This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 87 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 87 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Among the choices, who buys the products and services in the market? A) Consumers. B) Creditors. C) Government. D) Suppliers. Show Answer Correct Answer: A) Consumers. 2. Butter and margarine are examples of which of the following? A) Complementary goods. B) Substitute goods. C) Shift goods. D) Raw goods. Show Answer Correct Answer: B) Substitute goods. 3. Economics can be divided into two major branches which is A) Labor economics and macroeconomics. B) Microeconomics and macroeconomics. C) International and domestic economics. D) International Economics and Macroeconomics. Show Answer Correct Answer: B) Microeconomics and macroeconomics. 4. International trade is important for what reason? A) It can give us different technologies and strategy to form business. B) It can give tourist and money to the country. C) It gives opportunities to less develop country. D) None of the above. Show Answer Correct Answer: D) None of the above. 5. When the quantity demanded is greater than the quantity supplied, or when the product's price is below the equilibrium price A) Equilibrium. B) Shortage. C) Surplus. D) Complement. Show Answer Correct Answer: B) Shortage. 6. A decrease in the number of seller shifts the demand curve to: A) Downward. B) Upward. C) Left. D) Right. Show Answer Correct Answer: C) Left. 7. Which statement is true about the circular flow diagram? A) A Households are demanders in the product market and suppliers in the factor market. B) A Business are demanders in the product market and suppliers in the factor market. C) A Households are demanders in the factor market and suppliers in the product market. D) A Businesses and households are not components of the circular flow diagram. Show Answer Correct Answer: A) A Households are demanders in the product market and suppliers in the factor market. 8. Goods that can be used in place of other goods. A) Superior good. B) Consumer good. C) Substitute good. D) Complementary good. Show Answer Correct Answer: C) Substitute good. 9. Which of the following is NOT a Market Structure? A) Perfect Competition. B) Monopoly. C) Oligopoly. D) Corporation. Show Answer Correct Answer: D) Corporation. 10. It refers to the payment for the use of land or buildings owned by other sector. A) Savings. B) Rent. C) Mortgage. D) Surplus. Show Answer Correct Answer: B) Rent. 11. When prices go down, the amount that people want to buy goes up. A) Law of supply. B) Demand schedule. C) Law of demand. D) Supply schedule. Show Answer Correct Answer: C) Law of demand. 12. A study of Economics can be describe all aspects of a: A) Country's economy. B) Production function. C) Consumption of individuals. D) Market. Show Answer Correct Answer: A) Country's economy. 13. Which of the following Internal Factor as money and sources of funds for investment? A) Financial Resources. B) Personal Resources. C) Human Resources. D) Natural Resources. Show Answer Correct Answer: A) Financial Resources. 14. What do we call the amount of good or services that a consumer will purchase t its price willingly? A) Demand. B) Bargaining power of buyers. C) Law of Demand. D) Law of Supply. Show Answer Correct Answer: A) Demand. 15. A trend line will show- A) An increase in Real GDP over time. B) Only economic recessions. C) Only economic expansions. D) None of above. Show Answer Correct Answer: A) An increase in Real GDP over time. 16. II. MULTIPLE CHOICE6. Crisanto is a professional teacher in the Philippines aside from his teaching job, he opened a milk tea shop near his house which made him even more busy during the weekends to keep up with his customers. In above situation, what factor of production it refers? A) Entrepreneurship. B) Capital. C) Labor. D) Land. Show Answer Correct Answer: B) Capital. 17. What is law of demand A) Direct relationship between the quantity of price. B) Inverse relationship between the price and the quantity demanded. Show Answer Correct Answer: B) Inverse relationship between the price and the quantity demanded. 18. The lower the cost of a house A) The higher the supply. B) The lower the supply. C) The price does not affect the supply. D) None of the above. Show Answer Correct Answer: C) The price does not affect the supply. 19. A field that applies of economic theories and principles to real-world situations with the desired aim of predicting potential outcomes. A) Economics. B) Applied Economics. C) Economic Theory. D) None of above. Show Answer Correct Answer: B) Applied Economics. 20. The limited availability of a commodity, which may be demand in the market or by the commons. Also includes an individual's lack of resources to buy commodities. A) Scarcity. B) Relative scarcity. C) Absolute scarcity. D) None of above. Show Answer Correct Answer: A) Scarcity. ← 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