Applied Economics Quiz 70 (20 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. The idea that resources are limited; we don't have an unlimited supply of what we want.

Correct Answer: A) Scarcity.

2. It plays an important role in facilitating exchange.

Correct Answer: A) Money.

3. Which does not belong to the group?Competitive advantages:

Correct Answer: D) Deception and fraud.

4. It exist when single firm that sells in the market has no close substitutes.

Correct Answer: A) Monopoly.

5. It is the value of the best foregone alternative

Correct Answer: C) Opportunity Cost.

6. It is the top online product spent by Filipinos in 2019.

Correct Answer: B) Electronics.

7. Which is an example of an economic issue?

Correct Answer: D) Inflation.

8. What is the formula to solve for the Gross Domestic Product (GDP)?

Correct Answer: B) C + I + G + (X-M).

9. Refers to the resources used to produce goods and services.

Correct Answer: A) Input.

10. Capital Goods are products and services for personal use.

Correct Answer: B) FALSE.

11. This is needed in every business. Without this, business operations will stagnate.

Correct Answer: D) Growth.

12. The business cycle rises above the trendline during-

Correct Answer: B) Expansions.

13. If there is a marked down or a sale, consumers will respond by buying more goods and services.

Correct Answer: A) Consumers are rational.

14. Which of the following is NOT a feature of a monopolistic competition?

Correct Answer: D) Homogenous price.

15. How does a small industry start?

Correct Answer: A) People selling goods to one another.

16. It is the promotion of goods and services that are available for retail sale.

Correct Answer: A) Merchandising.

17. Tax imposed on a manufactured good

Correct Answer: B) Excise Tax.

18. What measure shows how well the economy is doing over time?

Correct Answer: A) Gross Domestic Product.

19. Conditions and events in other countries that can encourage or pull an individual to remain or stay.

Correct Answer: B) Pull Factor.

20. What do people respond to in predictable ways?

Correct Answer: B) Incentives.