This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 12 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. As the price of an item goes up, suppliers will attempt to maximize their profits by increasing the quantity offered for sale. The statement refers to ..... A) Law of supply. B) Law of demand. C) Demand schedule. D) Supply schedule. Show Answer Correct Answer: A) Law of supply. 2. What was one of the economic factors driving the 2008 financial crisis? A) Stable lending practices. B) High demand for homes. C) Government policies. D) Low unemployment rate. Show Answer Correct Answer: B) High demand for homes. 3. This refers to the favorable external factors that could give an organization a competitive advantage. A) Opportunities. B) Strengths. C) Threats. D) Weaknesses. Show Answer Correct Answer: A) Opportunities. 4. Shortage means ..... A) Quantity demanded is greater than quantity supplied. B) Quantity demanded is equal to quantity supplied. C) Quantity demanded is less than quantity supplied. D) None of the above. Show Answer Correct Answer: A) Quantity demanded is greater than quantity supplied. 5. .... is a type of a partnership which all general partners have unlimited liability and loan payments will extend to their personal property. A) General Partnership. B) Porter's five forces Analysis. C) SWOT Analysis. D) General Partnership. Show Answer Correct Answer: A) General Partnership. 6. It is when the market is dominated by small number of strategy cali interacting firms A) Monopolistic competition. B) Monopoly. C) Perfect competition. D) Oligopoly. Show Answer Correct Answer: D) Oligopoly. 7. Which of the following is/are the roles and functions of the Bangko Sentral ng Pilipinas (BSP)? A) Liquidity management through the control of the money supply. B) Determine the exchange rate policy. C) Financial adviser to the government and its GOCCs. D) All of the above. Show Answer Correct Answer: D) All of the above. 8. Your staff had bad relations with the manager. A) Strengths. B) Weaknesses. C) Threats. D) Opportunities. Show Answer Correct Answer: B) Weaknesses. 9. GoPro & Red Bull. Pottery Barn & Sherwin-Williams. Casper & West Elm. are examples of ..... A) Corporation. B) Franchise. C) Partnerships. D) Sole proprietorship. Show Answer Correct Answer: C) Partnerships. 10. The people who make or provide goods and services A) Creator. B) Seller. C) User. D) Producer. Show Answer Correct Answer: D) Producer. 11. The following must be considered in analyzing the industry except: A) Geographic area. B) Description of the product. C) Size and outlook of the industry. D) Relationship with supplier. Show Answer Correct Answer: D) Relationship with supplier. 12. Identify the type of market that matches each itemStocks Certificates A) GOODS MARKET. B) FINANCIAL MARKET. C) LABOR MARKET. D) None of above. Show Answer Correct Answer: B) FINANCIAL MARKET. 13. Lower prices typically ..... A) Motivate consumers to buy. B) Motivate producers to enter a market. C) Discourage producers from leaving a market. D) Discourage consumers from buying. Show Answer Correct Answer: A) Motivate consumers to buy. 14. An economist would probably state that in a market economy, prices are generally determined by the interaction between A) Producers and labor unions. B) Wholesalers and retailers. C) Consumers and government officials. D) Buyers and sellers. Show Answer Correct Answer: D) Buyers and sellers. 15. Who will benefit If the new business can provide new goods and services, better quality and more options? A) Low income people. B) Producers. C) Consumer. D) Suppliers. Show Answer Correct Answer: C) Consumer. 16. Which of the following resources can be considered not scarce? A) Money. B) Businesses. C) Time. D) Capital. Show Answer Correct Answer: B) Businesses. 17. When do economic principles have a significant impact on government decision-making? A) Only during international conflicts. B) During economic crises and in crafting policies for economic well-being. C) During peaceful times only. D) Only in election years. Show Answer Correct Answer: B) During economic crises and in crafting policies for economic well-being. 18. At this point, quantity demanded is equal to quantity supplied (Q ..... d-Q ..... s) A) Market. B) Law of Demand. C) Law of Supply. D) Market Equilibrium. Show Answer Correct Answer: D) Market Equilibrium. 19. These are the factors for Socio-economic Impact Studies A) Household. B) Government. C) All of the above. D) None of the above. Show Answer Correct Answer: C) All of the above. 20. An increase in income shifts the demand curve upward rather than downward because: A) Income increases demand. B) Increase in income decreases price. C) Price is increased. D) None. Show Answer Correct Answer: A) Income increases demand. 21. If the quantity demanded is greater than quantity supplied, there is ..... A) Excess Demand. B) Excess supply. C) No Excess. D) Competition. Show Answer Correct Answer: A) Excess Demand. 22. The following describe the importance of applying applied economics in solving an economic problem, EXCEPT one. A) It creates problem and solution to a given situation. B) It becomes a powerful tool to reveal the true and complete situation. C) It acts as mechanism to determine what steps can reasonably be taken. D) It can teach valuable lesson on how to avoid the recurrence of a negative situation. Show Answer Correct Answer: A) It creates problem and solution to a given situation. 23. Below are the examples of retail trade business, EXCEPT. A) Online Store. B) Online Store. C) Motorcycle Trade. D) None of the above. Show Answer Correct Answer: D) None of the above. 24. It is a tablethat summarizes the quantity demanded for every price level. A) Demand Table. B) Demand Schedule. C) Demand Curve. D) Demand. Show Answer Correct Answer: B) Demand Schedule. 25. Determined by the willingness and ability of producers to sell a product ( good or service) at different prices. A) Demand. B) Market Demand. C) Supply. D) Law of Supply. Show Answer Correct Answer: C) Supply. 26. A place or situation in which the buyers and sellers of a product interact for the purpose of exchange A) Church. B) Market. C) Bank. D) Economy. Show Answer Correct Answer: B) Market. 27. When the amount that buyers are willing to buy is not the same as the amount the producers are willing to sell at a given price, is an example of ..... A) Equilibrium. B) Disequilibrium. C) Market Pressure. D) Market Situation. Show Answer Correct Answer: B) Disequilibrium. 28. TRUE OR FALSE:Many stores offer a wider array of products online than they carry in their brick-and-mortar counterparts. A) FALSE. B) TRUE. Show Answer Correct Answer: B) TRUE. 29. If there is scarcity in public transportation, what should the learners do? A) The government must import units of car from neighbor countries. B) Home based learning is an alternative choice for access to education. C) Stop learning while waiting for transportation shortage to be solved. D) All choices are applicable. Show Answer Correct Answer: B) Home based learning is an alternative choice for access to education. 30. This the brain of the economy A) Capital. B) Entrepreneur. C) Land. D) Labor. Show Answer Correct Answer: B) Entrepreneur. ← PreviousNext →Related QuizzesEconomics QuizzesFinance QuizzesApplied Economics Quiz 1Applied Economics Quiz 2Applied Economics Quiz 3Applied Economics Quiz 4Applied Economics Quiz 5Applied Economics Quiz 6Applied Economics Quiz 7Applied Economics Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books