This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 9 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. For the law of demand, as price rises, what happens to quantity demanded? A) It goes up. B) It goes down. C) It stays the same. D) It is not effected. Show Answer Correct Answer: B) It goes down. 2. Mrs Nenita De Jesus purchased basic goods like vegetables and groceries forthe consumption of her family. These goods are: A) Luxury Goods. B) Capital Goods. C) Economic Goods. D) Consumers goods. Show Answer Correct Answer: D) Consumers goods. 3. They purchase goods either from the wholesaler or directly from the manufacturer. From there they will sell those goods in small quantities to end users. A) Merchant. B) Wholesaler. C) Consumer. D) Manufacturer. Show Answer Correct Answer: A) Merchant. 4. Unemployment rate has dropped because of the increase in the number of OFW's. A) Microeconomics. B) Macroeconomics. Show Answer Correct Answer: B) Macroeconomics. 5. There may be an acknowledge market leader which informally sets prices to which other producers respond. A) Interdependence. B) Price lists. C) Price leadership. D) Government taxes. Show Answer Correct Answer: C) Price leadership. 6. If Toyota firm is producing a car faster than people want to buy, there is A) An excess supply of car and price can be expected to decrease. B) An excess supply of car and price can be expected to increase. C) An excess demand of car and price can be expected to decrease. D) An excess demand and price can be expected to increase. Show Answer Correct Answer: A) An excess supply of car and price can be expected to decrease. 7. The great ideas, concepts and drive of the production managers to producesomething new describe which factor of production? A) Land. B) Capital. C) Labor. D) Entrepreneur. Show Answer Correct Answer: D) Entrepreneur. 8. Reishi-0. 53Lion's Mane-0. 78Turkey Tail-0. 21Cordyceps-1. 20Based on these elasticity estimates, which medicinal mushroom is most inelastically demanded? A) Lion's Mane. B) Cordyceps. C) Reishi. D) Turkey Tail . Show Answer Correct Answer: D) Turkey Tail . 9. A person who purchases a merchandise or acquiring a service. A) Buyer. B) Laborer. C) Seller. D) None of above. Show Answer Correct Answer: A) Buyer. 10. As a citizen of Manila, determine which is NOT TRUE of the economic activitiesthat have been observed in your locality: A) Everyone has experienced buying limited supply of commodities. B) The people in Manila have freely enjoyed traveling from one place to other. C) Everyone has inadequate supply of hygienic materials and protective devices. D) Some citizens have suffered from changes in the pandemic protocols of thegovernment. Show Answer Correct Answer: B) The people in Manila have freely enjoyed traveling from one place to other. 11. These are problems arising from inefficiencies in the allocation of resources. A) Market trends. B) Market failure. C) Market inflation. D) Market product. Show Answer Correct Answer: B) Market failure. 12. The decline of purchasing power of a given currency over time A) Inflation. B) Supply Power. C) Demand Power. D) Purchasing Power. Show Answer Correct Answer: A) Inflation. 13. A price-taking firm A) Cannot influence the price of the product it sells. B) Talks to rival firms to determine the best price for all of them to charge. C) Sets the product's price to whatever level the owner decides upon. D) Asks the government to set the price of its product. Show Answer Correct Answer: D) Asks the government to set the price of its product. 14. When price goes up, Demand goes down A) True. B) False. Show Answer Correct Answer: A) True. 15. What happens to the price of a good with perfectly elastic demand if the quantity demanded increases? A) Price increases significantly. B) Price remains constant. C) Price decreases significantly. D) It depends on government regulation. Show Answer Correct Answer: B) Price remains constant. 16. When does Economics intersect with Political Science? A) Only during election years. B) During international conflicts. C) When studying government policies and their economic implications. D) Only during economic recessions. Show Answer Correct Answer: C) When studying government policies and their economic implications. 17. The place where goods and services are exchange. A) Barter. B) Currency. C) Market. D) Resource. Show Answer Correct Answer: C) Market. 18. What does cross elasticity measure? A) Measures responsiveness of changes in quantity demanded to changes in price. B) Measures the responsiveness of the quantity demanded ofa good or service to a change in income. C) Measures the responsiveness of the quantity demanded of one good to changes in price of another good. D) None of above. Show Answer Correct Answer: C) Measures the responsiveness of the quantity demanded of one good to changes in price of another good. 19. What business organization is organized by people with similar needs to provide themselves with goods and services or to jointly use available resources to improve their income? A) Sole Proprietorship. B) Corporation. C) Cooperative. D) Partnership. Show Answer Correct Answer: C) Cooperative. 20. Plants and equipment are ..... needed to increase production. A) Capital assets. B) Capital factors. Show Answer Correct Answer: A) Capital assets. ← 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 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books