This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 25 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 25 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A business with the main purpose of gaining profit is called ..... A) Profitability. B) Scalability. C) Big Idea. D) Autonomy. Show Answer Correct Answer: A) Profitability. 2. Economics is the study of ..... A) People making choices because of the problem of scarcity. B) How to operate a business. C) How to make money. D) The Government decision process. Show Answer Correct Answer: A) People making choices because of the problem of scarcity. 3. Are goods that can be used in place of another. A) Substitutes. B) Customer. C) Competition. D) Suppliers. Show Answer Correct Answer: A) Substitutes. 4. An interaction between buyers and sellers of trading or exchange. A) Business. B) Market. C) Economy. D) Supply. Show Answer Correct Answer: B) Market. 5. 41) Goods that are bought and used together are a) substitute goodsb) income goodc) unrelated goodsd) complementary goods. A) Complementary goods. B) Unrelated goods. C) Substitute goods. D) Income good. Show Answer Correct Answer: A) Complementary goods. 6. Tools we use to make products A) Human resources. B) Capital resources. C) Natural resources. D) Entrepreneurs. Show Answer Correct Answer: B) Capital resources. 7. Are those that can be changed easily and on short notice. A) Input. B) Fixed Inputs. C) Output. D) Variable Input. Show Answer Correct Answer: D) Variable Input. 8. Utilities such as gas, water, cable television A) Perfect Competition. B) Monopoly. C) Oligopoly. D) Monopolistic Competition. Show Answer Correct Answer: B) Monopoly. 9. Economics is best defined as the study of how people, businesses, governments, and societies A) Make choices to cope with scarcity. B) Choose abundance over scarcity. C) Attain wealth. D) Use their infinite resources. Show Answer Correct Answer: A) Make choices to cope with scarcity. 10. It is typically measured through GDP A) Expenditure. B) Economic System. C) GNP. D) Economic System. Show Answer Correct Answer: B) Economic System. 11. The supplies at every occasion are example of A) Perfectly Elastic Supply. B) Unitary Elastic Supply. C) Inelastic Supply. D) Elastic Supply. E) Perfectly Inelastic Supply. Show Answer Correct Answer: D) Elastic Supply. 12. Which of the following is the main objective of industries? A) To earn profit for the owners. B) To evaluate the best business. C) To be a part of modernization. D) To become popular in the business industry. Show Answer Correct Answer: A) To earn profit for the owners. 13. Laws that encourage competition and break up monopolies/oligopolies in the marketplace. A) Deregulation Laws. B) Price Fixing Laws. C) Antitrust Laws. D) Free Market Laws. Show Answer Correct Answer: C) Antitrust Laws. 14. Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather. A) Free Market. B) Traditional. C) Mixed. D) Command. Show Answer Correct Answer: B) Traditional. 15. Jennifer Lopez is seen wearing a new short and sleek dress. People now want this dress. Which demand determinant is this most likely to fall under? A) Change in Consumer Tastes. B) Change in Price of Substitute Good. C) Change in Consumer Price Expectations. D) Change in Consumer Income. Show Answer Correct Answer: A) Change in Consumer Tastes. 16. The law of demand applies during online sales of computers when consumers rush to buy products at 30% discounts. A) True. B) False. Show Answer Correct Answer: A) True. 17. It refers to the costs and sacrifices that we have to carry, making decision based on alternatives give. A) Allocation. B) Distribution. C) Opportunity Cost. D) Production. Show Answer Correct Answer: C) Opportunity Cost. 18. Which of the following best describe Gross Domestic Product or GDP? A) Foreign residents. B) Made in the Philippines. C) Residents of a country. D) Made by Filipinos. Show Answer Correct Answer: B) Made in the Philippines. 19. It is the condition of balance or equality A) Perfect competition. B) Law of supply. C) Oligopoly. D) Equilibrium price. Show Answer Correct Answer: D) Equilibrium price. 20. Seek to locate the power in a business situation, its current competitive position, and the strength of a position that an organization may enter to. A) SWOT Analysis. B) Porter's Five Forces of Competitive Position Analysis. Show Answer Correct Answer: B) Porter's Five Forces of Competitive Position Analysis. 21. Which refers to products that are identical or similar? A) Heterogeneous. B) Homogeneous. C) Differentiated. D) Customized. Show Answer Correct Answer: B) Homogeneous. 22. It is the extra utility that a consumer derives from an additional unit of a good or service. A) Total utility. B) Marginal utility. C) Decrease utility. D) Increased utility. Show Answer Correct Answer: B) Marginal utility. 23. Consumer Theory describes how consumers make decisions on what to buy. A) False. B) True. Show Answer Correct Answer: B) True. 24. Entrepreneurs are dreamers and believe their ideas are possible, even when they seem unattainable. A) Opportunity Seeker. B) Self Confidence. C) Optimistic. D) Hardworking. Show Answer Correct Answer: C) Optimistic. 25. It describes what an organization excels at and what separates it from thecompetition. A) Strengths. B) Weaknesses. C) Opportunities. D) None of the above. Show Answer Correct Answer: A) Strengths. 26. It is a condition where all other factors than the price are held constant. A) Faux Pax. B) Pacta Sunt Servanda. C) Ceteris Paribus. D) Omnibus Nomen. Show Answer Correct Answer: C) Ceteris Paribus. 27. States that additional output starts to diminish at a certain point as additional units of a variable input are combined with one or more fixed inputs. A) The Law of Diminishing Marginal Returns. B) Production. C) Production function. D) Hirschman Index (HHI). Show Answer Correct Answer: A) The Law of Diminishing Marginal Returns. 28. Which best describes the following?Bread and Butter:Coffee and CreamerPencils and Notebooks:Phone and Sim CardCar and Petroleum:Movies and Pop Corn A) Shortage. B) Complements. C) Surplus. D) Equilibrium. Show Answer Correct Answer: B) Complements. 29. Given this Qd = 6-P/2. What is the quantity demand if the price is 6? A) 3. B) 1. C) 4. D) 2. Show Answer Correct Answer: A) 3. 30. Monopolies can control the price of a product because ..... A) The have a unique product. B) The government supports them. C) They are illegal. D) They are evil. Show Answer Correct Answer: A) The have a unique product. ← 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