This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 98 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 98 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It is the exchange of information or business transactions using any form of electronic communication. A) E-Commerce. B) Online Business. C) Digital Market. D) Online Economy. Show Answer Correct Answer: A) E-Commerce. 2. The government should take measures to reduce inflation. The statement above is considered as a ..... A) Positive statement. It is factual. B) Positive statement. It expresses an opinion. C) Normative statement. It is factual. D) Normative statement. It expresses an opinion. Show Answer Correct Answer: D) Normative statement. It expresses an opinion. 3. What is Competition A) Rivalry among the various buyers and sellers in the market. B) Rivalry among the various buyers and sellers. C) Rivalry among the various buyers and sellers in production. D) None of above. Show Answer Correct Answer: A) Rivalry among the various buyers and sellers in the market. 4. These are the unprocessed goods like logs, wheat which are extracted from sources and do not undergo process of production. A) Raw materials. B) Final goods. C) Intermediate Goods. D) Second Hand goods. Show Answer Correct Answer: A) Raw materials. 5. In what type of business organization is each owner personally liable for all business debts, even if the debts were created by other owners? A) Corporation. B) Partnership. C) Proprietorship. D) Corporation. Show Answer Correct Answer: B) Partnership. 6. Co-founder of Paul Allen in Microsoft Corporation. A) Bill Gates. B) Micheal Gates. C) Bill Pangilinan. D) Bill Allen. Show Answer Correct Answer: A) Bill Gates. 7. The state of not being employed or no work A) Underemployed. B) Employed. C) Unemployed. D) None of above. Show Answer Correct Answer: C) Unemployed. 8. Which of the following that may investors may adopt various marketing strategies? A) Passive and Active Investors. B) Slow and fast investors. Show Answer Correct Answer: A) Passive and Active Investors. 9. The physical effort of the manpower to produce the basic needs of the consumers, describes which factor of production? A) Land. B) Capital. C) Labor. D) Entrepreneur. Show Answer Correct Answer: B) Capital. 10. High competitive rivalry is due to: A) Slow industry growth. B) High exit barriers. C) Highly committed business owners. D) All of the above. Show Answer Correct Answer: D) All of the above. 11. Describe the product as to physical attribute and characteristics and its uses. A) Industry. B) Product. C) Regulatory Environment. D) Buyers. Show Answer Correct Answer: B) Product. 12. Identify the type of economic system described in each statement.What to produce, how to produce, and for whom to produce are governed by traditions. A) Traditional Economy. B) Market Economy. C) Planned/ Command Economy. D) None of above. Show Answer Correct Answer: A) Traditional Economy. 13. An economic resource that includes the natural resources. A) Land. B) Labor. C) Capital. D) Entrepreneur. Show Answer Correct Answer: A) Land. 14. It is the limited nature of society's resources. A) Economics. B) Scarcity. C) Efficiency. D) Model. Show Answer Correct Answer: B) Scarcity. 15. Its perspective focuses on parts of the economy:individuals, firms, and industries. A) Macroeconomics. B) Microeconomics. C) Social Science. D) Applied Science. Show Answer Correct Answer: B) Microeconomics. 16. Price selling on the other hand is the legally imposed ..... price on the market. A) Maximum. B) Minimum. Show Answer Correct Answer: A) Maximum. 17. Refugee A) To move to a country. B) Something that encourages people to leave a country behind. C) To move from a country. D) Someone who seeks safety by going to another country. Show Answer Correct Answer: D) Someone who seeks safety by going to another country. 18. Created in the 1960s by business gurus, Edmund P. Learned, C. Roland Christensen, Kenneth Andrews, and William D. Book in their book, Business Policy, Text and Cases (1969). A) SWOT Analysis. B) Porter's Five Forces of Competitive Position Analysis. Show Answer Correct Answer: A) SWOT Analysis. 19. They produce goods and services for the households. A) Firms. B) Households. C) Business revenues. D) Resources. Show Answer Correct Answer: A) Firms. 20. A type of Inflation wherein there is a double or triple digital inflation rate of 20%, 100%, or 200%. A) Creeping Inflation. B) Galloping Inflation. C) Hyperinflation. D) Swinging inflation. Show Answer Correct Answer: B) Galloping Inflation. ← 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