This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 69 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 69 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The circular flow model of a market economy shows A) How profits are made. B) What inputs are required for what outputs. C) How many firms can support the needs of how many households. D) The interactions between households and firms in the free market. Show Answer Correct Answer: D) The interactions between households and firms in the free market. 2. Kinds of scarcity is when the supply is limited. A) Absolute scarcity. B) Relative scarcity. Show Answer Correct Answer: A) Absolute scarcity. 3. Most democratic countries today have which economic system? A) Traditional. B) Market. C) Command. D) Mixed. Show Answer Correct Answer: D) Mixed. 4. Which of the following is the best definition of elasticity? A) Group of buyers and sellers of a particular good or service. B) Measures of how much buyers and sellers respond to changes in market conditions. C) Something that induces a person to act. D) None of above. Show Answer Correct Answer: B) Measures of how much buyers and sellers respond to changes in market conditions. 5. The top grosser in the service sector A) Trade and Transport. B) Banking and Finance. C) Real Estate. D) None of above. Show Answer Correct Answer: A) Trade and Transport. 6. Scarcity exists..... A) In all countries of the world. B) Only in poor nations. C) Only in rich nations. D) When people consume beyond their needs. Show Answer Correct Answer: D) When people consume beyond their needs. 7. Refers to the competitive environment in which buyers and sellers operate. In the Philippines and other related economic systems, buyers and sellers exchange goods and services in many competitive markets. Markets exist wherever buyers and sellers come together to buy and sell their goods and services. A) Competition. B) Market. C) Market structure. D) Labor. Show Answer Correct Answer: C) Market structure. 8. Physicians, web designers, and furniture movers are A) Intermediaries. B) Manufacturers. C) Non profit corporations. D) Service businesses. Show Answer Correct Answer: D) Service businesses. 9. Scarcity in goods and services happens if the resources in the production are inadequate or scarce. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 10. The social mechanism of disturbing limited resources to meet expanding human wants. A) Tradition. B) Allocation. C) Wealth. D) Social science. Show Answer Correct Answer: B) Allocation. 11. Economics is said to deal mostly with the ..... of resources. A) Deprivation. B) Allocation. C) Usage. D) Consumption. Show Answer Correct Answer: B) Allocation. 12. During the barter system in the Philippines, piloncitos or gold barter rings are used in trade. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 13. Which government agency is responsible for the following?OFW deployment to Middle East A) BSP. B) NEDA. C) DOLE. D) POEA. Show Answer Correct Answer: D) POEA. 14. What type of economics system are government decides on what goods should be produced. A) Traditional economy. B) Command economy. C) Market economy. D) Normative economy. Show Answer Correct Answer: B) Command economy. 15. Was created in the 1960's by business gurus, Edmund P. Learned, C Roland Christensen, Kenneth Adrews, and William D. Book in their book, Business Policy, Text and Cases (Irwin 1969). A) The SWOT Analysis. B) Porter Five forces of competitive position Analysis. C) Industry Analysis. D) Environmental Analysis. Show Answer Correct Answer: A) The SWOT Analysis. 16. Real properties such as residential house, land and building are non taxable. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 17. Economic resources are the inputs we use to produce goods and services. Also called factors of production A) FACT. B) BLUFF. Show Answer Correct Answer: A) FACT. 18. According to PSA, the economy dropped by 16.5% in the second quarter of2020. What was the performance of the manufacturing industry? A) Decreased by 21.3%. B) Decreased by 33.5%. C) Increased by 1.6%. D) Increased by 26.5%. Show Answer Correct Answer: A) Decreased by 21.3%. 19. Surplus may cause price to ..... A) Increase. B) Decrease. Show Answer Correct Answer: B) Decrease. 20. Who is primarily responsible for producing goods in a market economy? A) Consumers. B) Producers. C) Government. D) Financial institutions. Show Answer Correct Answer: B) Producers. ← 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