This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 90 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 90 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Organizes the production process so that each worker specializes in a separate task. A) Productivity. B) Law of Comparative Advantage. C) Division of Labor. D) Absolute Advantage. Show Answer Correct Answer: C) Division of Labor. 2. Indicate which economic resource does the following term belongs to. MINERALS A) LAND. B) LABOR. C) CAPITAL. D) ENTREPRENEURSHIP. Show Answer Correct Answer: A) LAND. 3. Is the point where quantitysupplied is equal to quantitydemanded. A) Law of Demand. B) Market equilibrium. C) Law of supply. D) Market. Show Answer Correct Answer: B) Market equilibrium. 4. Identify the type of economic system described in each statement.Everything is based on what is popularly known or accepted. A) Traditional Economy. B) Market Economy. C) Planned/ Command Economy. D) None of above. Show Answer Correct Answer: A) Traditional Economy. 5. It states that as the price of a good goes up, the quantity demanded of that good goes down, all other things remaining constant. A) Law of demand. B) Law of marginal utility. C) Law of supply. D) Law of diminishing marginal utility. Show Answer Correct Answer: A) Law of demand. 6. .... is the one who developed Porter's Five Forces Competitive Position Analysis. A) Michael E. Porter. B) General Manager. C) Henry Sy. D) Lucio Tan. Show Answer Correct Answer: A) Michael E. Porter. 7. At a given price, the amount by which quantity demanded exceeds quantity supplied; a shortage usually forces the price up A) Shortage. B) Supply. C) Market. D) Demand. Show Answer Correct Answer: A) Shortage. 8. If a monopolistically competitive seller can convince buyers that its product is of better quality and value than products sold by rival firms, A) Demand increases. B) The firm gains more control over its price. C) Demand becomes more inelastic. D) All of these. Show Answer Correct Answer: D) All of these. 9. Businesses have responded to incentives for ethical behavior by doing ALL except A) Lobbying for the abolition of laws that require ethical behavior. B) Appointing "ethics officers" to monitor ethical manners of employees. C) Providing training sessions in ethical behavior for employees. D) Establishing codes of ethical behavior for employees. Show Answer Correct Answer: A) Lobbying for the abolition of laws that require ethical behavior. 10. It refers to the different ways of managing a nation's available resources to answer the economic questions. A) Economic perspective. B) Economic mechanism. C) Economic systems. D) Economic interactions. Show Answer Correct Answer: C) Economic systems. 11. It refers to a person that allocates capital with the expectations of a future financial return or to gain an advantage. A) Supplier. B) Consumer. C) Shareholder. D) Investors. Show Answer Correct Answer: D) Investors. 12. A type of Underemployment wherein there are regular changes in employment or labor demand. A) Seasonal. B) Frictional. C) Structural. D) Cyclical. Show Answer Correct Answer: A) Seasonal. 13. The market value of final products, both sold and unsold, produced by the resources of the economy in a given period. A) APPLIED ECONOMICS. B) GDP. C) GNP. D) None of above. Show Answer Correct Answer: C) GNP. 14. Why are the Branches of Economics important to study? A) To focus only on economic history. B) To understand the diversity of economic activities and phenomena. C) To promote economic bias. D) To encourage political ideologies. Show Answer Correct Answer: B) To understand the diversity of economic activities and phenomena. 15. Which of the statement is TRUE for Inferior Goods? A) These are other goods that do not follow the pattern. B) This is a type of good that if a certain good's price, its demand also would decrease, however, another good that is similar to that good would increase the demand. C) This is a type of good that are best exemplified by branded consumer products that consumers will buy, regardless of the state of the economy whether it is doing well or is in a recession. D) This is a type of good that if a certain good increase its price, another good decreases its demand. Show Answer Correct Answer: A) These are other goods that do not follow the pattern. 16. One of the basic economic problems is:What ..... to produce? A) Needs and priorities. B) Clothing and shelter. C) Conduct and behavior. D) Goods and services. Show Answer Correct Answer: D) Goods and services. 17. This refers to sellers or companies experiencing cost advantage, where anincrease in production decreases per unit cost. A) Marginal utility. B) Economies of scale. C) Expanding output. D) Economies of production. Show Answer Correct Answer: B) Economies of scale. 18. What measure shows the rate at which the money supply is increasing relative to the number of people using it? A) Gross Domestic Product. B) Unemployment Rate. C) Inflation Rate. D) Deflation rate. Show Answer Correct Answer: C) Inflation Rate. 19. Which of the following economic resources are found in nature and are not man made. A) Labor. B) Land. C) Capital. D) Scarcity. Show Answer Correct Answer: B) Land. 20. Which of the following describes monopoly market structure? A) Few Buyer. B) Few Seller. C) Single buyer in the market. D) Single seller in the market. Show Answer Correct Answer: D) Single seller in the market. ← 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