This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 73 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 73 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What tool can help a proponent by enabling him/her to identify and assess internal and external forces that can affect business? A) Quality Tool. B) SWOT Analysis. C) PORTER'S Five Forces. D) Industry Analysis. Show Answer Correct Answer: B) SWOT Analysis. 2. Benefit from the business-sponsored activities A) Impact on the consumer. B) Impact on the supplier & investor. C) Impact on the government. D) Impact on the household & community. Show Answer Correct Answer: D) Impact on the household & community. 3. Businesses sell ..... to individuals and in return businesses earn a ..... A) Products, profit. B) Businesses, individuals. C) Resources, profit. D) Income, profit. Show Answer Correct Answer: A) Products, profit. 4. All public sector businesses are public limited companies. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 5. Is an entity organized by the people similar needs to provide themselves with goods or services. A) Sole Proprietorship. B) Partnership. C) Cooperation. D) Cooperative. Show Answer Correct Answer: D) Cooperative. 6. The limited nature of resources, which underlies the basic economic problem. A) Wants. B) Needs. C) Scarcity. D) Surplus. Show Answer Correct Answer: C) Scarcity. 7. Which law bans monopolies? A) Anti-Trust Act. B) Monopoly Act. C) Tea Act. D) Townsend Act. Show Answer Correct Answer: A) Anti-Trust Act. 8. A type of stock without voting privileges A) Preferred. B) Common. C) Uncommon. D) Dividend. Show Answer Correct Answer: A) Preferred. 9. Which among the following discuss the price as a factor affecting supply? A) The higher the price, the lower is the supply. B) The higher the price, the higher is the supply. C) The lower the price, the higher is the supply. D) The lower the price, no one will buy in malls. Show Answer Correct Answer: B) The higher the price, the higher is the supply. 10. They are classified as those who work for private households, private establishment, government or government owned or controlled corporations, and those who work with pay in own family-operated farm or business. A) Wage and salary. B) Self-employed. C) Unpaid family workers. D) None of above. Show Answer Correct Answer: A) Wage and salary. 11. The quantity of a commodity that is in the market and available for purchase atparticular price. A) SUPPLY. B) LAW OF SUPPLY. C) LAW OF DEMAND. D) DEMAND. Show Answer Correct Answer: A) SUPPLY. 12. The market demand curve for apple shows the A) Effect on market supply of a change in the demand for apple. B) Quantity of an apple that consumers like to buy at different prices. C) Marginal cost of producing & selling different quantities of an apple. D) Effect of advertising expenditures on the market price of an apple. Show Answer Correct Answer: B) Quantity of an apple that consumers like to buy at different prices. 13. Which of the following is likely to increase the demand for peanut butter? A) Fewer children in the population. B) News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months. C) A big increase in the price of jelly. D) A report from the Surgeon General of the United States that eating peanut butter makes people nutty. Show Answer Correct Answer: B) News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months. 14. According to him, economics is the proper allocation and efficient use of available resources for the maximum satisfaction of human wants. A) Roger Le Roy Miller. B) Nordhaus. C) Fajardo. D) Samuelson. Show Answer Correct Answer: C) Fajardo. 15. Money serves different functions. All of the following are the functions of it except ..... A) Money is a storehouse of value. B) Money cannot be used as a medium of exchange. C) Money is a unit of account. D) Money allows the value of goods, services and assets to be compared. Show Answer Correct Answer: B) Money cannot be used as a medium of exchange. 16. Shows the relationship between utility and consumption. A) Consumption. B) Consumer Theory. C) Utility. D) Utility function. Show Answer Correct Answer: D) Utility function. 17. Which of the following is NOT one of the six basic activities that all businesses perform? A) Raising capital. B) Buying goods and services. C) Conserving resources. D) Generating ideas. Show Answer Correct Answer: C) Conserving resources. 18. Oikanomia means: A) Household management. B) Household Chores. C) Housing Management. D) House Improvement. Show Answer Correct Answer: A) Household management. 19. A monetary measure of the market value of all the final goods and services produced in a specific time period. A) Gross Domestic Product. B) Nominal GDP. C) GDP per Capita. D) Cost of Living. Show Answer Correct Answer: A) Gross Domestic Product. 20. Ford and Toyota sells the same products; it evident that there is a ..... A) Competition. B) Distribution. C) Alliance. D) Threats. Show Answer Correct Answer: A) Competition. ← 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