This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 82 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 82 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What makes economics different from other social sciences is it makes choices under the conditions of scarcity. A) True. B) False. Show Answer Correct Answer: A) True. 2. Trade offs and opportunity costs are only applicable to certain levels in the society. A) True. B) False. Show Answer Correct Answer: B) False. 3. Mr. Martin's business has an asset of Php15, 000, 000 to 60, 000, 000, what scale of business does he have? A) Small business. B) Large business. C) Medium business. D) Micro business. Show Answer Correct Answer: C) Medium business. 4. The structure in which there is separation of ownership and management is called: A) Sole proprietorship. B) Partnership. C) Company. D) All of the three. Show Answer Correct Answer: C) Company. 5. Margarine is a good substitute for ..... A) Butter. B) Cheese. C) Cheddar. D) Bread. Show Answer Correct Answer: A) Butter. 6. Refers to the utility of obtaining a product A) Acquisition utility. B) Transaction utility. Show Answer Correct Answer: A) Acquisition utility. 7. According to the Production Possibilities Curve, which is not true: A) The efficiency and inefficiency of production depends on the curve. B) We can produce at any point inside the PPF, however, it is inefficient. C) Production outside the PPF may be efficient, however, it is unattainable. D) Production within the curve is efficient. Show Answer Correct Answer: C) Production outside the PPF may be efficient, however, it is unattainable. 8. States that, higher the price, the higher the quantity supplied. A) Demand Curve. B) The Law of Supply. C) Unitary Elasticity. D) Cross Price Elasticity of Demand. E) Inelastic Demand. Show Answer Correct Answer: B) The Law of Supply. 9. It deals with economic behavior of the whole economy. A) Macroeconomics. B) Microeconomics. C) Economics. D) Applied Economics. Show Answer Correct Answer: A) Macroeconomics. 10. The following are all characteristics of an Explicit Cost, except: A) Out-of-pocket costs. B) Calculates accounting and economic profit. C) Requires an outflow of cash from the entity. D) Cannot be determined precisely. Show Answer Correct Answer: D) Cannot be determined precisely. 11. French phrase literally translates to "leave alone" A) Lassez faire system. B) Laissez fair system. C) Laissez faire system. D) Liasez fair system. Show Answer Correct Answer: C) Laissez faire system. 12. Brainstorming is not important in SWOT Analysis because it promotes different ideas. A) True. B) False. Show Answer Correct Answer: B) False. 13. When income goes up, consumers buy more A) True. B) False. Show Answer Correct Answer: A) True. 14. A compulsory contribution to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions. A) Incomes. B) Goods. C) Services. D) Taxes. Show Answer Correct Answer: D) Taxes. 15. It is an individual who are said to make calculated decisions when shopping, purchasing products that bring them the greatest benefit, otherwise known as maximum utility in economic terms. A) Nonsatiation. B) Decreased marginal utility. C) Increased marginal utility. D) Utility maximization. Show Answer Correct Answer: D) Utility maximization. 16. The efforts of the people involved in production, including labor and entrepreneurship. A) Human resources. B) Economic resources. C) Capital resources. D) None of above. Show Answer Correct Answer: A) Human resources. 17. When the quantity supplied exceeds the quantity demanded, or when the product's price is above the equilibrium price. A) Equilibrium. B) Shortage. C) Surplus. D) Complements. Show Answer Correct Answer: C) Surplus. 18. Weak infrastructure A) Strength. B) Weakness. C) Opportunities. D) Threat. Show Answer Correct Answer: B) Weakness. 19. What is Oligopoly A) Market dominated by a small number of strategically interacting firms. B) Market dominated by a large number of strategically interacting firms. Show Answer Correct Answer: A) Market dominated by a small number of strategically interacting firms. 20. They say that economics is the science of ..... A) Money. B) Country Growth. C) Opportunities. D) Decision Making. Show Answer Correct Answer: D) Decision Making. ← 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