16. It is the process of evaluating which market offers the greatest opportunity? A) Opportunity Screening. B) Opportunity Seizing. C) Opportunity Matrix. D) Opportunity Evaluation. Show Answer Correct Answer: A) Opportunity Screening. 17. What business organization is characterized below?It is the simplest way to set up a business. The owner of the business enjoys exclusive control and decision making as well as gets all the profits earned, but shoulders all losses. A) Sole Proprietorship. B) Corporation. C) Partnership. D) Cooperative. Show Answer Correct Answer: A) Sole Proprietorship. 18. This type of partnership is less risky because this partner is only responsible for the contribution he/she has made to the partnership A) Sole proprietorship. B) General Partnership. C) Corporation. D) Limited partnership. Show Answer Correct Answer: D) Limited partnership. 19. This is the amount of commodity available for sale. A) Demand. B) Good. C) Price. D) Supply. Show Answer Correct Answer: C) Price. 20. He stated that "All needs are important." A) Paul Samuelson. B) John Neville Keynes. C) Clayton Alderfer. D) Alfred Marshall. Show Answer Correct Answer: C) Clayton Alderfer. ← 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