This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 80 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 80 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Porter's Five Forces A) Is a business analysis model that helps to explain why various industries are able to sustain different levels of losses. B) Techniques for Analyzing Industries and Competitors" in 1990. C) Model is widely used to analyze the industry structure of a company as well as its corporate strategy. D) All of the above. Show Answer Correct Answer: C) Model is widely used to analyze the industry structure of a company as well as its corporate strategy. 2. ..... IS JUST A SMALL PORTION OF AN INDUSTRY. IT IS AN UNDERTAKING BY A PERSON OR A GROUP OF PERSONS WHO ARE PARTNERS OR OF STOCKHOLDERS who own a juridical entity known as a corporation A) BUSINESS. B) CORPORATION. C) PARTNERSHIP. D) INDUSTRY. Show Answer Correct Answer: A) BUSINESS. 3. A strategy that businesses often use marketing and some ads are against the competitors. A) Advertising. B) Cost leadership. C) Alliance. D) Defensive strategy. Show Answer Correct Answer: A) Advertising. 4. Characterized by many firms selling similar but not identical products like clothing, shoes, laundry, soap, books, among others. Firms have limited control over product prices. Firms give more emphasis on advertising and sales promotion A) Pure or Perfect Competition. B) Pure Monopoly. C) Monopolistic competition. D) Oligopoly. Show Answer Correct Answer: C) Monopolistic competition. 5. This is responsible for the rapid technological change and high living standards during the 1980's. A) Entrepreneur. B) Market. C) Innovation. D) Government. Show Answer Correct Answer: B) Market. 6. According to the article a SWOT team must be made up of employees, representing different business units and job function. A) True. B) False. Show Answer Correct Answer: A) True. 7. Which is not an economic system? A) Capitalism. B) Mutualism. C) Communism. D) Socialism. Show Answer Correct Answer: B) Mutualism. 8. As an entrepreneur, you need to ask yourself, "is your capital enough for you to launch your own business?" What factor in evaluating business does this include? A) Relationship. B) Ability to cash flow. C) Investments. D) Business viability. Show Answer Correct Answer: B) Ability to cash flow. 9. In a global setting, what industry experience uncontrollable nature (typhoons, drought, etc., lacks technology, market competition and credit enabling efficiency to be at least self-sufficient in food? A) Agriculture and Fishery. B) Manufacturing. C) International Trade. D) None of the above. Show Answer Correct Answer: A) Agriculture and Fishery. 10. The following are Divisions of Economics, EXCEPT ..... A) Transportation. B) Production. C) Consumption. D) Distribution. Show Answer Correct Answer: A) Transportation. 11. A business owned by only one person. A) Corporation. B) Sole Proprietorship. C) Partnership. D) None of above. Show Answer Correct Answer: B) Sole Proprietorship. 12. The economy isn't doing very well due to a recession. Lots of people have been laid off and no one is buying anything because they don't have the money. If Congress and the President want to stimulate the economy, which policy should they choose? A) Raise taxes. B) Cut taxes. Show Answer Correct Answer: B) Cut taxes. 13. It is the amount that will cover the expenses to be able to acquireor get what you need to survive over time. A) Cost of living. B) Savings. Show Answer Correct Answer: A) Cost of living. 14. Which of the following is an Economic resource? A) Land. B) Capital. C) Labor. D) Entrepreneurship. E) All of the above. Show Answer Correct Answer: E) All of the above. 15. Which of the following Socio-Economic Impact of a Business that If a construction company is set up, then this opens up opportunities for the other businesses that will supply them their needs like; tools, wood, cement, steel, paints, nails, screws and etc? A) Impact on the Consumer. B) Impact on Suppliers and Investors. C) Impact on the Government. D) Impact of Household. Show Answer Correct Answer: B) Impact on Suppliers and Investors. 16. It is the set of all quantities the buyeris willing to purchase at different price levels at a given time period. A) Demand. B) Supply. C) Quantity Demanded. D) Quantity Supplied. Show Answer Correct Answer: A) Demand. 17. Which statement that explains interaction of supply and demand? A) Both the prices and the quantities of goods and services. B) The quantities of goods and services but not their prices. C) The prices of goods and services but not their quantities. D) Neither the prices nor the quantities of goods and services. Show Answer Correct Answer: A) Both the prices and the quantities of goods and services. 18. Economics is best defined as the study of how people, business, governments, and society. Which is the best answer in the choices given? A) Attain wealth. B) Choose abundance over scarcity. C) Make choices to cope with scarcity. D) Use their infinite resources. Show Answer Correct Answer: D) Use their infinite resources. 19. Perfectly competitive firms are price takers because A) Each firm is very large. B) There are no good substitutes for their products. C) Many other firms produce identical products. D) Their demand curves are downward sloping. Show Answer Correct Answer: C) Many other firms produce identical products. 20. In 2004, which among these countries has the highest cost of electricity and real estate acquisition? A) Indonesia. B) China. C) Thailand. D) Vietnam. Show Answer Correct Answer: A) Indonesia. ← 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