This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 17 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In a SWOT analysis, which among of the following is an internal factor? A) Company culture. B) Suppliers. C) Competitors. D) Customers. Show Answer Correct Answer: C) Competitors. 2. What is the relationship between the Price and Quantity Demanded? A) Positive Relationship. B) Inverse Relationship. C) Direct Relationship. D) Mixed Relationship. Show Answer Correct Answer: B) Inverse Relationship. 3. Who determines the quantity of a good or service that suppliers are willing to offer in the market? A) Consumers. B) Producers and suppliers. C) Government authorities. D) Financial analysts. Show Answer Correct Answer: B) Producers and suppliers. 4. The ability to make something using fewer resources than other producers require. A) Productive Efficiency. B) Law of Comparative Advantage. C) Specialization. D) Absolute Advantage. Show Answer Correct Answer: D) Absolute Advantage. 5. ..... Shortage of goods and services is an economic problem; and shortages are always constant. A) FALSE. B) TRUE. Show Answer Correct Answer: A) FALSE. 6. What is the financial gain made in transactions? A) Profit. B) Scarcity. C) Resource. D) Wage. Show Answer Correct Answer: A) Profit. 7. This is the income after taxes. A) Salary. B) Discretionary income. C) Disposable income. D) Wage. Show Answer Correct Answer: D) Wage. 8. The most traded currency and sometimes called Greenback. A) US dollar. B) Japanese yen. C) Euro. D) None of above. Show Answer Correct Answer: A) US dollar. 9. At lower prices, an individual has a greater purchasing power. But at higher prices, he can buy less. A) INCOME EFFECT. B) LAW OF SUPPLY. C) LAW OF DEMAND. D) MARKET. Show Answer Correct Answer: A) INCOME EFFECT. 10. The capability of a system to expand its total output under an increased volume of work when resources are added. A) Profitability. B) Scalability. C) Big Idea. D) Autonomy. Show Answer Correct Answer: B) Scalability. 11. Characteristics that an entrepreneur should posses includes ..... A) Innovative. B) Value-creating. C) Growth-oriented. D) All of the above. Show Answer Correct Answer: D) All of the above. 12. Water is an example of: A) Natural Resources. B) Human Resources. C) Man-made Resources. D) None of the above. Show Answer Correct Answer: A) Natural Resources. 13. What is this condition where there are insufficient resources to satisfy the needs and wants of a population? A) Economics. B) Unemployment. C) Scarcity. D) Social Science. Show Answer Correct Answer: C) Scarcity. 14. It is a human factor of production. A) Land. B) Labor. C) Capital. D) Entrepreneur. Show Answer Correct Answer: B) Labor. 15. It is related to the growth and development of flora and fauna by multiplying a certain species of plans and breeding of animals. A) Analytical Industry. B) Extractive Industry. C) Synthetic Industry. D) Genetics Industry. Show Answer Correct Answer: D) Genetics Industry. 16. Debt is the payment for the use of land and other natural or economic resources that is in fixed supply. A) True. B) False. Show Answer Correct Answer: B) False. 17. What is the most fundamental economic problem? A) Health. B) Security. C) Scarcity. D) Buying more imported products. Show Answer Correct Answer: C) Scarcity. 18. The price of a unit of foreign currency in terms of the domestic currency. A) Power Rate. B) Exchange Rate. C) Banking Rate. D) Consumer Rate. Show Answer Correct Answer: B) Exchange Rate. 19. An industry that builds small products such as electronics and furniture is called what? A) Heavy. B) Light. C) Manufecturing. D) Service. Show Answer Correct Answer: B) Light. 20. The original and primary factor of production A) Land. B) Labor. C) Capital. D) Entrepreneur. Show Answer Correct Answer: A) Land. 21. These are an important legal barriers that give rise to monopolies. A) Patent, Copyright. B) Signature, Dry Seal. C) Taxes, Interests. D) Money-laundering, Corruption. Show Answer Correct Answer: A) Patent, Copyright. 22. The study of the ways that individuals and societies allocate their limited resources to satisfy their unlimited wants. A) Scarcity. B) Applied science. C) Economics. D) Applied economics. Show Answer Correct Answer: C) Economics. 23. When can we say that a Business is NOT viable? A) It has sufficient cash. B) When it has more revenue coming in. C) When it is returning a profit. D) When it has more spending on the costs of running the business. Show Answer Correct Answer: D) When it has more spending on the costs of running the business. 24. Which of the following explains opportunity? A) Emerging competitors. B) Emerging needs for your products and services. C) Negative media or press. D) Things you company does well. Show Answer Correct Answer: D) Things you company does well. 25. There are many different theories of economic development, but most of their ideas about how the economy develops converge. Which of the following IS NOT something these theories would promote? A) The government should work on developing human and infrastructural capital to foster economic growth. B) Policies, financial institutions and the business environment should encourage consumption, investment and technological progress. C) Economic growth/development is heavily dependent on a country's natural resources. Countries with a lack of natural resources also lack development possibilities. D) All of the above are correct. Show Answer Correct Answer: C) Economic growth/development is heavily dependent on a country's natural resources. Countries with a lack of natural resources also lack development possibilities. 26. Rental on land could not be increased by landowners because of the Rent Control Law. A) Microeconomics. B) Macroeconomics. Show Answer Correct Answer: A) Microeconomics. 27. DESIRES FOR NON-ESSENTIAL ITEMS A) WANTS. B) LABOR. C) CAPITAL. D) NEEDS. Show Answer Correct Answer: A) WANTS. 28. Consumer sovereignty has certain assumptions regarding consumer behavior EXCEPT ..... A) Consumers are rational. B) Preferences exist over various goods and services in the market, using the concept of marginal utilities. C) Consumer are subject to budget constraints. D) Prices exist due to unlimited wants and the scarcity of resources. E) Manage the lifecycle. Show Answer Correct Answer: E) Manage the lifecycle. 29. When does market equilibrium occur? A) When demand exceeds supply. B) When demand and supply are equal. C) It never occurs in real markets. D) When supply exceeds demand. Show Answer Correct Answer: B) When demand and supply are equal. 30. In this type of economic system, ancient methods are used in deciding what goods to produce. A) Traditional. B) Command. C) Market Economy. D) Trade. Show Answer Correct Answer: A) Traditional. ← 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