This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 41 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 41 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is total value of everything produced in the country? A) GNP per capita. B) GNP. C) GDP per Capita. D) GDP. Show Answer Correct Answer: D) GDP. 2. Indicate which economic resource does the following term belongs to. ENGINEERS A) LAND. B) LABOR. C) CAPITAL. D) ENTREPRENEURSHIP. Show Answer Correct Answer: B) LABOR. 3. In SWOT analysis, "Entry of competitors" is ..... A) Threat. B) Strength. C) Opportunity. D) Weakness. Show Answer Correct Answer: A) Threat. 4. Below are the examples of service, EXCEPT. A) Education. B) Auditing. C) Laundry. D) None of the above. Show Answer Correct Answer: D) None of the above. 5. Which of the following explains economics pertains to the study on how society creates its material wealth, how it makes this wealth available to its people with minimum difficulties, and how it expands its wealth. A) Political Science. B) Anthropology. C) Social Science. D) Psychology. Show Answer Correct Answer: C) Social Science. 6. It is the additional output produced by an additional unit of the input. A) Marginal Product. B) Marginal Utility. Show Answer Correct Answer: A) Marginal Product. 7. What measure shows what percentage of the eligible workers do not have jobs? A) Inflation Rate. B) Gross Domestic Product. C) Underemployment rate. D) Unemployment Rate. Show Answer Correct Answer: D) Unemployment Rate. 8. Firms face competition when the good they produce A) S in a market with natural barriers to entry. B) Is unique. C) Is in a market with legal barriers to entry. D) Has a close substitute. Show Answer Correct Answer: B) Is unique. 9. . It refers to a compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures. A) Tax. B) Income. C) Revenue. D) Expenses. Show Answer Correct Answer: A) Tax. 10. Which is true on the value of an economic theory in practice? It is determined by A) How accurate the assumptions are. B) How economical the model is. C) How well the theory can be represented by a graph. D) How well the theory can predict or explain. Show Answer Correct Answer: D) How well the theory can predict or explain. 11. It pertains to the activities of the government regarding taxation, borrowings and expenditures. A) Distribution. B) Production. C) Public Finance. D) Consumption. Show Answer Correct Answer: C) Public Finance. 12. Individuals who will buy the products and services in the market. A) Creditors. B) Consumers. C) Government. D) Suppliers. Show Answer Correct Answer: B) Consumers. 13. Advantage of seeking strategic alliance with other within related or within businesses. A) Alliances. B) Differentiation. C) Defensive Strategies. D) Cost Leadership. Show Answer Correct Answer: A) Alliances. 14. This reflects the quantities of goods and services demanded at different prices. A) Law of demand. B) Law of supply. C) Economic resources. D) Demand schedule. Show Answer Correct Answer: D) Demand schedule. 15. In a perfectly competitive market, if the market demand curve for a commodity has a negative slope then the market structure must be: A) Monopoly and market price will rise. B) Monopolistic competition and market price will remain constant. C) Perfect competition and market price will both remain constant. D) Monopoly and market price will both remain constant. Show Answer Correct Answer: A) Monopoly and market price will rise. 16. What does the role of Economics in the Efficient running of a society? A) Crucial. B) Tactical. C) Radical. D) Martial. Show Answer Correct Answer: A) Crucial. 17. Identify the type of economic system described in each statement.This is the dominant economic system of USA and Cuba. A) Traditional Economy. B) Market Economy. C) Planned/ Command Economy. D) None of above. Show Answer Correct Answer: B) Market Economy. 18. Arrange in order the 7 steps of the decision-making process:a) Identify the alternativesb) Choose among the alternativesc) Identify the decisiond) Weigh the evidencee) Take actionf) Review your decision & its consequencesg) Gather the necessary and relevant information A) C, g, a, d, b, e, f. B) A, b, c, d, e, f, g. C) A, d, e, f.g.b.d. D) C, f, e, g.d.a.b. Show Answer Correct Answer: A) C, g, a, d, b, e, f. 19. What determines the prices of goods and services? A) Supply. B) Demand. C) Supply and demand. D) Goods. Show Answer Correct Answer: C) Supply and demand. 20. Philippines imported goods from Indonesia. Philippines then exported those goods to japan. What type of trade is it? A) Import Trade. B) Entreport Trade. C) Entrepot Trade. D) Export Trade. Show Answer Correct Answer: C) Entrepot Trade. 21. There is a nationwide demand for oil, at current consumption levels, at some point there will not be enough oil left to meet demand. What scarcity is this? A) Scarcity. B) Absolute Scarcity. C) Relative Scarcity. D) Shortage. Show Answer Correct Answer: C) Relative Scarcity. 22. What happens to a monopolistically competitive firm that begins to charge an excessive price for its product? A) The firm will go out of business. B) Consumers will substitute a rival's product. C) Consumers will boycott the product. D) The government will regulate the price. Show Answer Correct Answer: B) Consumers will substitute a rival's product. 23. ..... is applied on the sale of goods and services. A) Value added tax. B) Percentage tax. Show Answer Correct Answer: A) Value added tax. 24. What is perfect competition A) Market structure where a large numbers of small firms compete against each other. B) Market structure where a small numbers of large firms compete against each other. Show Answer Correct Answer: A) Market structure where a large numbers of small firms compete against each other. 25. When a pharmaceutical company first markets a vaccine of Anti-Covid19 viruses, it is usually under a ..... A) Copyright. B) Patent. C) Certificate. D) Recognition. Show Answer Correct Answer: B) Patent. 26. A economic system characterized by competition and high level of private ownership A) Centralized Economy. B) Free market economy. C) Traditional Economy. D) Mixed Economy. Show Answer Correct Answer: B) Free market economy. 27. It is the study of the trade-offs and choices that we make, given the fact of scarcity. A) Economics. B) Opportunity cost. C) Free Goods. D) Scarcity. Show Answer Correct Answer: A) Economics. 28. The resources required to make a product (good or service) A) Scarcity. B) Consumption. C) Four factors of production. D) Economics. Show Answer Correct Answer: C) Four factors of production. 29. Macroeconomics deals with the following except: A) National income. B) Employment. C) Gross National Product. D) Price of rice. Show Answer Correct Answer: D) Price of rice. 30. A business organization where two or more persons combine their resources in a business with a view to making profit. A) Partnership. B) Sole Proprietorship. C) Corporation. D) Cooperative. Show Answer Correct Answer: A) Partnership. ← 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