This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 78 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 78 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Refers to the average contribution per unit of input A) Output. B) Total Product. C) Consumer. D) Average Product. Show Answer Correct Answer: D) Average Product. 2. Economics that deals with what is happening such as the current inflation rate, the number of employed laborers, what is the papulation rate, etc. A) Negative Economics. B) Normative Economics. C) Overload Economics. D) Positive Economics. Show Answer Correct Answer: D) Positive Economics. 3. How would you explain the role of economics in decision-making to someone unfamiliar with the field? A) I would find it easy to explain. B) I would not attempt to explain it. C) I would not be able to explain it. D) I would struggle to explain it. Show Answer Correct Answer: A) I would find it easy to explain. 4. The word economics originated from the Greek word OIKONOMIKOS A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 5. It is the study of production, distribution and consumption of goods and services within a society A) Research. B) Economics. C) Marketing. D) Science. Show Answer Correct Answer: B) Economics. 6. A persistent problem in the Philippines because of increase in population. A) Unemployment. B) Poverty. C) Income inequality. D) Quality of infrastructure. Show Answer Correct Answer: A) Unemployment. 7. .... as social science has something to do with our everyday lives. A) Oikonomus. B) Social science. C) Economics. D) Applied Economics. Show Answer Correct Answer: C) Economics. 8. It is the study of how people decide to spend their money based on their individual preferences and budget constraints. A) Consumer theory. B) Supplier theory. C) Investor theory. D) Consumer sovereignty. Show Answer Correct Answer: A) Consumer theory. 9. They are the wholesalers or brokers who buy in big quantities from manufacturers. A) Manufacturer. B) Imports. C) Distributors. D) SUppliers. Show Answer Correct Answer: C) Distributors. 10. Who buys goods or services? A) Producers. B) Consumers. C) Leaders. D) Followers. Show Answer Correct Answer: B) Consumers. 11. Cooperative Members have an equal say in decision-making with one vote per members. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 12. It is characterized by the upward and downward trend of the GDP observed over a period of time A) Economic Cycle. B) Economic Growth. C) Business Cycle. D) Business Growth. Show Answer Correct Answer: C) Business Cycle. 13. Identify which resource is referred to by the following words. Forests A) Land. B) Labor. C) Capital. D) None of above. Show Answer Correct Answer: A) Land. 14. An increase in the tax on gasoline would A) Shift the supply curve outward. B) Shift the supply curve inward. C) Shift the demand curve outward. D) Shift the demand curve inward. Show Answer Correct Answer: B) Shift the supply curve inward. 15. The quantity demanded of a good or service changes at all price levels best describes the concept of A) Change in quantity demanded. B) Elasticity. C) Change in demand. D) Demand curve. Show Answer Correct Answer: C) Change in demand. 16. It is the ability of someone (an entrepreneur) to recognize a profit opportunity, organize the other factors of production, and accept risk. A) Economic capital. B) Labor. C) Entrepreneurship. D) Land. Show Answer Correct Answer: C) Entrepreneurship. 17. It is similar to product demand and follows the law of demand. A) Labor Supply. B) Labor Demand. C) Labor Shortage. D) None of above. Show Answer Correct Answer: B) Labor Demand. 18. It is a commodity or service in short supply relative to its demand, which implies a constant availability of commodity or economic resource, relative to the demand of them. A) Short run. B) Profit. C) Scarcity. D) Supply. Show Answer Correct Answer: C) Scarcity. 19. What is demand schedule A) Table of demand curve. B) Table displaying the demand curve. C) Table displaying the quantity of a product and services at a various price points. D) Table displaying the quantity of demand in various price points. Show Answer Correct Answer: C) Table displaying the quantity of a product and services at a various price points. 20. Each of the following is a condition necessary for the existence of perfect competition except: A) The good or service must have many sellers available. B) The good or service being offered by one competing firm must be identical to those offered by the other firms. C) There are barriers to entry in this type of market. D) There must be no control over price by any one firm. Show Answer Correct Answer: C) There are barriers to entry in this type of market. ← 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