This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 77 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 77 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In this economic system the government is the one who is in control of the production of goods. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: B) Command. 2. It is the insufficiency of resources to meet the wants of consumers and insufficiency of resources for producers that hamper enough production of goods and services. A) Shortage. B) Wants. C) Needs. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 3. Positive impacts of various external environments on the profitability of an industry. A) Strengths. B) Weakness. C) Threats. D) Opportunities. Show Answer Correct Answer: D) Opportunities. 4. Is an organization that transforms resources into products A) Household. B) Firm. C) Entrepreneur. D) Land. Show Answer Correct Answer: B) Firm. 5. Microeconomics or MacroeconomicsGovernment budget on public infrastructure A) Microeconomics. B) Macroeconomics. Show Answer Correct Answer: B) Macroeconomics. 6. They're able to not only come up with ingenious ideas, but also turn those ideas into profits. A) Creative. B) Perseverance. C) Persistence. D) Self Confidence. Show Answer Correct Answer: A) Creative. 7. Positive economics is a branch of economics that deals essentially with policy goals, and statements typically contain keywords such as "should" and "ought" . A) True. B) False. Show Answer Correct Answer: B) False. 8. What is known as forgone opportunity? A) Deficit. B) Loss. C) Opportunity cost. D) Trade off. Show Answer Correct Answer: C) Opportunity cost. 9. TRUE OR FALSE: "Q" stands for a change in price. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 10. In a ..... economy, families, clans, or tribes make economic decisions based on generational customs and beliefs. A) Command. B) Market. C) Traditional. D) Mixed. Show Answer Correct Answer: C) Traditional. 11. Production is an outcome of economic activity. A) True. B) False. Show Answer Correct Answer: A) True. 12. Which among the following explains price expectations as a factor affecting demand? A) When consumers expects decrease in prices, demand decreases. B) When consumers expects an increase or decrease in the prices, consumers do not tend to spend their money. C) When consumer expects increase in prices, demand increases. D) Price expectation does not affects demand. Show Answer Correct Answer: C) When consumer expects increase in prices, demand increases. 13. Which of the following is a macroeconomic topic? A) The reasons for a rise in the price of orange juice. B) The reasons for the rise in average prices. C) Whether the army should buy more tanks or more rockets. D) Why plumbers earn more than janitors. Show Answer Correct Answer: A) The reasons for a rise in the price of orange juice. 14. It is refers to international trade without tariff quota or restriction, while Protectionism refers to the practice of shielding a country's domestic industries from foreign competition by taxing imports aka tariff. A) Free trade. B) International trade. C) Entrepot trade. D) Import Trade. Show Answer Correct Answer: A) Free trade. 15. Global recession or financial crisis. A) Strength. B) Weakness. C) Opportunities. D) Threat. Show Answer Correct Answer: D) Threat. 16. Determine on what goods and quantity of goods to produce A) What to produce?. B) For whom to produce?. C) How to produce?. D) What provision/laws to be made?. Show Answer Correct Answer: A) What to produce?. 17. Decisions are based on traditions and practices upheld over the years and passed on from generation to generation A) Traditional Economy. B) Command Economy. C) Market Economy. D) None of above. Show Answer Correct Answer: A) Traditional Economy. 18. A social science concerned with using scarce resources to obtain the maximum of the unlimited wants of society. A) SOCIAL SCIENCE. B) ECONOMICS. C) APPLIED ECONOMICS. D) None of above. Show Answer Correct Answer: B) ECONOMICS. 19. Why is the Circular Flow in the shape of a circle? A) Because of the way it is. B) Because money flows from businesses to households and back to businesses. C) Because the circle represents completion. D) Because circles are the easiest shape to draw. Show Answer Correct Answer: B) Because money flows from businesses to households and back to businesses. 20. SWOT ANALYSIS MEans A) Wgw. B) Bbs. C) Bsbs. D) None of above. Show Answer Correct Answer: C) Bsbs. ← 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