This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 7 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which characterizes an industry that has one seller offering a unique product inthe market? A) Monopolistic competition. B) Oligopoly. C) Duopoly. D) Monopoly. Show Answer Correct Answer: D) Monopoly. 2. It is the quantity of a commodity which buyers will buy at a given time and place will vary inversely with the price A) Law of supply. B) Monopolistic competition. C) Law of demand. D) Monopoly. Show Answer Correct Answer: C) Law of demand. 3. It is something that encourages someone to act or to behave in a certain way, such as a reward. A) Incentives. B) Rational. C) Efficiency. D) Trade-off. Show Answer Correct Answer: A) Incentives. 4. Which of the following are examples of human needs? A) Water and a place to live like houses. B) Iced caramel macchiato frappuccino. C) Flat screen televisions. D) Laptops and computers. Show Answer Correct Answer: A) Water and a place to live like houses. 5. Which of the following is referring to the impact of a business on suppliers and investors? A) Unemployed workers looking for work may have the chance of being employed by the companies. B) A new business will bring some new product or service to the market that is always welcome to the consumers. C) If a new construction company is set up, then this opens up opportunities for the other businesses that will supply them their needs. D) The government will benefit through revenues. Show Answer Correct Answer: C) If a new construction company is set up, then this opens up opportunities for the other businesses that will supply them their needs. 6. Microeconomics or MacroeconomicsManufacturers operating expenses. A) Microeconomics. B) Macroeconomics. Show Answer Correct Answer: A) Microeconomics. 7. Your business is selling a larger number of flat-screen TVs each month. Applying the law of supply and demand, what do you expect to happen to the price and supply of these TVs over the next few months? A) The price will increase, and supply will increase. B) The price will decrease, and supply will decrease. C) The price will increase, and supply will decrease. D) The price will decrease, and supply will increase. Show Answer Correct Answer: A) The price will increase, and supply will increase. 8. It is the flow of activities of household and firms in a circular direction. A) Circular Flow. B) Economic Activity. Show Answer Correct Answer: A) Circular Flow. 9. The Build Build Build Program by the government aims to help improve the infrastructure projects and other programs of the country. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 10. Which of the following example is an example of labor? A) Ice-maker machine. B) Bread. C) Doctors. D) New factory. Show Answer Correct Answer: C) Doctors. 11. This is refer to what should be. A) Microeconomics. B) Macroeconomics. C) Positive Economics. D) Normative economics. Show Answer Correct Answer: D) Normative economics. 12. Levi's jeans are example of ..... A) Monopolistic Competition. B) Oligopoly. C) Monopoly. D) Perfect Competition. Show Answer Correct Answer: A) Monopolistic Competition. 13. SWOT stand for..... A) Strengths, Weaknesses, Opportunities, and Treats. B) Strengths, Weaknesses, Opportunities, and Threats. C) Strengths, Weaknesses, Opportunities, and Time. D) Strengths, Weaknesses, Opportunities, and Time-bound. Show Answer Correct Answer: B) Strengths, Weaknesses, Opportunities, and Threats. 14. SSS and Philhealth are an examples of ..... A) Market structure in which the average costs of production are lowest when all output is produced by a single firm. B) Monopoly created and or owned by the government. C) The exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same. D) A government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention. Show Answer Correct Answer: B) Monopoly created and or owned by the government. 15. A factor in PESTLE Analysis that includes the government laws on competition in the marketplace. A) Political Factors. B) Economic Factors. C) Social Factors. D) Technological Factors. Show Answer Correct Answer: A) Political Factors. 16. Identify the type of economic system described in each statement.The economy that makes use of the invisible hand A) Traditional Economy. B) Market Economy. C) Planned/ Command Economy. D) None of above. Show Answer Correct Answer: B) Market Economy. 17. In SWOT, these are internal characteristics of firms or industry that can contribute directly to theprofitability of firms and the industry. A) Weakness. B) Opportunities. C) Strengths. D) Threats. Show Answer Correct Answer: C) Strengths. 18. It relies heavily on individuals and doesn't usually show a significant degree of specialization and division of labor. A) Traditional Economic System. B) Market Economic System. C) Command Economic System. D) None of above. Show Answer Correct Answer: A) Traditional Economic System. 19. There is scarcity of resources because: A) Man's wants are unlimited. B) Man's wants are limited. C) Man's wants are enough. D) Man's wants are satisfied. Show Answer Correct Answer: A) Man's wants are unlimited. 20. A 10 percent increase in income causes the quantity of apple juice demanded to increase from 18, 800 to 21, 200 gallons. The income elasticity of demand for apple juice is A) 0.5. B) 1.0. C) 1.2. D) 0.8. Show Answer Correct Answer: C) 1.2. ← PreviousNext →Related QuizzesEconomics QuizzesApplied Economics Quiz 1Applied Economics Quiz 2Applied Economics Quiz 3Applied Economics Quiz 4Applied Economics Quiz 5Applied Economics Quiz 6Applied Economics Quiz 8Applied Economics Quiz 9Applied Economics Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books