This quiz works best with JavaScript enabled. Home > Economics > Applied Economics > Applied Economics – Quiz 99 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 99 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Shareholders legally own the corporation. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 2. A form of business in which there is only one owner is referred to as a A) Corporation. B) Sole Proprietorship. C) Partnership. D) Franchise. Show Answer Correct Answer: B) Sole Proprietorship. 3. Economics also classified as ..... science because it deals with the study of man's life and how it deals with other men? A) Social. B) Cultural. C) Biological. D) Political. Show Answer Correct Answer: A) Social. 4. Describe the type of market that a particular business or industry operates in. A) Opportunity. B) Entrepreneur. C) Business. D) Market Structure. Show Answer Correct Answer: D) Market Structure. 5. Buildings, machinery, equipment are examples of what goods? A) Economic goods. B) Consumer goods. C) Capital goods. D) Luxury goods. Show Answer Correct Answer: C) Capital goods. 6. The means through with society determines the answers to the basic economic problems mentioned. A) Economic system. B) Traditional economy. C) Market economy. D) Planned economy. Show Answer Correct Answer: A) Economic system. 7. Kinds of economic system where the authoritative system where in decision making is centralized in the government or a planning committee A) Command economy. B) Traditional economy. C) Market economy. D) None of above. Show Answer Correct Answer: A) Command economy. 8. Suppliers often reduce prices in a commodity because they A) Have a shortage of products to sell. B) Want to decrease consumer demand. C) Have a surplus of products to sell. D) Want to increase the product supply. Show Answer Correct Answer: C) Have a surplus of products to sell. 9. I am a restourent owner and I like to keep my customers happy by providing them with excellent food and options?what industry am I? A) Wholesale. B) Service. C) Manufacturing. D) Agriculture. Show Answer Correct Answer: B) Service. 10. The additional output produced by an additional unit of the input A) Marginal Product. B) Total Product. C) Marginal Utility. D) Average Product. Show Answer Correct Answer: A) Marginal Product. 11. Positive growth of economy A) Strength. B) Weakness. C) Opportunities. D) Threat. Show Answer Correct Answer: C) Opportunities. 12. Business ethics refers to any behavior by businesses that may A) Be illegal. B) Violate social or moral standards. C) Result in the maximization of profits. D) All of the above. Show Answer Correct Answer: B) Violate social or moral standards. 13. Which of the following is an example of a non-renewable resource? A) Wind energy. B) Solar energy. C) Fossil fuels. D) Water. Show Answer Correct Answer: C) Fossil fuels. 14. The law that states the higher the price, the higher the quantity supplied. A) Equilibrium. B) Law of Demand. C) Law of Supply. D) Market equilibrium. Show Answer Correct Answer: C) Law of Supply. 15. Metropolitan Bank & Trust Company (Metrobank) and Nestle Philippines are examples of ..... A) Partnerships. B) Sole proprietorship. C) Franchise. D) Corporation. Show Answer Correct Answer: D) Corporation. 16. Which of the following describes equal proportion in demand and supply? A) Shift of the demand curve to the right and shift of the supply curve to the right. B) Shift of the demand curve to left and shift of the supply curve to the left. C) Demand and supply curve are in a point of equilibrium. D) Shift of the demand curve to the left and shift of the supply curve to the right. Show Answer Correct Answer: C) Demand and supply curve are in a point of equilibrium. 17. In Porter's five forces model, the 'threat of new entrants' relates to: A) Barriers to entry. B) Substitutes. C) Switching cost. D) Buyer power. Show Answer Correct Answer: A) Barriers to entry. 18. Quantities offered at various prices by all firms that offer products for sale in a given market A) Total product. B) Total cost. C) Supply. D) Market supply curve. Show Answer Correct Answer: D) Market supply curve. 19. What is characterized by changes in conditions where supply and demand are out of balance? A) Market Price. B) Market Disequilibrium. C) Market Equilibrium. D) None of above. Show Answer Correct Answer: B) Market Disequilibrium. 20. Which of the following is the correct formula for demand function? A) Qd = a+b(P). B) Qd = a-b(P). C) Qd = a/b(P). D) Qd = a(b)(P). Show Answer Correct Answer: B) Qd = a-b(P). ← 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