This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 39 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 39 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. There are factors that can produce a shift in the demand curve. Which of the following is not included? A) Consumer income. As it increases, the quantity demanded of a good normally increases as well. B) Population. As population grows, it also means that the quantity demanded of the good at any given price also normally increases. C) Consumer preferences. If the consumer tastes shifts in favor of a particular good then there also will be an increase in the demand of that good. D) None of the above. Show Answer Correct Answer: D) None of the above. 2. The process of extracting rocks from underground is known as ..... A) Manufacturing. B) Mining. C) Quarrying. D) None of above. Show Answer Correct Answer: C) Quarrying. 3. ..... is something that you can't live without. A) Scarcity. B) Wants. C) Love. D) Needs. Show Answer Correct Answer: D) Needs. 4. Demand curve shows the relationship between quantity demanded and price in a given market on a graph A) Demand Curve. B) Supply Curve. C) Equilibrium. D) Demand Function. Show Answer Correct Answer: A) Demand Curve. 5. A 340-billion deficit in the Philippine budget is expected in the year 2015. A) MACROECONOMICS. B) MICROECONOMICS. Show Answer Correct Answer: A) MACROECONOMICS. 6. Its perspective looks at the economy as a whole, focusing on goals like production, the standard of living, unemployment and inflation. A) Applied Science. B) Macroeconomics. C) Microeconomics. D) Social Science. Show Answer Correct Answer: B) Macroeconomics. 7. In monopolistic competition, the products of different sellers are assumed to be A) Either identical or differentiated. B) Identical perfect substitutes. C) Unique without any close or perfect substitutes. D) Similar but slightly different. Show Answer Correct Answer: D) Similar but slightly different. 8. Is felt when a change in the price of a good changes consumer's real income or purchasing power, which is the capacity to buy with a given income A) Income effect. B) Financial effect. C) Substitution effect. D) Economy effect. Show Answer Correct Answer: A) Income effect. 9. Defined as the market value of final products produced within the country A) Gross National Income. B) Gross Domestic Product. C) Gross National Income. D) None of above. Show Answer Correct Answer: B) Gross Domestic Product. 10. The following statements describe the basic economic problems except: A) The study of the factors of production and scarcity leads to the concept that the value of the goods one chooses trades off another value foregone. B) Goods and services to produce are determined based on needs and desires of people. C) Proper combination of economic resources is carefully selected in producing the right amount of output. D) It is not profitable to keep some of the available resources idle. Show Answer Correct Answer: A) The study of the factors of production and scarcity leads to the concept that the value of the goods one chooses trades off another value foregone. 11. Which is not considered as tangible good? A) Mask. B) Cell phone. C) Training service. D) Sack of rice. Show Answer Correct Answer: C) Training service. 12. Which refers to the lowest legal wage companies can pay workers? A) Subsidies. B) Minimum wage. C) Financial aid. D) Compensation. Show Answer Correct Answer: B) Minimum wage. 13. These are the things your company does well ..... A) Strengths. B) Weaknesses. C) Opportunites. D) Threats. Show Answer Correct Answer: A) Strengths. 14. How can you categorize the statement "affordable housing" ? A) Quality housing. B) Expensive housing. C) Luxurious housing. D) Cheap housing. Show Answer Correct Answer: D) Cheap housing. 15. It is the foregone benefit on making choices. A) Coastal Road. B) Incentive Cost. C) Opportunity Cost. D) Sunk cost. Show Answer Correct Answer: C) Opportunity Cost. 16. This is a result of collaboration among few sellers on a specific price of productsin the market? A) Perfect competition. B) Monopoly. C) Oligopoly. D) Contestable market. Show Answer Correct Answer: C) Oligopoly. 17. It refers to the amount (quantity) of a good that buyers are willing to purchase at alternative prices for a given period. A) Substitution effect. B) Supply function. C) Demand schedule. D) Demand function. Show Answer Correct Answer: C) Demand schedule. 18. What is the Characteristics of Monopolistics A) Perfect information and many sellers. B) Perfect information and many buyers. C) Perfect information and few sellers. D) None of above. Show Answer Correct Answer: A) Perfect information and many sellers. 19. The using up of a resource A) Supply. B) Consumption. C) Services. D) Scarcity. Show Answer Correct Answer: B) Consumption. 20. In order to park on campus, one must purchase an expensive parking permit; yet there still is difficulty finding a parking spot. This indicates ..... A) Parking permits are priced to high. B) Parking permits are priced to low. C) We need more parking spots. D) The first year students should not be allowed to have cars on our campus. Show Answer Correct Answer: B) Parking permits are priced to low. 21. It is the exchange of goods and services between countries. A) Economies of Scale. B) Comparative Advantage. C) International Trade. D) International Trade. Show Answer Correct Answer: C) International Trade. 22. The President and CEO of PLDT & Smart. A) Manuel V. Pangilinan. B) Manuela V. Pangilinan. C) Michael V. Pangilinan. D) Mike V. Pangilinan. Show Answer Correct Answer: A) Manuel V. Pangilinan. 23. Factors, such as technological or legal conditions, that prevent new firms from competing equally with an existing firm A) Barriers to entry. B) Market structure. Show Answer Correct Answer: A) Barriers to entry. 24. What is the movement of the curve or slope when it is a supply curve? A) Sideward. B) Downward. C) Leftward. D) Upward. Show Answer Correct Answer: D) Upward. 25. It is the heart of the economy A) Production. B) Consumption. C) Exchange. D) Distribution. Show Answer Correct Answer: A) Production. 26. When the losses of the company are high it is at risk of closing and bankrupt. A) False. B) True. Show Answer Correct Answer: B) True. 27. Percent change in demand is less than percentage change in price. A) Perfectly Inelastic demand. B) Inelastic demand. Show Answer Correct Answer: B) Inelastic demand. 28. The following are examples of agribusiness except: A) Furniture Making. B) Poultry Raising. C) Cattle Farming. D) Hog Raising. Show Answer Correct Answer: C) Cattle Farming. 29. Without this, the production process cannot exceed further A) Land. B) Labor. C) Capital. D) Entrepreneur. Show Answer Correct Answer: A) Land. 30. Which of the following external factor that includes local, nation and international financial trends development in the country's stock market, reform in the banking system growth of the Gross Domestic Product? A) Competitive treats. B) Economics Trends. C) Demographic Characteristics. D) Market Trends. Show Answer Correct Answer: B) Economics Trends. ← 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