Applied Economics Quiz 85 (20 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. What will happen when there is a shortage in a market?

Correct Answer: A) Consumers are willing to buy more of the good at the current price.

2. The different amounts of a product that a seller would make available for sale at different prices

Correct Answer: D) Supply.

3. It is an activity of earning money, buying goods and services or saving money in a bank?

Correct Answer: D) Financial.

4. Find the simple interest given the following:P = 50, 000 R = 11% T = 6 months

Correct Answer: A) 2, 750.

5. This measures how the quantity demanded changes as consumer income changes.

Correct Answer: C) Income Elasticity.

6. Identify the type of economic system described in each statement.This is the economic system of some tribal parts of the Philippines.

Correct Answer: A) Traditional Economy.

7. Peanut spread ..... Gardenia bread; Toothbrush ..... Toothpaste are an examples of .....

Correct Answer: D) Complimentary Goods.

8. The following are factors that affect labor supply, EXCEPT ONE:

Correct Answer: D) Productivity.

9. When companies compete in a market economy, what is usually the result?

Correct Answer: A) Consumers are able to buy goods for the best available price.

10. Contribute to growth and development in their countries of destination, while countries of origin greatly benefit from their remittances

Correct Answer: B) Labor Migration.

11. The business cycle is made up of how many phases?

Correct Answer: B) 4.

12. Identify the type of market that matches each itemInterest rates

Correct Answer: B) FINANCIAL MARKET.

13. The supply for housing is

Correct Answer: D) Vertical.

14. It promotes ease of doing business and facilitates access to services for MSMEs through the Negosyo Centers.

Correct Answer: D) Go Negosyo Act.

15. Public limited companies can be owned by millions of people.

Correct Answer: A) TRUETRUE.

16. It is the framework in which a society decides on its economic problems

Correct Answer: D) Economic system.

17. A business that provides professional support to its clients.

Correct Answer: D) Service.

18. Represents physical assets such as production facilities.

Correct Answer: A) Capital.

19. In the Abraham Maslow's Hierarchy of Needs, it includes the personal, security, employment, resources, health, and property.

Correct Answer: D) Security Needs.

20. The basic question in economics asking about the target market for the product.

Correct Answer: B) For whom to produce?.