This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 27 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 27 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It refers to the process of producig or creating goods needed by the households to satisfy their needs. A) Production. B) Distribution. C) Cosumption. D) Exchange. Show Answer Correct Answer: A) Production. 2. In moving along a given demand curve, quantity changes in response to a change in A) Consumer Income. B) Consumer Expectations. C) Price of the Good. D) Consumer Taste. Show Answer Correct Answer: C) Price of the Good. 3. What does LLP stand for? A) Losing Limited Pace. B) Limited Liability Property. C) Limited Liability Partnership. D) Lying Losers Pos. Show Answer Correct Answer: C) Limited Liability Partnership. 4. In this economic system the government can interfere in the prices of the products if needed. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: D) Mixed. 5. It is one of the cause of poverty. A) Economic development. B) Increase in mortality rate. C) Urbanization. D) Inflation. Show Answer Correct Answer: D) Inflation. 6. It is the establishment of a new businesses through revenues earned on fees collected from them and on taxes imposed on the incomes of these businesses. A) Impact of study. B) Impact of Household. C) Impact of Government. D) Impact of International Trade. Show Answer Correct Answer: C) Impact of Government. 7. Oreo cookies are now extremely expensive to purchase. Instead of buying Oreo cookies, I now want to buy Chips Ahoy. What determinant of demand does this likely fall under? A) Change in Price of Substitute Good. B) Change in Price of Complementary Good. C) Change in Consumer Price Expectations. D) Change in Number of Consumers in the Market. Show Answer Correct Answer: A) Change in Price of Substitute Good. 8. What is the relationship between Economics and History? A) History has no impact on economic developments. B) Economics is solely based on ancient historical data. C) Economics shapes historical events. D) They have no relationship. Show Answer Correct Answer: C) Economics shapes historical events. 9. The Application of Economic theories and models in real life. A) Applied economics. B) Needs. C) Economics. D) Wants. Show Answer Correct Answer: A) Applied economics. 10. Market Structure is best defined as the organizational and other characteristics of a market. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 11. True or false:Sellers are able to enter and exit the market freely in a perfect competition, A) True. B) False. Show Answer Correct Answer: A) True. 12. High rate of labor turnover A) Weakness. B) Threat. C) Opportunities. D) Strength. Show Answer Correct Answer: A) Weakness. 13. Which statement expresses a central idea of how the laws of supply and demand work? A) The government sets the prices for goods and services. B) Prices are determined by the interaction of producers and consumers. C) Consumers alone determine the prices for goods and services. D) Technology dictates the prices charged for goods and services. Show Answer Correct Answer: B) Prices are determined by the interaction of producers and consumers. 14. What is mixed economy A) The country's money. B) The World Bank's money. C) Market-base economics system with.limited government involvement. D) A free market. Show Answer Correct Answer: C) Market-base economics system with.limited government involvement. 15. What do you call the stage of production where Total Product is increasing at a fast rate and the Marginal Product and Average Product are both increasing? A) Stage of Decreasing returns. B) Stage of Diminishing returns. C) Stage of Decreasing returns. D) Stage of Increasing returns. Show Answer Correct Answer: D) Stage of Increasing returns. 16. It refers to economic activities derived from or connected to farm products such as crop production, as well as crop processing, transportation and distribution. A) Agriculture. B) Agribusiness. C) Agro-allied. D) Agrochemicals. Show Answer Correct Answer: B) Agribusiness. 17. 8) Father of modern economics a) Alexander Hamiltonb) Mr. Weissingerc) Adam Smithd) none of these A) Alexander Hamiltonb) Mr. Weissingerc) Adam Smithd) none of these. B) Mr. Weissinger. C) Adam Smith. D) None of these. Show Answer Correct Answer: C) Adam Smith. 18. It refers to people who have no jobs and are looking for work. A) Underemployed. B) Full Employed. C) Unemployed. D) None of above. Show Answer Correct Answer: C) Unemployed. 19. How many firms are there in a perfect competition? A) 1. B) 0. C) 2-5. D) Many. Show Answer Correct Answer: D) Many. 20. This framework was developed by Michael Porter. A) Industry Analysis. B) Environmental Scanning. C) SWOT Analysis. D) PORTER'S Five Forces. Show Answer Correct Answer: D) PORTER'S Five Forces. 21. This is the most democratic form of economic system. A) Traditional economy. B) Command economy. C) Market economy. D) Normative economy. Show Answer Correct Answer: C) Market economy. 22. Electricity and water are an example of ..... A) Natural Monopoly. B) Perfect Competition. C) Monopolistic Competition. D) Oligopoly. Show Answer Correct Answer: A) Natural Monopoly. 23. It studies the individual economic units rather than the whole economic system. A) Normative Economics. B) Microeconomics. C) Positive Economics. D) Macroeconomics. Show Answer Correct Answer: B) Microeconomics. 24. Describes very little a change in demand with a large change in price A) Elastic. B) Inelastic. C) Demand curve. D) Price. Show Answer Correct Answer: B) Inelastic. 25. What do you call the unit of measurement in utility? A) Util. B) Utils. C) Satisfaction. D) HHI. Show Answer Correct Answer: B) Utils. 26. Which of the following is not a determinant of demand elasticity? A) Government spending. B) Availability of substitutes. C) Share of consumer's budget spend on good. D) Duration of adjustment period. Show Answer Correct Answer: A) Government spending. 27. Joe owns a shoe store. At the end of the month Joe decides what to do with his profits. A) Command. B) Free Market. C) Traditional. D) None of above. Show Answer Correct Answer: B) Free Market. 28. In environmental analysis, what factor study about the income of the people, target market, inflation, recession, prosperity, demand and supply of the market. A) Economic Forces. B) Political Factors. C) Physical environment. D) Culture and Lifestyle. Show Answer Correct Answer: A) Economic Forces. 29. A market that has a few sellers of basically the same goods. A) Monopolistic Competition. B) Pure Monopoly. C) Oligopoly. D) Perfect Competition. Show Answer Correct Answer: C) Oligopoly. 30. A sluggish agriculture may result an unstable society with the spreas of poverty while insufficiency in food may invite inflationary pressures on dependence on exports. A) False. B) True. Show Answer Correct Answer: A) False. ← 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