This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 81 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 81 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The natural resources that people use:Forests, pasture land, minerals, water, etc. are products used in the production of goods and services, come from the earth. A) Labor. B) Land. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: B) Land. 2. Something we use from nature. A) Natural resource. B) Human resource. C) Capital resource. D) Entrepreneur. Show Answer Correct Answer: A) Natural resource. 3. The following are internal factors of a business except for: A) Financial resources. B) Economic trends. C) Human resources. D) Access to natural resources. Show Answer Correct Answer: B) Economic trends. 4. Suppliers have a hugely important role at every stage of the product lifecycle. A) True. B) False. Show Answer Correct Answer: A) True. 5. Processes raw materials from agriculture, fishery and forestry into intermediate product that are further processed into final product. A) Agriculture, Fishery and Forestry. B) Industrial Sector. C) Service Sector. D) Environmental Sector. Show Answer Correct Answer: B) Industrial Sector. 6. What is the Characteristics of Monopoly A) One seller and unique products. B) Many seller and unique products. Show Answer Correct Answer: A) One seller and unique products. 7. ..... are those taxes on particular persons. These are deemed taxes with your name on it like taxes on salaries and wages. A) Indirect. B) Proportional. C) Regressive. D) Direct. Show Answer Correct Answer: D) Direct. 8. Access to telecommunication facilities A) Strength. B) Weakness. C) Opportunities. D) Threat. Show Answer Correct Answer: C) Opportunities. 9. As a citizen of the Philippines, determine which is NOT TRUE of the economic activities that have been observed in your locality: A) Everyone has experienced buying limited supply of commodities. B) Everyone has inadequate supply of hygienic materials and protective devices. C) Some citizens have suffered from changes in the pandemic protocols of the government. D) The people in Davao have freely enjoyed traveling from one place to other. Show Answer Correct Answer: D) The people in Davao have freely enjoyed traveling from one place to other. 10. The term used for satisfaction and not easy to measure. A) Utility. B) Total Utility. C) Consumption. D) Consumer theory. Show Answer Correct Answer: A) Utility. 11. The cost of something is what you give up to get it. A) Consumer cost. B) Public Cost. C) Opportunity Cost. D) Business Cost. Show Answer Correct Answer: C) Opportunity Cost. 12. May business are online to help reduce A) Fixed costs are lower. B) Operating costs never increase. C) Variable costs eliminated. D) None of above. Show Answer Correct Answer: A) Fixed costs are lower. 13. It refers to favorable external factors that could give an organization acompetitive advantage. A) Strengths. B) Weaknesses. C) Opportunities. D) None of the above. Show Answer Correct Answer: C) Opportunities. 14. It is a field that applies of economic theories and principles to real world situationswith the desired aim of predicting potential outcomes. A) Economics. B) Applied Economics. C) Social Science. D) Applied Science. Show Answer Correct Answer: B) Applied Economics. 15. This refers to the resource mix and technology applied in production. A) For whom to spend?. B) For whom to produce?. C) How much to produce?. D) How to produce?. Show Answer Correct Answer: D) How to produce?. 16. Scarcity 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) True. B) False. Show Answer Correct Answer: A) True. 17. How many common tools used in analyzing the industry? A) 2. B) 3. C) 4. D) 5. Show Answer Correct Answer: B) 3. 18. Below are the advantages of online business transactions, EXCEPT: A) Easy to pay. B) Opens 24 hours, 7 days a week. C) More product selection. D) None of the above. Show Answer Correct Answer: A) Easy to pay. 19. These are the areas evaluated using Porter's Five Forces Model EXCEPT for ..... A) Threats of New Entrant. B) Rivalry among Existing Suppliers. C) Threats of Substitute Products/Services. D) Bargaining Power of Buyers and Suppliers. Show Answer Correct Answer: B) Rivalry among Existing Suppliers. 20. It is important that you identify what are the characteristics of your ..... A) Competitors. B) Consumers. C) Customers. D) Suppliers. Show Answer Correct Answer: B) Consumers. ← 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