This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 74 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 74 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Business need internal growth. School as a business needs also internal growth. A) Both Statement is correct. B) Both Statement is wrong. C) First statement is correct. D) Second statement is correct. Show Answer Correct Answer: A) Both Statement is correct. 2. Identify the type of economic system described in each statement.Goods are produced just enough for their own consumption. A) Traditional Economy. B) Market Economy. C) Planned/ Command Economy. D) None of above. Show Answer Correct Answer: A) Traditional Economy. 3. What follows the "peak" of a business cycle? A) Recession. B) A "bust". C) The trough. D) None of above. Show Answer Correct Answer: B) A "bust". 4. It is the study of how human could best allocate and utilize the scarce resources of society to satisfy his or her unlimited wants. A) Economics. B) Microeconomics. C) Macroeconomics. D) Distribution. Show Answer Correct Answer: A) Economics. 5. Labor is a work done tor people such as haircutting and flower arrangement. A) True. B) False. Show Answer Correct Answer: B) False. 6. Scarcity is a situation in which they have to choose between two things (or activities) that cannot be done at the same time. A) True. B) False. Show Answer Correct Answer: B) False. 7. What is the difference between perfect competition and monopo listic competition? A) Perfect competition has a large number of small firms while monopolistic competition does not. B) In perfect competition, firms produce identical products, while in monopolistic competition does not. C) Perfect competition has no barriers to entry, while monopolistic competition does. D) Perfect competition has barriers to entry while monopolistic competition does not. Show Answer Correct Answer: B) In perfect competition, firms produce identical products, while in monopolistic competition does not. 8. It is a place where buyers and sellers interact with each other and that exchange takes place among them. A) INCOME EFFECT. B) LAW OF SUPPLY. C) LAW OF DEMAND. D) MARKET. Show Answer Correct Answer: D) MARKET. 9. A firm is said to make normal profits when its economic profits are zero. A) True. B) False. Show Answer Correct Answer: A) True. 10. It is a state when the buyers and sellers transact on the purchase or sales of goods or services. A) School. B) Market. C) Community. D) House. Show Answer Correct Answer: B) Market. 11. A minimum legal price below which a product cannot sold. A) Transaction Costs. B) Price Cieling. C) Supply. D) Price Floor. Show Answer Correct Answer: D) Price Floor. 12. The equilibrium point is the level where the demand and supply curves intersect. A) True. B) False. Show Answer Correct Answer: A) True. 13. Of the three major economic questions, which of the following is the best example of a "What?" question? A) Should automobiles be produced using workers or robots?. B) Should we make faster microprocessors or pest-resistant corn?. C) Should higher-income or lower-income people buy SUVs?. D) Should migrant workers or domestic workers be used to pick grapes?. Show Answer Correct Answer: B) Should we make faster microprocessors or pest-resistant corn?. 14. Market system is the most common mechanism of economics. A) True. B) False. Show Answer Correct Answer: B) False. 15. Defining the best alternative or option is a part of decision-making process. A) True. B) False. Show Answer Correct Answer: A) True. 16. Which is not true about mixed economy? A) Taxes are strictly imposed by the Government in mixed economy. B) Both free market and traditional are found in mixed economy. C) Both capitalism and socialist are found in mixed economy. D) Philippines is a mixed economy. Show Answer Correct Answer: B) Both free market and traditional are found in mixed economy. 17. Which of the following is/are element/s of strategic management is statement of purpose (strategic intent) committing the organization to ambitious overarching (stretch) objectives? A) Environmental scanning. B) Strategy Formulation. C) Strategy implementation. D) All of the above. Show Answer Correct Answer: B) Strategy Formulation. 18. Qs = a + b(P) what do you call this formula A) Law of supply. B) Market equilibrium. C) Market. D) Law of Demand. Show Answer Correct Answer: A) Law of supply. 19. This is a Latin term that literally translates to "all else being the same" . A) Ceteris assumptions. B) Ceteris paribus. C) Ceteris equilibrium. D) Ceteris equation. Show Answer Correct Answer: C) Ceteris equilibrium. 20. What do we call the amount of quantity supplied exceeded the quantity demand? A) Bargaining power of suppliers. B) Scarcity. C) Shortage. D) Surplus. Show Answer Correct Answer: D) Surplus. ← 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