This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 31 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 31 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Represented by a movement along a demand or supply curve from one price-quantity point to another. A) Change in Value Demanded and Value Supplied. B) Change in Curve Demanded and Curve Supplied. C) Change in Price Demanded and Price Supplied. D) Change in Quantity Demanded and Quantity Supplied. Show Answer Correct Answer: D) Change in Quantity Demanded and Quantity Supplied. 2. An opportunity cost is commonly termed as: A) Implicit Cost. B) Explicit Cost. C) Opportunity Lost. D) Economic Cost. Show Answer Correct Answer: D) Economic Cost. 3. Sara's Hair Palace is a small, locally owned beauty salon in Sterling. This represents what type of business? A) Corporation. B) Partnership. C) Sole proprietorship. D) None of above. Show Answer Correct Answer: C) Sole proprietorship. 4. It is the income minus the expenditures. A) Expenses. B) Capital. C) Profit. D) Investments. Show Answer Correct Answer: C) Profit. 5. Which characterizes an industry that has many sellers offering differentiatedproducts? A) Monopolistic competition. B) Perfect competition. C) Contestable market. D) Monopoly. Show Answer Correct Answer: A) Monopolistic competition. 6. Your leading product has a 30% market share which is 10% higher than your best competitor. Where would you analyze this information in SWOT analysis? A) Strengths. B) Opportunities. C) Weaknesses. D) Threats. Show Answer Correct Answer: A) Strengths. 7. If the marginal product is less than the average product, then the average product will rise. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 8. What does marginal analysis involve? A) Analyzing the total cost and total benefit of a decision. B) Examining the incremental changes in costs and benefits. C) Comparing the costs and benefits of different decisions. D) Evaluating the long-term impact of a decision. Show Answer Correct Answer: B) Examining the incremental changes in costs and benefits. 9. The following are the difficulties in doing business in the country except: A) High taxes. B) Poor advertisements. C) Costly registration. D) Bureaucratic corruption. Show Answer Correct Answer: B) Poor advertisements. 10. Small changes, big ..... A) Product. B) Profit. C) Cash. D) Savings. Show Answer Correct Answer: D) Savings. 11. Which of the following IS NOT an example of non-price competition? A) Status. B) Price. C) Location. D) Service Level. Show Answer Correct Answer: B) Price. 12. What company that has its own name and separate from its founders? A) Autonomy. B) Scalability. C) Profitability. D) Big Idea. Show Answer Correct Answer: A) Autonomy. 13. In this economic system competition is not present. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: B) Command. 14. The desire for a particular good backed up by sufficient purchasing power, the ability or the willingness to buy a particular commodity at a given point of time. A) DEMAND. B) SUPPLY. Show Answer Correct Answer: A) DEMAND. 15. It is the branch of dynamics that deals with parts of the economy such as the household and the business firm in is also known as price theory A) Equilibrium price. B) Microeconomics. C) Economics. D) Scarcity. Show Answer Correct Answer: B) Microeconomics. 16. What industry that has rivalry among companies of the same or relatedindustry is called ..... ? A) Alliance. B) Competition. C) Distribution. D) Threats. Show Answer Correct Answer: B) Competition. 17. In a business competition, what is your aim? A) To convince all their suppliers. B) Identify the weakness of your competitor. C) To embarrass or humiliate other competitors. D) Win the customers of your competitor and convince them to buy from you instead and remain as loyal customer. Show Answer Correct Answer: D) Win the customers of your competitor and convince them to buy from you instead and remain as loyal customer. 18. Which of the following solution mitigates the limited capacity of our energy infrastructure that resulted to daily interruptions of electricity? A) Enhance transportation system. B) Expanding energy production capacity. C) Entice the participation of private sector on marine facilities. D) Improve the collection efficiency of energy producing company. Show Answer Correct Answer: B) Expanding energy production capacity. 19. Economics is the social science that studies how people interact with scarce resources. A) FALSE. B) TRUE. Show Answer Correct Answer: B) TRUE. 20. What is the price ceiling? A) The minimum price allowed set by the government. B) The maximum price allowed set by the government. C) The highest price on the market. D) An overhead interior surface. Show Answer Correct Answer: B) The maximum price allowed set by the government. 21. A decrease in the price of a good will A) Decrease supply. B) Decrease quantity supplied. C) Increase quantity supplied. D) Increase supply. Show Answer Correct Answer: B) Decrease quantity supplied. 22. A loan an investor makes to an organization in exchange for interest payments over a specified term plus repayment of principal at the bond's maturity date. A) Bank. B) Bond. C) Investor. D) None of the choices. Show Answer Correct Answer: B) Bond. 23. A market structure characterized by firms producing similar product with easy entry into the market A) Perfect Competition. B) Monopolistic Competition. C) Monopoly. D) None of above. Show Answer Correct Answer: B) Monopolistic Competition. 24. Identify the type of market that matches each itemMoney Market A) GOODS MARKET. B) FINANCIAL MARKET. C) LABOR MARKET. D) None of above. Show Answer Correct Answer: B) FINANCIAL MARKET. 25. 8) Flat rate is a predefined fee or payment on top of the value of the purchase. A) False. B) True. Show Answer Correct Answer: B) True. 26. What is the Characteristics of oligopoly A) Few sellers and differentiated products. B) Many sellers and differentiated products. C) One sellers and differentiated products. D) None of above. Show Answer Correct Answer: A) Few sellers and differentiated products. 27. On the other hand, whenever there's a shortage and the market is not clear, the market price will definitely A) Rise. B) Fall. Show Answer Correct Answer: A) Rise. 28. It is a human factor of any kind, manual or mental, skilled or unskilled, scientific or artistic undertaken with a view of creating or adding utility. A) Land. B) Labor. C) Capital. D) Entrepreneur. Show Answer Correct Answer: B) Labor. 29. Tax is a levy imposed by the government on income, wealth, and capital gains of people or businesses to fund government spending. A) True. B) False. Show Answer Correct Answer: A) True. 30. Why is the impact of Economics on society a significant area of study? A) To promote economic self-interest. B) To understand the role of ethics in economics. C) To analyze how economic decisions affect individuals and communities. D) To eliminate social sciences. Show Answer Correct Answer: C) To analyze how economic decisions affect individuals and communities. ← 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