This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 92 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 92 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If Infinitea has Php 150, 000 gross sales per week and the total sales for Milk tea Shop business is Php 3, 000, 000. What is Infinitea's market share %? A) 5.00%. B) 7.00%. C) 10.00%. D) 12.00%. Show Answer Correct Answer: A) 5.00%. 2. Because of the Russian invasion of Ukraine, the price of prime commodities used to produce a diverse variety of goods and are imported from these two countries have gone up. Which is a prime commodity that they export to the world? A) Wheat. B) Rice. C) Coconut. D) Pineapple. Show Answer Correct Answer: A) Wheat. 3. Which of the following is not classifiable as a natural resource? A) Capital. B) Forests. C) Land. D) Minerals. Show Answer Correct Answer: A) Capital. 4. If Starbucks has Php 550, 000 gross sales per week and the total sales for Coffee Shop business is Php 2, 000, 000. What is Starbucks' market share %? A) 25.5%. B) 27.5%. C) 40.45%. D) 50.25%. Show Answer Correct Answer: B) 27.5%. 5. Three main producing sectors which is the primary A) Industry. B) Agriculture, fishery, and forestry. C) Service. D) All of the above. Show Answer Correct Answer: B) Agriculture, fishery, and forestry. 6. An increase in income received from incentives, bonuses and thirteenth month pay increases the purchasing power of the consumers. This shows that the demand curve will ..... A) Move downward to right. B) Move upward to right. C) Shift to Left. D) Shift to right. Show Answer Correct Answer: D) Shift to right. 7. You can extend the lifecycle of a product or service by investing in an "extension strategy" . You could:EXCEPT ..... A) Increase your promotional spending. B) Introduce minor innovations-perhaps by adding extra features or updating the design. C) Ineffective market research. D) Seek new markets But ultimately this only delays a product or service's decline. Show Answer Correct Answer: C) Ineffective market research. 8. What exists when quantity supplied is greater than quantity demanded? A) Surplus. B) Shortage. C) Overflow. D) Mass outrage. Show Answer Correct Answer: A) Surplus. 9. The most common type of market because it is where we buy consumers goods. A) Goods Market. B) Labor Market. C) Financial Market. D) None of above. Show Answer Correct Answer: A) Goods Market. 10. This market structure is characterized by the lowest level of competition among producers. A) Monopolistic competition. B) Monopoly. C) Oligopoly. D) Perfect competition. Show Answer Correct Answer: B) Monopoly. 11. Another word for money A) Barter. B) Economics. C) Currency. D) Price. Show Answer Correct Answer: C) Currency. 12. How is the equilibrium price and quantity determined in a market? A) By the government. B) By the sellers only. C) By the interaction of demand and supply. D) By individual preferences. Show Answer Correct Answer: C) By the interaction of demand and supply. 13. For a person to put up a business, it is essential that an industry analysis first be made. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 14. Defined as:of, relating to or made in one's own country. A) Embargo. B) Service. C) Domestic. D) Tariff. Show Answer Correct Answer: C) Domestic. 15. Which of the following influences people's buying plans and varies moving alonga demand curve? A) Income. B) Preferences. C) The price of the good. D) The prices of related goods. Show Answer Correct Answer: B) Preferences. 16. Which best describes the Law of Supply? A) Prices increases, quantity supplied decreases. B) Prices increases, demand also increases. C) Prices increases, quantity supplied also increases. D) No change. Show Answer Correct Answer: C) Prices increases, quantity supplied also increases. 17. Brain drain is A) People forced to migrate for political reasons. B) The process by which people are given reference for migration. C) The large-scale emigration of talented people. D) A cultural feature that hinders migration. Show Answer Correct Answer: C) The large-scale emigration of talented people. 18. How often does the article recommend to make a SWOT analysis? A) Once a year. B) Once in a life time. C) Never. D) When the managers need to. Show Answer Correct Answer: A) Once a year. 19. Grandpa wants to buy a new camera. What should he do? A) Look at a few stores and compare prices. B) Run to the closest store and buy a camera. C) Buy the camera with the highest price. D) Get the camera that looks the prettiest. Show Answer Correct Answer: A) Look at a few stores and compare prices. 20. A very large number of firms. Identical products are offered for sale like rice, corn vegetables, meat, among others. Buyers and sellers are able to enter leave the market. A) Pure or Perfect Competition. B) Pure Monopoly. C) Monopolistic competition. D) Oligopoly. Show Answer Correct Answer: A) Pure or Perfect Competition. ← 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