This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 95 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 95 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. States that as additional units of a good are consumed, the additional utility derived from each additional unit tends to diminish. A) Law of Diminishing Marginal Utility. B) Law of Demand. C) Law of Supply. D) Law of Diminishing Marginal Returns. Show Answer Correct Answer: A) Law of Diminishing Marginal Utility. 2. Which of the following actions is an example of an improvement in human capital? A) Carlos hires three workers for his business. B) Frank's Furniture trains employees to use computers. C) Tasha applies for a job as an engineer. D) The city of Upland builds a new nursing home. Show Answer Correct Answer: A) Carlos hires three workers for his business. 3. Goods or services that are not necessary, but that we desire or wish for. Examples:video games, toys A) Demand. B) Needs. C) Wants. D) Presents. Show Answer Correct Answer: C) Wants. 4. Firms that sell in the market are free to either enter or exit the market. A) True. B) False. Show Answer Correct Answer: A) True. 5. A business must be scalable for it to be successful. A) Systems. B) Big ideas. C) Scalability. D) Sustainability. Show Answer Correct Answer: C) Scalability. 6. Study of economics in relation to real world situations A) Microeconomics. B) Macroeconomics. C) Econometrics. D) Applied economics. Show Answer Correct Answer: D) Applied economics. 7. Rent control is an intervention process that corresponds to the setting of the price ceiling on rent. A) True. B) False. Show Answer Correct Answer: A) True. 8. A government-set minimum price that can be charged for a good or service A) Least Price. B) Price Foundation. C) Price Floor. D) Price Limit. Show Answer Correct Answer: C) Price Floor. 9. What is the acronym MVA stand for? A) Marketing Value Added. B) Market Value Added. C) Manufacturing Value Added. D) Manufactured Value Added. Show Answer Correct Answer: C) Manufacturing Value Added. 10. Are total revenues minus explicit and implicit costs. A) Economic profits. B) Accounting profits. Show Answer Correct Answer: A) Economic profits. 11. "obstacles or hindrances that make it difficult for new companies to enter a given market ..... may include technology challenges, government regulations, patents, start-up costs, or education and licensing requirements."Which characteristic of a market is the quote describing? A) Types of the product. B) Price control. C) Barriers to entry. D) Numbers of sellers. Show Answer Correct Answer: C) Barriers to entry. 12. Water and Electricity are examples of A) Government Monopolies. B) Oligopolies. C) Natural Monopolies. D) Selective Monopolies. Show Answer Correct Answer: C) Natural Monopolies. 13. A barrier to entry is A) An obstacle that makes it difficult for new firms to enter a market. B) A law established by the government to protect new industries. C) A commitment on the part of big business to allow smaller companies to compete. D) None of the above. Show Answer Correct Answer: A) An obstacle that makes it difficult for new firms to enter a market. 14. SWOT analysis which stands for Strengths, Weaknesses, Opportunities, and ..... A) Targets. B) Template. C) Threats. D) Table. Show Answer Correct Answer: C) Threats. 15. A system characterized by competition and a high level of private ownership. A) Free Market Economy. B) Command Economy. C) Mixed Economy. D) Traditional Economy. Show Answer Correct Answer: A) Free Market Economy. 16. Individuals sell ..... to businesses and in return individuals earn an ..... A) Profit, income. B) Resources, products. C) Resources, income. D) Profit, individuals. Show Answer Correct Answer: C) Resources, income. 17. GDP will begin to decline at- A) The peak. B) The trough. C) The contractionary phase. D) None of above. Show Answer Correct Answer: A) The peak. 18. It is implies an ideal situation for the buyers and sellers. A) Market Structure. B) Competition. C) Perfect Competition. D) Imperfect Competition. Show Answer Correct Answer: C) Perfect Competition. 19. Greek word meaning "OIKANOMIA" A) Applied Economics. B) Household Management. C) Scarcity. D) Resoursec. Show Answer Correct Answer: B) Household Management. 20. What is Market? A) Exchange of goods. B) A place where parties can gather to facilitate the exchange goods and services. C) Services. D) None of above. Show Answer Correct Answer: B) A place where parties can gather to facilitate the exchange goods and services. ← 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