This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 34 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 34 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The economic transformation of a country could be linked on its: A) Physical Resources. B) Susana Resources. C) Human Resources. D) Natural Resources. Show Answer Correct Answer: C) Human Resources. 2. Scarcity could be solved by: A) Changing the attitude of an individual. B) Expansion of limited resources. C) Both A and B. D) None of the above. Show Answer Correct Answer: C) Both A and B. 3. The ..... is when the intentions of suppliers are just matched by the intention of buyers where the amount of goods and services demanded is just equal to the amount provided. A) Price floor. B) Equilibrium price. C) Law of Supply. D) Law of Demand. Show Answer Correct Answer: B) Equilibrium price. 4. In this tax, the interest rate is 30 percent. A) Proportional tax. B) Value-added-tax. C) Excise tax. D) Income tax. Show Answer Correct Answer: D) Income tax. 5. This is considered as the recompense of capital ..... A) Salaries. B) Rent. C) Wage. D) Interest. Show Answer Correct Answer: D) Interest. 6. A legal entity that is separate from its owners, the shareholders. A) APPLIED ECONOMICS. B) SUPPLY. C) CORPORATION. D) None of above. Show Answer Correct Answer: C) CORPORATION. 7. There is a balance between private and government accountability in achieving economic goals. A) Traditional Economy. B) Free Market Economy. C) Centralized Economy. D) Mixed Economy. Show Answer Correct Answer: D) Mixed Economy. 8. In the 1990s, AT&T controlled 90% of the phone industry and was the ONLY provider of long distance phone service. This is an example of ..... A) A monopoly. B) Perfect Competition. C) Oligopoly. D) Monopolistic Competition. Show Answer Correct Answer: A) A monopoly. 9. Because of mechanization and mass production, Pepsi Cola used machineries to produced goods. Which of the following methods is used by Pepsi Cola? A) Labor-intensive production. B) Capital-intensive production. C) Mixed production process. D) Product-based technology process. Show Answer Correct Answer: D) Product-based technology process. 10. The economists describe the amount of resources in an economy as: A) Limited at any moment in time. B) Unlimited at any moment in time. C) Can never decrease or increase. D) Always constant. Show Answer Correct Answer: A) Limited at any moment in time. 11. Which is not the basic element of strategic management? A) Management Control. B) Environmental scanning. C) Strategy Formulation. D) Strategy implementation. Show Answer Correct Answer: A) Management Control. 12. It is the transformation of inputs into outputs of goods & services. A) The Law of Diminishing Marginal Returns. B) Hirschman Index (HHI). C) Production function. D) Production. Show Answer Correct Answer: D) Production. 13. A factor of production with machinery and equipment as examples. A) Land. B) Resources. C) Labor. D) Capital. Show Answer Correct Answer: D) Capital. 14. This field of economics focuses on the behavior of individual economic units and the functioning of markets. A) Macroeconomics. B) Microeconomics. C) Social Economics. D) Applied Economics. Show Answer Correct Answer: B) Microeconomics. 15. Scarcity of resources means? A) Shortage of resources. B) Excess resources. C) Minimum resources. D) Slight resources. Show Answer Correct Answer: A) Shortage of resources. 16. Shows the relationship between quantity demanded and price in a given A) Demand Curve. B) The Law of Supply. C) Unitary Elasticity. D) Cross Price Elasticity of Demand. E) Inelastic Demand. Show Answer Correct Answer: A) Demand Curve. 17. An industry that is often a natural monopoly. A) Electricity. B) Grocery stores. C) Steel. D) Pure competition. Show Answer Correct Answer: A) Electricity. 18. These are semi-processed goods that are not ready for final use by the consumer. A) Raw materials. B) Intermediate goods. C) Final goods. D) None of above. Show Answer Correct Answer: B) Intermediate goods. 19. Is owned by a single individual who is singly responsible for running the business and is accountable for debts and obligation related to business. A) Partnership. B) Cooperative. C) Sole Proprietorship. D) Corporation. Show Answer Correct Answer: C) Sole Proprietorship. 20. What is the assessment of government policies and interventions to determine their effectiveness and impact on the economy? A) Economic Analysis. B) Optimization. C) Policy Evaluation. D) Decision-Making. Show Answer Correct Answer: C) Policy Evaluation. 21. Economic System where there is limited technology and ideas are passed down from generation to generation A) Command. B) Traditional. C) Mixed. D) Market. Show Answer Correct Answer: B) Traditional. 22. The slope of a demand curve depends on A) The units used to measure quantity but not the units used to measure price. B) The units used to measure price but not the units used to measure quantity. C) Neither the units used to measure price nor the units used to measure quantity. D) Theunits used to measure price and the units used to measure quantit. Show Answer Correct Answer: B) The units used to measure price but not the units used to measure quantity. 23. Economics deals with graphs in interpreting results. This means that economics is ..... ? A) Economics as Normative Science. B) Economics as an Art. C) Economics as Social Science. D) Economics as Applied Science. Show Answer Correct Answer: B) Economics as an Art. 24. It is a commonly accepted measure of market concentration. A) Hirschman Index (HHI). B) Production function. C) Production. D) The Law of Diminishing Marginal Returns. Show Answer Correct Answer: A) Hirschman Index (HHI). 25. When an economy produces more houses and fewer computers, it is answering the question of ..... ? A) "What". B) "For Whom". C) "Where". D) "How". Show Answer Correct Answer: D) "How". 26. One of the implications of an expanded population is the enlargement: A) Of natural resources. B) Of the houses. C) Of the labor force. D) Of the body. Show Answer Correct Answer: C) Of the labor force. 27. Positive statements is a ..... A) Statements of inquiry. B) Statements that contain words such as "have to", "ought to", etc . C) Statements that cannot be verified or tested. D) Statements of fact that can be proven using relevant fact. Show Answer Correct Answer: D) Statements of fact that can be proven using relevant fact. 28. It shows the different quantities that are offered for sale at various prices A) Equilibrium price. B) Supply schedule. C) Demand schedule. D) Law of supply. Show Answer Correct Answer: B) Supply schedule. 29. It refers to the value of the best-forgone alternative. In addition, it is the value of the next highest-valued alternative use of resources. A) Opportunity Costs. B) Scarcity. C) Absolute Scarcity. D) Relative Scarcity. Show Answer Correct Answer: A) Opportunity Costs. 30. Your aim is to win their customers, convince them to buy from you instead and remain as loyal customer. A) Supplier. B) Competition. C) Customer. D) Substitute. Show Answer Correct Answer: B) Competition. ← 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