This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 97 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 97 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In a SWOT analysis, which among of the following is an external factor?a. financial resources c. market shareb. political and regulatory environment d. patents and trade secrets A) Financial resources. B) Political and regulatory environment. C) Market share. D) Patents and trade secrets. Show Answer Correct Answer: B) Political and regulatory environment. 2. It refers to an income generated from normal business operations and includes discounts and deduction for returned merchandise. A) Expenses. B) Income. C) Revenue*. D) Taxes. Show Answer Correct Answer: C) Revenue*. 3. What happens to price when the market has a surplus A) Price drops. B) Price stays the same. C) Price increases. D) Price triples. Show Answer Correct Answer: A) Price drops. 4. The price where quantity demanded is equal to quantity supplied is called ..... A) Floor Price. B) Price Ceiling. C) Equilibrium Price. D) Price Tag. Show Answer Correct Answer: C) Equilibrium Price. 5. Also known as the labor force. A) Land supply. B) Goods. C) Services. D) Labor Supply. Show Answer Correct Answer: D) Labor Supply. 6. What two factors contribute to scarcity in the production of goods and services? A) Unlimited resources and limited wants. B) Unlimited resources and wants. C) Unlimited wants and limited resources. D) Limited resources and wants. Show Answer Correct Answer: C) Unlimited wants and limited resources. 7. The following are the factors affecting demand of a commodity except: A) Taxes. B) Income. C) Market. D) Tastes or preferences. Show Answer Correct Answer: A) Taxes. 8. Shortage in supply: A) Opportunity Cost. B) Scarcity. C) Unlimited wants. D) Limited wants. Show Answer Correct Answer: B) Scarcity. 9. Refers to the use of economic resources to create goods and services that will be used to satisfy human wants. A) Production. B) Consumption. C) Consumer. D) Average Product. Show Answer Correct Answer: A) Production. 10. 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. A) Complementary Goods. B) Normal Goods. C) Veblen Goods. D) Substitute Goods. Show Answer Correct Answer: C) Veblen Goods. 11. It is concerned with the overall performance of the economy. A) Macroeconomics. B) Microeconomics. C) Positive Economics. D) Normative Economics. Show Answer Correct Answer: A) Macroeconomics. 12. Which one is the factor that must be considered in identifying the goods or services to produce? A) Required quantity. B) Product description. C) Price. D) Availability of resources. Show Answer Correct Answer: D) Availability of resources. 13. What term explains how an economy operates and how the consumer attempts to maximize his/her wants within limited means? A) Economics. B) Scarcity. C) Microeconomics. D) Macroeconomics. Show Answer Correct Answer: A) Economics. 14. Which is NOT one of the sectors of Industries? A) Primary sector. B) Processing sector. C) Secondary sector. D) Tertiary sector. E) None of the above. Show Answer Correct Answer: B) Processing sector. 15. The demand for umbrellas ..... during rainy season. A) Decrease. B) Increase. Show Answer Correct Answer: B) Increase. 16. He was the 39th richest man in the Philippines With a net worth of US$ 39 million. A) Manuel L. Quezon. B) Manuel V. Pacquiao. C) Manuel V. Pangilinan. D) Manuel C. Aquino. Show Answer Correct Answer: C) Manuel V. Pangilinan. 17. Which of the following best describes the Law of Demand? A) As price goes down, demand goes down. (and vice versa). B) As price goes down, demand goes up (and vice versa). C) As demand goes down, supply goes up. D) As demand goes up, price becomes elastic. Show Answer Correct Answer: B) As price goes down, demand goes up (and vice versa). 18. The economy seems to be doing really well. Almost everyone has a job, which is good, but it's leading to inflation. If Congress and the President want to decrease the inflation rate, which policy should they choose? A) Increase Government Spending. B) Decrease Government Spending. Show Answer Correct Answer: B) Decrease Government Spending. 19. In the circular flow model, the product market describes ..... A) Stores that sell goods and services to households. B) The government paying for public goods. C) Households selling their labor to businesses. D) Households receive income from businesses. Show Answer Correct Answer: A) Stores that sell goods and services to households. 20. Sole proprietorship and partnership business in the Philippines must be owned by ..... A) Foreigners and Filipinos. B) 100% Filipinos. C) Foreigners only because they are capitalist. D) Anybody, foreigners or not as long as they have the capital. Show Answer Correct Answer: D) Anybody, foreigners or not as long as they have the capital. ← 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