This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 40 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 40 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A seller or company that follows or accepts the prevailing price of products in amarket is called a ..... A) Price builder. B) Price completer. C) Price taker. D) Price searcher. Show Answer Correct Answer: C) Price taker. 2. Which of the following is an example of cooperative? A) Nova Deci. B) PLDT. C) Bank of Philippine Island. D) Meralco. Show Answer Correct Answer: A) Nova Deci. 3. Which of the following is an example of an opportunity cost? A) The cost of consuming a good. B) The cost of producing a good. C) The cost of not consuming a good. D) The cost of not producing a good. Show Answer Correct Answer: C) The cost of not consuming a good. 4. The market supply curve for gasoline shows the A) Effect on market demand of a change in the supply of gasoline. B) Quantity of gasoline that firms offer for sale at different prices. C) Quantity of gasoline that consumers are willing to buy at different prices. D) All of the above are correct. Show Answer Correct Answer: B) Quantity of gasoline that firms offer for sale at different prices. 5. Entrepreneurs do all of the following, EXCEPT: A) Bear risk from business decisions. B) Come up with new ideas about what, how, when, and where to produce. C) Organize labor, land, and capital. D) Own all the resources. Show Answer Correct Answer: D) Own all the resources. 6. It is a period in which at least one factor of production is considered fixed. A) Medium-run. B) Long-run. C) Short-run. D) Infinity-run. Show Answer Correct Answer: D) Infinity-run. 7. Labor Day is celebrated in the Philippines on June 12. A) FALSE. B) TRUE. Show Answer Correct Answer: A) FALSE. 8. Why does no one firm dominate in a perfect competition? A) No firm wants to. B) Each firm sells to different people. C) Each firm produces so little of the total supply that they cannot influence prices. D) One firm will eventually dominate and make it a monopoly. Show Answer Correct Answer: C) Each firm produces so little of the total supply that they cannot influence prices. 9. A temporary imbalance in the market that happens when supply of a good or service is high and demand for such is low. A) Equilibrium. B) Shortage. C) Surplus. D) Moderation. Show Answer Correct Answer: C) Surplus. 10. Indicate which economic resource does the following term belongs to. PRODUCTION EQUIPMENTS A) LAND. B) LABOR. C) CAPITAL. D) ENTREPRENEURSHIP. Show Answer Correct Answer: D) ENTREPRENEURSHIP. 11. Which among the following has discussed technology as a factor affecting supply? A) Technology increases the cost of suppliers. B) Technology has nothing to do with supply. C) Technology is not beneficial at all, to both buyers and sellers. D) Technology is beneficial to suppliers as it reduces costs. Show Answer Correct Answer: D) Technology is beneficial to suppliers as it reduces costs. 12. Sufficient financial resources A) Strength. B) Opportunities. C) Weakness. D) Threat. Show Answer Correct Answer: A) Strength. 13. Which is the least essential statement about the Philippines' basic economicproblems? A) Economic resources may not be enough to support growing population. B) Poverty is another significant socio-economic problem in of our country. C) Unemployment is still a main problem of the Philippine economy. D) Work from home and home schooling affects our economy. Show Answer Correct Answer: D) Work from home and home schooling affects our economy. 14. What is the relationship between price and quantity demanded known as? A) Market elasticity. B) Market demand. C) Market equilibrium. D) The demand curve. Show Answer Correct Answer: D) The demand curve. 15. This is the authoritative system wherein decision-making is centralized in the government or a planning committee. This kind of economy holds true in dictatorial, socialist, and communist nations A) Traditional Economy. B) Command Economy. C) Market Economy. D) None of above. Show Answer Correct Answer: B) Command Economy. 16. Which of the following is the example of a goods? A) A nurse. B) Shoes. C) A teacher. D) A firefighter. Show Answer Correct Answer: B) Shoes. 17. It is part of Science that studies the ownership, use, and exchange of scarce resources of the people. What it is? A) Economics as Applied Science. B) Microeconomics. C) Economics. D) Economics as Social Science. Show Answer Correct Answer: C) Economics. 18. It is a free gift of nature. A) Land. B) Labor. C) Capital. D) Entrepreneur. Show Answer Correct Answer: A) Land. 19. Investment is an asset obtained without the intention of producing sales or income. A) True. B) False. C) Maybe. D) All is correct. Show Answer Correct Answer: B) False. 20. True or false:Decision-making is essential part of our daily lives. A) False. B) True. Show Answer Correct Answer: B) True. 21. Thousands of people leave a small town due to a factory closing down. Sales at the local grocery store are reduced. What causes this change? A) Prices or availability of substitutes. B) Prices or availability of complementary goods. C) Change in the weather or season. D) Change in the number of buyers. Show Answer Correct Answer: D) Change in the number of buyers. 22. It is attained when the quantity demanded is equal to the quantity supplied. A) Non-determinant. B) Market Equilibrium. C) Market. D) Equilibrium. Show Answer Correct Answer: B) Market Equilibrium. 23. If the price is above the equilibrium level, the quantity demanded is greater than the quantity supplied. A) True. B) False. Show Answer Correct Answer: A) True. 24. This field of economics looks at the economy as a whole. A) Macroeconomics. B) Microeconomics. C) Applied Economics. D) Social Economics. Show Answer Correct Answer: A) Macroeconomics. 25. A new business means new products or services available to the buyers, giving them more choices. A) Impact on the consumer. B) Impact on the Community. C) Impact on Households. D) Impact on the Government. Show Answer Correct Answer: A) Impact on the consumer. 26. Ceteris paribus is Latin for all things being ..... A) Greater than. B) Unequal. C) Less than. D) Equal. Show Answer Correct Answer: D) Equal. 27. This is an analysis of economics which deals what should be. A) Normative Economics. B) Economic solution. C) Economic problem. D) Positive Economics. Show Answer Correct Answer: A) Normative Economics. 28. A natural resources available to create supply such as raw materials that comes from the ground. A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: A) Land. 29. This encompasses the basic principle of using to protect people from being overpowered by giants and/or other forces. A) Protectionism. B) Protectionism Law. C) Protectionist Law. D) Power Law. Show Answer Correct Answer: A) Protectionism. 30. Purchasing Power Parity (PPP) A) A popular metric used by microeconomic analysts that compare different countries' currencies through a "basket of goods" approach. B) Allows for businesses to compare economic productivity and standards of living between countries. C) Some countries adjust their gross domestic product (GDP) figures to reflect PPP. D) All of the above. Show Answer Correct Answer: C) Some countries adjust their gross domestic product (GDP) figures to reflect PPP. ← 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