This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 30 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 30 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Benefits from business-sponsored activities that include sports fests and wellness programs, livelihood projects, micro financing, and even medical & dental missions. A) Impact on the consumer. B) Impact on Households. C) Impact on the Government. D) Impact on the Community. Show Answer Correct Answer: D) Impact on the Community. 2. A study of economics can describe all aspects of: A) Country's economy. B) Consumption of individuals. C) Market. D) Production function. Show Answer Correct Answer: A) Country's economy. 3. Ceteris Paribus is a Latin phrase that generally means "all other things being equal" . A) FALSE. B) TRUE. Show Answer Correct Answer: B) TRUE. 4. ..... Customers must choose among several alternatives if scarcity exists. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 5. It is a finished product which is used to produce other goods: A) Land. B) Labor. C) Capital. D) Entrepreneur. Show Answer Correct Answer: C) Capital. 6. The basic economic question that tells you the quantity of a good or service to be produced. A) How much to produce?. B) How to produce?. C) For whom to spend?. D) For whom to produce?. Show Answer Correct Answer: A) How much to produce?. 7. It refers to the quantity of goods that a seller is willing to offer for sale. A) Demand. B) Supply. C) Equilibrium. D) Elasticity. Show Answer Correct Answer: B) Supply. 8. Typhoon Odette shuts down the power supply of the Siargao Region. A) Absolute scarcity. B) Relative scarcity. Show Answer Correct Answer: B) Relative scarcity. 9. .... states that as the price goes up, quantity supplied goes up too and as the price goes down, the quantity supplied goes down too, considering other things are constant. A) Law of Demand. B) Ceteris paribus. C) Law of Supply. D) All of the above. Show Answer Correct Answer: C) Law of Supply. 10. Economics is also an applied science. It is a field of study that is used to improve people's lives. A) True. B) False. Show Answer Correct Answer: A) True. 11. It refers to the ability of the economy to produce goods and services at alower opportunity cost compared to trade partners. A) Comparative Advantage. B) Economies of Scale. C) Opportunity Cost. D) International Trade. Show Answer Correct Answer: A) Comparative Advantage. 12. Taxes imposed on the income of the business A) Impact on the Consumers. B) Impact on Suppliers and Investors. C) Impact on the Household. D) Impact on the Government. Show Answer Correct Answer: D) Impact on the Government. 13. What do we call the platform in which the agents/stakeholders interact? A) Market. B) Basket. C) Rocket. D) Business. Show Answer Correct Answer: A) Market. 14. Major classification of market structure A) Monopoly. B) Pure competition. C) Perfect competition. D) A and B. Show Answer Correct Answer: D) A and B. 15. Taxes are paid to the government to support the provision of ..... goods and services. A) Public. B) Private. Show Answer Correct Answer: A) Public. 16. The law of supply and demand explains the interaction between the sellers of a product and the buyers. A) True. B) False. Show Answer Correct Answer: A) True. 17. While consumer wants and needs are unlimited, this is subject to their capacity to pay for these goods and services. The budget and income are used interchangeably. 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. Show Answer Correct Answer: C) Consumer are subject to budget constraints. 18. Social factors can not hinder the viability of one's business. A) True. B) False. Show Answer Correct Answer: B) False. 19. What are some challenges that decision-makers face when applying economic principles to real-world situations? A) Not considering the opportunity cost of choices. B) Ignoring the impact of incentives on decision-making. C) Difficulty in understanding economic concepts. D) Lack of available data and information. Show Answer Correct Answer: D) Lack of available data and information. 20. Economic is important so that we may be able to: A) Understand problems facing the citizens and family. B) Help the government promote growth and improve quality of life. C) Analyze fascinating patters of social behavior. D) All of the above. Show Answer Correct Answer: D) All of the above. 21. These business owners may have trouble raising capital. A) Sole proprietorship. B) Franchise. C) Partnership. D) Corporation. Show Answer Correct Answer: A) Sole proprietorship. 22. The condition where there are insufficient resources to satisfy all the needs and wants of a population. A) Scarcity. B) Limited resources. C) Inflation. D) None of above. Show Answer Correct Answer: A) Scarcity. 23. Includes the stock market securities of corporations are traded. A) Goods Market. B) Labor Market. C) Financial Market. D) None of above. Show Answer Correct Answer: C) Financial Market. 24. What will happen if there is an decrease in demand A) Decrease in demand shifts the damand curve to the right. B) Decrease in demand shifts the damand curve to the left. Show Answer Correct Answer: B) Decrease in demand shifts the damand curve to the left. 25. Why do markets exist? A) To allow people to exchange goods and services. B) To allow people to earn money. C) To increase profits for business owners. D) To concentrate the productive efforts of individuals. Show Answer Correct Answer: A) To allow people to exchange goods and services. 26. This kind of market structure is considered the most concentrated with a single sellerdetermining the price that would maximize the profit of the business enterprise. A) Perfect Competition. B) Monopsony. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: D) Monopoly. 27. It is analytical framework that can help a company meet its challenges and identify new markets. A) Porter's Five Forces of Competitive Position Analysis. B) SWOT Analysis. Show Answer Correct Answer: B) SWOT Analysis. 28. Something we pay for that we can touch A) Services. B) Goods. Show Answer Correct Answer: B) Goods. 29. What are Price Controls? A) Government policies that restrict the sale of certain products. B) Government guidelines for ethical pricing practices. C) Regulations that dictate the prices of luxury goods. D) Policies that influence the maximum or minimum prices of goods or services. Show Answer Correct Answer: D) Policies that influence the maximum or minimum prices of goods or services. 30. It is used to determine the viability of an idea whether it is worth the investment or otherwise may not be doable. A) Opportunity Seeking. B) Opportunity Screening. C) Feasibility Study. D) Business Opportunity. Show Answer Correct Answer: C) Feasibility Study. ← 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