This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 76 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 76 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It is the natural resources that are found in nature (not man-made). A) Labor. B) Land. C) Capital. D) Investment. Show Answer Correct Answer: B) Land. 2. Refers to your target market. A) Substitutes. B) Suppliers. C) Competition. D) Customer. Show Answer Correct Answer: D) Customer. 3. What is the meaning of supply curve A) Downward sloping. B) Upward sloping. Show Answer Correct Answer: B) Upward sloping. 4. It is one of the most important assumption that economics makes. They act consistently to get what they want or what is best for them. A) Efficiency. B) Incentive. C) Rational. D) Model. Show Answer Correct Answer: C) Rational. 5. Which type of market structure is being described in the following quote?"To make matters worse, health care consolidation has led to the absence of any choice at all for consumers. Another study by Harvard University on hospital markets found that between 2007-2017, 11.2 million Americans were served by just a single hospital system." A) Perfect competition. B) Monopoly. C) Monopolistic competition. D) Oligopoly. Show Answer Correct Answer: B) Monopoly. 6. The problem of having unlimited wants, but limited resources to satisfy them. A) Economic Resources. B) Natural Resources. C) Capital. D) Scarcity. Show Answer Correct Answer: A) Economic Resources. 7. It is rivalry among various sellers in the market. A) Market Structure. B) Competition. C) Perfect Competition. D) Imperfect Computation. Show Answer Correct Answer: B) Competition. 8. Who is your teacher/professor in the exam that your taking in? A) Perlita Ariota. B) Lovelyn Cabudbod. C) Kerima De Mesa. D) Mary Ann Doctor. Show Answer Correct Answer: D) Mary Ann Doctor. 9. Suppliers will normally offer more for sale at high prices and less for sale at lower prices A) Quantity supplied. B) Law of Supply. C) Total production. D) Short run. Show Answer Correct Answer: B) Law of Supply. 10. The following are great impact of a new business except; A) Employment opportunities to Filipinos. B) Being employed will enable them to buy their basic needs And even some luxuries. C) Business owners can now exploit their workers. D) Because of their success they can acquire wealth and buy Assets which are fruits of their hard work. Show Answer Correct Answer: C) Business owners can now exploit their workers. 11. Economics is derived from a Greek word "oikonomia" or "oikonomus" meaning: A) Economic management. B) Household management. C) Social management. D) Political management. Show Answer Correct Answer: B) Household management. 12. If supply and demand both shift outward, but demand shifts outward more than supply, the equilibrium price: A) Will increase and quantity will increase. B) Will increase and quantity will decrease. C) Will decrease and quantity will decrease. D) Will decrease and quantity will increase. Show Answer Correct Answer: A) Will increase and quantity will increase. 13. Below are the disadvantages of online business transactions, EXCEPT: A) Customer service. B) Instant satisfaction. C) Product check. D) None of the above. Show Answer Correct Answer: D) None of the above. 14. It refers to the total satisfaction received from consuming a good orservice. A) Opportunity. B) Consumption. C) Satisfactionutility. D) Utility. Show Answer Correct Answer: D) Utility. 15. A list of the amounts of a product that a seller would offer for sale at different prices A) Demand Schedule. B) Demand. C) Supply Schedule. D) Supply. Show Answer Correct Answer: C) Supply Schedule. 16. How do price ceilings impact the market? A) They promote price gouging. B) They create surpluses of goods. C) They prevent prices from rising above a certain level. D) They have no impact on market dynamics. Show Answer Correct Answer: C) They prevent prices from rising above a certain level. 17. In economics, resources are: A) Anything used to create something else. B) The environment in general. C) Specifically lumber and water. D) Capital only. Show Answer Correct Answer: A) Anything used to create something else. 18. Measurement of degree of responsiveness of quantity demanded to changes in price is called A) Income elasticity of demand. B) Price elasticity of demand. C) Law of demand. D) Cross elasticity of demand. Show Answer Correct Answer: B) Price elasticity of demand. 19. What is Market Structure A) Economic models allows economist to examines the competition among the businesses in the same industry. B) Allows economist to examines the market value of the economic system. Show Answer Correct Answer: A) Economic models allows economist to examines the competition among the businesses in the same industry. 20. Which among the following explains the price as a factor affecting demand? A) The higher the price, the lower is the demand. B) The higher the price, the higher is the demand. C) The lower the price, the lower is the demand. D) The lower the price, the no one will buy. Show Answer Correct Answer: A) The higher the price, the lower is the demand. ← 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