This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 3 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It examines how social processes influence and are changed by economic activity. A) Socioeconomics. B) Applied economics. C) Public economics. D) Economics. Show Answer Correct Answer: A) Socioeconomics. 2. New technology advances the rate at which furniture can be assembled. Why does this change the supply? A) The output rate declines. B) The expectations of consumers changes. C) There is a change in cost of production. D) The number of producers changes. Show Answer Correct Answer: C) There is a change in cost of production. 3. How does microeconomics differ from macroeconomics? A) Microeconomics focuses on individuals and firms, while macroeconomics looks at the entire economy. B) Microeconomics studies international trade, while macroeconomics studies household budgets. C) Microeconomics only applies to developed countries, while macroeconomics is for developing countries. D) Microeconomics is a subset of macroeconomics. Show Answer Correct Answer: A) Microeconomics focuses on individuals and firms, while macroeconomics looks at the entire economy. 4. Presidential Decree No. 757 established the ..... on July 31, 1975. A) Foreign Direct Investment (FDI). B) National Housing Authority (NHA). C) Business Process Outsourcing (BPO). D) People's Home site Corporation (PHC). Show Answer Correct Answer: B) National Housing Authority (NHA). 5. Which does not belong to the group?Types of industry: A) PhilHealth. B) Automotive. C) Healthcare. D) Energy. Show Answer Correct Answer: A) PhilHealth. 6. This is a human development measure of the Philippine government that provides conditional grants to the poorest of the poor, to improve health, nutrition, and education of children aged 18. A) 4 Ps. B) Free Education. C) Free housing. D) Free meal. Show Answer Correct Answer: A) 4 Ps. 7. What will happen if there is an Increase in demand A) Increase in demand shifts the demand curve to the right. B) Increase in the demand shift the demand curve to the left. Show Answer Correct Answer: A) Increase in demand shifts the demand curve to the right. 8. Economics as social science has something to do with our daily lives. A) True. B) False. Show Answer Correct Answer: A) True. 9. The process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit. A) Trade. B) Retail. C) Wholesale. D) Merchandise. Show Answer Correct Answer: B) Retail. 10. It measures the prices of goods and consequently measures the purchasing power of consumers. A) Producer price index. B) Consumer output. C) Consumer price index. D) Gross domestic output. Show Answer Correct Answer: C) Consumer price index. 11. What is the process of examining economic data and information to derive meaningful insights and conclusions about economic phenomena? A) Optimization. B) Economic Analysis. C) Policy Evaluation. D) Decision-Making. Show Answer Correct Answer: B) Economic Analysis. 12. It happens when a good is scarce compared to its demand. It is ..... A) Relative Scarcity. B) Scarcity. C) Opportunity Costs. D) Absolute Scarcity. Show Answer Correct Answer: A) Relative Scarcity. 13. The sum of all costs associated with production A) Short run. B) Negative returns. C) Supply elasticity. D) Total cost. Show Answer Correct Answer: D) Total cost. 14. Scarcity is due to unlimited resources that nature offers. A) True. B) False. Show Answer Correct Answer: B) False. 15. In the market, the price elasticity for the demand of canned goods sold by Aling Gracia Grocery Store is the: A) Ratio of the percentage changes in quantity demanded for the goods to the percentage change in its price. B) Responsiveness of revenue to a change in quantity of the canned goods. C) Ratio of the change in quantity demanded divided by the change in its price of the canned goods. D) Response of revenue to a change in the price. Show Answer Correct Answer: A) Ratio of the percentage changes in quantity demanded for the goods to the percentage change in its price. 16. Get to earn returns through investments A) Impact on the supplier & investors. B) Impact on the consumer. C) Impact on the household & community. D) Impact on the government. Show Answer Correct Answer: A) Impact on the supplier & investors. 17. The law of supply applies when the producers supply more masks at a higher price; selling at higher quantity at a higher price increases revenue. A) False. B) True. Show Answer Correct Answer: A) False. 18. It refers to utilization of human services, physical assets, and other natural resources in the environment A) Consumption. B) Allocation. C) Distribution. D) Production. Show Answer Correct Answer: A) Consumption. 19. WHICH IS NOT A FACTOR OF PRODUCTION? A) CAPITAL. B) TAX. C) LABOR. D) LAND. Show Answer Correct Answer: B) TAX. 20. Which of the following is the best example of a perfectly competitive market? A) Farming. B) Diamonds. C) Soft drinks. D) Athletic shoes. Show Answer Correct Answer: C) Soft drinks. 21. Every business performs ALL of the following activities EXCEPT A) Maintaining records. B) Raising capital. C) Manufacturing products. D) Buying goods and services. Show Answer Correct Answer: C) Manufacturing products. 22. The making, buying and selling of goods and services A) Market. B) Barter. C) Economics. D) Inflation. Show Answer Correct Answer: C) Economics. 23. A type of Underemployment wherein there is a transitional employment due to people moving between jobs. A) Seasonal. B) Frictional. C) Structural. D) Cyclical. Show Answer Correct Answer: B) Frictional. 24. What is the foundational model in economics that explores how prices are determined in markets through the interaction of sellers (supply) and buyers (demand)? A) Scarcity. B) Opportunity Cost. C) Market Equilibrium. D) Supply and Demand. Show Answer Correct Answer: D) Supply and Demand. 25. Firms sell their resources to Households, and in exchange they are paid an income A) True. B) False. Show Answer Correct Answer: B) False. 26. Which of the following market types has only a few competing firms? A) Monopolistic competition. B) Monopoly. C) Perfect competition. D) Oligopoly. Show Answer Correct Answer: D) Oligopoly. 27. It is the exchange of information or business transactions using any formof electronic communication. A) Online Economy. B) Online Business. C) E-Commerce. D) Digital Market. Show Answer Correct Answer: C) E-Commerce. 28. The word economics derived from the Greek word ..... meaning household management. A) Applied Economics. B) Social science. C) Economics. D) Oikonomus. Show Answer Correct Answer: D) Oikonomus. 29. Legal maximum that can be charged for a good. A) Price ceiling. B) Excess demand. C) Equilibrium. D) None of above. Show Answer Correct Answer: A) Price ceiling. 30. Solve the following:QD = 220-5P ; QS =-20 + 3PWhat is the Equilibrium and and Quantity Demanded and Supplied? A) P= 40Q= 60. B) P =30Q= 70. C) P = 50Q = 50. D) P= 60Q= 40. Show Answer Correct Answer: B) P =30Q= 70. ← PreviousNext →Related QuizzesEconomics QuizzesFinance QuizzesApplied Economics Quiz 1Applied Economics Quiz 2Applied Economics Quiz 4Applied Economics Quiz 5Applied Economics Quiz 6Applied Economics Quiz 7Applied Economics Quiz 8Applied Economics Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books