This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 29 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 29 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Steel, automobiles, airlines, aircraft manufacturers A) Monopoly. B) Monopolistic Competition. C) Oligopoly. D) Perfect Competition. Show Answer Correct Answer: C) Oligopoly. 2. The term Households, refers to all the consumers in our economy A) True. B) False. Show Answer Correct Answer: A) True. 3. It is an interaction between buyers and sellers of trading or exchange. It is where the consumer buys and the seller sells. A) Online Market. B) Supermarket. C) Market. D) Barter. Show Answer Correct Answer: C) Market. 4. Is a market dominated by a few suppliers. A) Monopoly. B) Oligopoly. C) Pure monopoly. D) None of above. Show Answer Correct Answer: B) Oligopoly. 5. Resources that refers to the qualities of a human being. A) Natural Resources. B) Human Resources. C) Physical Resources. D) Capital resources. Show Answer Correct Answer: B) Human Resources. 6. Which of the following show cases strength of a business? A) Improved company reputation. B) Skilled and knowledgeable staff. C) Entry of competitors. D) Costly set-up. Show Answer Correct Answer: B) Skilled and knowledgeable staff. 7. What is the value of the next best alternative foregone when a choice is made, illustrating the cost of making decisions? A) Sunk Cost. B) Opportunity Cost. C) Profit Margin. D) Overhead Cost. Show Answer Correct Answer: B) Opportunity Cost. 8. If the price is increasing what is the effect in quantity demanded A) Equal. B) Increasing. C) Blessing. D) Decreasing. Show Answer Correct Answer: D) Decreasing. 9. Individuals or companies who desires to possess or make us of products and services. A) Suppliers. B) Customers. Show Answer Correct Answer: B) Customers. 10. The exchange rate refers to the value of a nation's currency versus the currency of another nation or economic zone. A) False. B) True. Show Answer Correct Answer: B) True. 11. What is the value of price if the demand function is Qd = 18-3P and the Qd is equal to 12. A) 4. B) 1. C) 3. D) 2. Show Answer Correct Answer: D) 2. 12. It is a process of combining various inputs to produce an output for consumption. A) Product. B) Consumption. C) Consume. D) Production. Show Answer Correct Answer: B) Consumption. 13. Economist points out that scarcity confronts ..... A) Both the poor and the rich people. B) Neither the poor nor the rich people. C) The poor but not the rich people. D) The rich but not the poor people. Show Answer Correct Answer: A) Both the poor and the rich people. 14. The three problems of economics is what to produce, how to produce and ..... A) Where to produce. B) Which one to produce. C) For whom it will be produced. D) When to produce. Show Answer Correct Answer: C) For whom it will be produced. 15. Reap the fruits of natural resources like the soil, water, forests. A) Agriculture, Fishery and Forestry. B) Industrial Sector. C) Service Sector. D) Environmental Sector. Show Answer Correct Answer: A) Agriculture, Fishery and Forestry. 16. The reason of Philippine government to enforce The Philippine Competition Act is: A) To limit competition. B) To provide additional public goods & services. C) To promote healthy competition. D) To increase taxes. Show Answer Correct Answer: C) To promote healthy competition. 17. According to him, economics is a science of choice. A) Fajardo. B) Nordhaus. C) Hall and Loeberman. D) Samuelson. Show Answer Correct Answer: B) Nordhaus. 18. The number of suppliers in a market. A) Market structure. B) Barriers to entry. Show Answer Correct Answer: A) Market structure. 19. In this system, the government owns most properties and resources, and economic decisions are made through a central economic plan. A) Socialism. B) Communism. C) Free Market Economy. D) Command Economy. Show Answer Correct Answer: D) Command Economy. 20. What is the study of how individuals, businesses, and societies allocate resources to satisfy their unlimited wants and needs? A) Psychology. B) Sociology. C) Microbiology. D) Economics. Show Answer Correct Answer: D) Economics. 21. Countries and states utilize this to solve the problem of allocation. A) Culture and Norms. B) Rules and Regulations. C) Economic Systems. D) Fiscal Policies. Show Answer Correct Answer: C) Economic Systems. 22. Which scenario is an example of a monopoly? A) A local water company is the sole provider of water for a small town. B) A dry cleaner specializes in environmentally friendly cleaning methods. C) A farmer produces green beans for sale at a farmer's market. D) A small number of cereal companies produce most of the cereal on the market. Show Answer Correct Answer: A) A local water company is the sole provider of water for a small town. 23. The word economics originated from the Greek word oikonomia which means ..... A) Management of community. B) Management of the country. C) Management of household. D) Management of the economy. Show Answer Correct Answer: C) Management of household. 24. The government agency that monitor the price ceiling of the commodities. A) Department of Interior and Local Government. B) Department of Justice. C) Department of Labor and Employment. D) Department of Trade and Industry. Show Answer Correct Answer: D) Department of Trade and Industry. 25. A business with one owner is known as a: A) Company. B) Sole trader. C) Partnership. D) None of above. Show Answer Correct Answer: B) Sole trader. 26. Which best describes economics as a social science and an applied science? A) The study of human behavior. B) The study of the things we need to survive. C) The study of how buyers make choices when there is limited supply of resources. D) The study of how people make choices when they are faced with an unlimited supply of resources. Show Answer Correct Answer: C) The study of how buyers make choices when there is limited supply of resources. 27. These are the tools, machinery, and equipment that are used to produce goods and services. A) Absolute poverty. B) Overall poverty. C) Human capital. D) Physical capital. Show Answer Correct Answer: D) Physical capital. 28. TRUE OR FALSE:E-commerce is facilitated through the use of electronic devices such as computers, tablets, and smartphones. A) FALSE. B) TRUE. Show Answer Correct Answer: B) TRUE. 29. According to ....., Economics is a scientific study that deals with how individuals and society may general choices. A) Sicat. B) Webster. C) Nordhaus. D) Fajardo. Show Answer Correct Answer: A) Sicat. 30. Macroeconomics deals with following: A) Gross National Product. B) Level of Employment. C) National Income and Level of Prices. D) All of the above. Show Answer Correct Answer: D) All of the above. ← 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