This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 93 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 93 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Modifications in family structure and other ..... have impact on consumer behavior andtastes. A) Changes in natural environment. B) Demographic changes. C) Social Changes. D) Technological Developments. Show Answer Correct Answer: C) Social Changes. 2. .... is a means to understand the business' position relative to other participants in the industry. A) Industry Analysis. B) Business Analysis. C) Porter's five forces Analysis. D) SWOT Analysis. Show Answer Correct Answer: A) Industry Analysis. 3. Market is an interaction between buyers and sellers of trading or exchange. It is where the consumer buys and the seller sell. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 4. Which refers to the characteristics of a market in where buyers and sellersoperate, and influence economic decisions? A) Market systems. B) Market structures. C) Market pricing. D) Market interactions. Show Answer Correct Answer: B) Market structures. 5. Which of these do the producers of an item hope to achieve when adopting new technology? A) A shift of the supply curve for that item to the left. B) Repeal of the subsidy for that item. C) Inelasticity of supply of that item. D) A shift of the supply curve for that item to the right. Show Answer Correct Answer: D) A shift of the supply curve for that item to the right. 6. Creating goods/services for the consumer A) Distribution. B) Production. C) Surplus. D) Demand. Show Answer Correct Answer: B) Production. 7. The simplest business tool is ..... A) SWOT. B) TOWS. C) PESTLE. D) Porter's Five Forces. Show Answer Correct Answer: A) SWOT. 8. A state or condition where an individual has work but the job requires skills or expertise that is lower than what the person achieved. A) Unemployed. B) Over-employed. C) Underemployed. D) Self-Employed. Show Answer Correct Answer: C) Underemployed. 9. Which of the following is NOT one of the basic questions that all economic systems must answer: A) What to produce. B) How to produce. C) How much to produce. D) For whom to produce. Show Answer Correct Answer: C) How much to produce. 10. Economics is a social science that deals with ..... A) Experimentation. B) Natural resources. C) Economics. D) Human nature. Show Answer Correct Answer: D) Human nature. 11. It can serve as a significant tool to help address the country's economic problem. A) Literacy. B) Understanding on economic principles. C) More Resources. D) Have more Money. Show Answer Correct Answer: B) Understanding on economic principles. 12. A type of Economy wherein the decisions are based on Traditions, Culture, and practices. A) Market Economy. B) Mixed Economy. C) Traditional Economy. D) Command Economy. Show Answer Correct Answer: C) Traditional Economy. 13. What type of SWOT analysis is government incentives? A) Strength. B) Weakness. C) Oppurtunities. D) Threats. Show Answer Correct Answer: A) Strength. 14. Market trends, target market's demographic characteristics, political regulations are factors evaluated from what area? A) External forces. B) Internal forces. Show Answer Correct Answer: A) External forces. 15. Which strategy is used when a seller or company aims to increase sales andattract customers by improving the quality of the product, choosing an accessiblelocation, or giving an augmented product? A) Non-price competition. B) Non-price discrimination. C) Open competition. D) Direct competition. Show Answer Correct Answer: B) Non-price discrimination. 16. Investors in the Philippines is declining, the following are the reason EXCEPT ..... A) Security of investor. B) High performance of workers. C) Adaptation. D) Poverty. Show Answer Correct Answer: A) Security of investor. 17. External factors that are favorable for achieving your organization's objective. A) Strengths. B) Weaknesses. C) Opportunities. D) Threats. Show Answer Correct Answer: C) Opportunities. 18. Which of the following is not a resource? A) Capital. B) Labor. C) Land. D) Money. Show Answer Correct Answer: D) Money. 19. The study of how society manages its scarce resources. A) Economics. B) Applied Economics. C) Allocation. D) Scarcity. Show Answer Correct Answer: A) Economics. 20. Julie buys used clothes at garage sales and then auctions them off herself off the internet. Which type of business does she have? A) Partnership. B) Proprietorship. C) Corporation. D) Conglomerate. Show Answer Correct Answer: B) Proprietorship. ← 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