This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 16 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Is there any advantage in a country if they have delegates or representative in the World trade Organization? A) Yes, it can promote a good relationship to other country. B) Yes, country will be updated in all means. C) No, its just a waste of time. D) No, it creates a disadvantage on their part. Show Answer Correct Answer: A) Yes, it can promote a good relationship to other country. 2. A group of buyer and sellers of a particular good or service A) Supply. B) Agency. C) Demand. D) Market. Show Answer Correct Answer: D) Market. 3. What is the social science that examines how individuals, businesses, and societies make choices to allocate resources to meet their needs and wants? A) Scarcity. B) Opportunity Cost. C) Supply and Demand. D) Economics. Show Answer Correct Answer: D) Economics. 4. It is the distribution process where one organization buys products/goods or services and selling them to customers for personal use. A) Retailer. B) Retail. C) Retailing. D) All of the above. Show Answer Correct Answer: C) Retailing. 5. What is the purpose of performing a SWOT Analysis? (CRE) A) Identifies internal and external factors that may affect the business future performance. B) Access a organisations performance. C) Evaluates whether the business venture is a good idea. D) Gives the management team a broader view on the potential opportunity. Show Answer Correct Answer: A) Identifies internal and external factors that may affect the business future performance. 6. He introduced the phrase "Applied Economics" . A) Nicholas Gregory Mankiw. B) John Neville Keynes. C) Paul Samuelson. D) Alfred Marshall. Show Answer Correct Answer: B) John Neville Keynes. 7. It is attained whereQd = Qs A) Market Equilibrium. B) Demand Quantity. C) Equilibrium Quantity. D) Supply Quantity. Show Answer Correct Answer: C) Equilibrium Quantity. 8. Which of the following statements about co-operative business organisations is true? A) All co-operatives are only concerned with retailing. B) Profits are shared equally amongst members. C) They are owned by shareholders. D) Workers have no say in decision-making. Show Answer Correct Answer: B) Profits are shared equally amongst members. 9. What is this relationship? A) ELASTIC. B) INELASTIC. C) PERFECTLY ELASTIC. D) PERFECTLY INELASTIC. E) UNITARY ELASTIC. Show Answer Correct Answer: E) UNITARY ELASTIC. 10. Differentiation is ..... A) Having identical products. B) Copying another business. C) Small differences that make your product unique. D) Having control of the market value. Show Answer Correct Answer: C) Small differences that make your product unique. 11. It is the limitation of resources to answer the expanding human wants. A) Wants. B) Scarcity. C) Trade-offs. D) Decision-making. Show Answer Correct Answer: B) Scarcity. 12. These factors are beyond the control of the management however, have agreat impact on the performance, decision making, and strategy of thebusiness. A) Micro Environment. B) Macro Environment. C) External Environment. D) Internal Environment. Show Answer Correct Answer: C) External Environment. 13. A tool used by most businesses to assess and understand the internal and external forces that may affect the company's future performance. A) Porter's Five Forces Model. B) SWOT Analysis. C) PESTLE Analysis. D) Industry Analysis. Show Answer Correct Answer: B) SWOT Analysis. 14. What is the Example of Market structure A) Perfect competition. B) Number of sellers. C) Many sellers. D) Pure competition. Show Answer Correct Answer: A) Perfect competition. 15. Refers to the difference between a subject's reference price and the featured price. A) Acquisition utility. B) Transaction utility. Show Answer Correct Answer: B) Transaction utility. 16. It can be an instrument for the allocation of resources through a market system. A) Price. B) Income. C) Interest. D) Demand. Show Answer Correct Answer: A) Price. 17. This is an economic system where people follow the occupation of their ancestors: A) Command. B) Market. C) Mixed. D) Traditional. Show Answer Correct Answer: D) Traditional. 18. Which of the following does not belong to macroeconomic policy goals of a country A) Limit unemployment. B) Raise unemployment. C) Keep prices stable. D) Keep the economy growing over time. Show Answer Correct Answer: B) Raise unemployment. 19. Economists point out that scarcity must be addressed to protect the A) The poor but not the rich. B) Both the poor and the rich. C) Neither the poor nor the rich. D) The poor but never the rich. Show Answer Correct Answer: B) Both the poor and the rich. 20. This process helps to identify those internal and external factors of the environment which affect the organization's abilities to work properly A) Political factors. B) Environmental analysis. C) Physical environment. D) Economic forces. Show Answer Correct Answer: B) Environmental analysis. 21. It refers to the cost advantage experienced by a firm when it increases itslevel of output. A) Production Costs. B) Cost Efficiencies. C) Economies of Scale. D) Budget Constraints. Show Answer Correct Answer: C) Economies of Scale. 22. This factor of production is paid in the form of rent or lease. A) Land. B) Labor. C) Capital. D) Entrepreneur. Show Answer Correct Answer: A) Land. 23. The computers of the production manager in an office are what kind of goods or products? A) Consumer goods. B) Capital goods. C) Both consumer and capital goods. D) Economic goods. Show Answer Correct Answer: B) Capital goods. 24. It is when a single firm that sells in the market has no close substitutes A) Microeconomics. B) Oligopoly. C) Monopoly. D) Monopolistic competition. Show Answer Correct Answer: C) Monopoly. 25. A sole proprietor is not personally liable for the obligations of his or her business. A) FALSE. B) TRUE. Show Answer Correct Answer: A) FALSE. 26. Non-price competition is the use of ads, giveaways, or promotions to win customers A) True. B) False. Show Answer Correct Answer: A) True. 27. PHYSICAL AND HUMAN EFFORT EXERTED IN PRODUCTION A) LABOR. B) WANTS. C) CAPITAL. D) NEEDS. Show Answer Correct Answer: A) LABOR. 28. It refers to an idea into a business. A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: D) Entrepreneurship. 29. The economy of the Philippines was the second largest in East Asia after World War II. A) FALSE. B) TRUE. Show Answer Correct Answer: B) TRUE. 30. Circular flow of economic activity A) The law suggests the idea that money should not be hoarded and kept to flow in the economy to ensure economic activity and income. B) The theory suggests that money and goods from the firm go to businesses and then back to the households. C) A theory in economics first observed by JM Keynes, which suggests that the money and goods in an economy move in a circle fashion chasing each other indefinitely. D) All of the above. Show Answer Correct Answer: C) A theory in economics first observed by JM Keynes, which suggests that the money and goods in an economy move in a circle fashion chasing each other indefinitely. ← 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