This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 72 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 72 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following leads to an decrease in supply? A) An increase in the cost of raw materials. B) Diminishing marginal returns. C) A decrease in the cost of raw materials. D) A change in the law of supply. Show Answer Correct Answer: A) An increase in the cost of raw materials. 2. Which of the following is not a financial resources? A) Money. B) Sources of funds. C) Investment. D) Facilities. Show Answer Correct Answer: D) Facilities. 3. If the acquisition price of a land is very high, how condominiums recoup the cost? A) Charge high rental rates. B) Charge low rental rates. C) Per day charges of rates. D) Both A and C. Show Answer Correct Answer: D) Both A and C. 4. 3) This is basically the ideas that go into the process of creating a good or providing a service. r A) Capital. B) Land. C) Entrepreneurship. D) Labor. Show Answer Correct Answer: C) Entrepreneurship. 5. Who is the Father of economics? A) Frederick W. Taylor. B) Adam Smith. C) Henri Fayol. D) Charles Babbage. Show Answer Correct Answer: B) Adam Smith. 6. If the price of a substitute to good X increases, then A) The demand for good X will increase. B) The market price of good X will decrease. C) The demand for good X will decrease. D) The demand for good X will not change. Show Answer Correct Answer: A) The demand for good X will increase. 7. What might cause the supply curve to shift left? A) Price of a complementary good decreases. B) Large number of producers enter the market. C) Computer processing improves production. D) A new law is passed requiring all new motorcycles to have back-up cameras. Show Answer Correct Answer: D) A new law is passed requiring all new motorcycles to have back-up cameras. 8. The effort used to nail lumber together to make a wooden box A) Human resource. B) Natural resource. C) Capital good. D) Capital fund. Show Answer Correct Answer: A) Human resource. 9. Economies experience an increased in unemployment and a reduced ofactivity during recession. How does recession affect the market demand for new cars? A) Demand for new cars shifts to the right. B) Demand for new cars shifts to the left. C) Demand for new cars has no shift. D) Demand for new cars either has or no shift. Show Answer Correct Answer: B) Demand for new cars shifts to the left. 10. These resources command a price. A) Economic resources. B) Free resources. C) Natural resources. D) All of the above. Show Answer Correct Answer: A) Economic resources. 11. Money taken by the government from the amount individuals or businesses make at work. This can be defined as ..... A) Interest Rate. B) Money. C) Currency. D) Income Tax. Show Answer Correct Answer: D) Income Tax. 12. This generally the simplest way to set up a business A) FIRM. B) INDUSTRY. C) CORPORATION. D) SOLE PROPRIETORSHP. Show Answer Correct Answer: D) SOLE PROPRIETORSHP. 13. It is the exchange of capital, goods, and services across international borders or territories, which could involve the activities of the government and individual. A) National Trade. B) Local Trade. C) International Trade. D) All of the choices. Show Answer Correct Answer: C) International Trade. 14. What market structure wherein every firm is a price setter and can maximize profit? A) Monopoly. B) Monopolistic. C) Oligopopy. D) Perfect Competition. Show Answer Correct Answer: A) Monopoly. 15. The tension between the limited resources and unlimited wants and needs. A) Natural resources. B) Scarcity. C) Opportunity cost. D) Poverty. Show Answer Correct Answer: B) Scarcity. 16. The degree of control a provider of goods or services can exert on its buyers A) Buying Power. B) Supply Power. C) Selling Power. D) Demand Power. Show Answer Correct Answer: B) Supply Power. 17. This is the most common for electric and power utilities and the agriculture areas A) Sole proprietorship. B) Partnership. C) Cooperative. D) Corporation. Show Answer Correct Answer: C) Cooperative. 18. 8) Demand is almost always more elastic at higher prices and less elastic at lower prices. A) False. B) True. C) Maybe. D) All. Show Answer Correct Answer: B) True. 19. TRUE OR FALSE:One of the advantages of e-commerce is inability to touch the products. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 20. Wealth is capital. A) This statement is true. B) This statement is false. C) This statement is a hypothesis. D) This statement is a theory. Show Answer Correct Answer: A) This statement is true. ← 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