This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 45 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 45 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It is the definition of a manufacturing business. A) The manufacturing business is any business that uses components, parts, or raw materials to make a finished good. B) The manufacturing business is the business which transformsinputs into outputs through the use of tools, human labor, machinery, and chemical processing. C) Manufacturing business includes the process of turning rawmaterials into finished goods. D) All of the above. Show Answer Correct Answer: D) All of the above. 2. What is an example of a consumer? A) A worker who fixed trucks. B) An artist who sells painting. C) A farmer who grows corn. D) A person who buys books. Show Answer Correct Answer: D) A person who buys books. 3. If there is a decrease in demand, the graph will shift to the A) Left. B) Right. C) Down. D) Up. Show Answer Correct Answer: A) Left. 4. It refers to the movement of people within one country, i.e rural-to-urban migration A) Internal Migration. B) International Migration. Show Answer Correct Answer: A) Internal Migration. 5. Mr. Jonas has conducted a SWOT analysis for his restaurant. What should his next step be? (CRE) A) Making sure that weaknesses are offset by the strengths and threats are turned into opportunities. B) Making sure that weaknesses are offset by opportunities and threats are turned into strengths. C) Making sure that strengths are offset by weaknesses and opportunities and turned into threats. D) Making sure that opportunities are offset by threats and strengths are turned into weaknesses. Show Answer Correct Answer: A) Making sure that weaknesses are offset by the strengths and threats are turned into opportunities. 6. The following define scarcity, EXCEPT. A) The good is scarce compared to its demand. B) The unlimited resources of society. C) The supply is limited. D) The unlimited wants of society. Show Answer Correct Answer: B) The unlimited resources of society. 7. If new competitors can enter your market easily because the are few barriers, your ..... is high. A) Threat of substitution. B) Supplier power. C) Threat of new entry. D) Margin. Show Answer Correct Answer: C) Threat of new entry. 8. Which one is the correct formula for Income Elasticity of demand? A) Percentage change in income / Percentage change in quantity demand for a good. B) Percentage change in quantity demand for a good / Percentage change in income. C) Percentage change in supplied for a good / Percentage change in income. D) Percentage change in quantity demand for a good / Percentage change in its price. Show Answer Correct Answer: B) Percentage change in quantity demand for a good / Percentage change in income. 9. Identify the type of market that matches each itemWork From Home set-up A) GOODS MARKET. B) FINANCIAL MARKET. C) LABOR MARKET. D) None of above. Show Answer Correct Answer: C) LABOR MARKET. 10. When we put the supply and demand curves on one and the same graph, they will intersect at one point called ..... A) Equilibrium. B) Point. C) Equity. D) Liquidity. Show Answer Correct Answer: A) Equilibrium. 11. The economic problem that refers to the nature of goods and services the economy should produce. A) How much to produce. B) For whom to produce. C) How to produce. D) What to produce. Show Answer Correct Answer: D) What to produce. 12. The monetary compensation paid by an employer to its employees is called ..... A) Wages. B) Grants. Show Answer Correct Answer: A) Wages. 13. The equipment of the coffee shop to produce cups of coffee, are what kind of goods or products? A) Either consumer goods or capital goods. B) Consumer goods. C) Capital goods. D) Economic goods. Show Answer Correct Answer: C) Capital goods. 14. This refers to the number of sellers and buyers in the market. A) Product Differentiation. B) Market Entry. C) Market Concentration. D) Market Structure. Show Answer Correct Answer: C) Market Concentration. 15. If demand for sacks of rice in Aling Puring Grocery Store is price elastic, then A) Rise in the price of sacks of rice will raise total revenue of the grocery. B) Fall in the price of sacks of rice will raise total revenue of the store. C) Fall in the price of sacks of rice will lower the quantity demanded. D) Rise in the price of sacks of rice won't have any effect on total revenues. Show Answer Correct Answer: B) Fall in the price of sacks of rice will raise total revenue of the store. 16. This is a division of economics that is concerned with the overall performance of entire economy. A) Microeconomics. B) Positive Economics. C) Macroeconomics. D) Normative Economics. Show Answer Correct Answer: C) Macroeconomics. 17. An economy sells goods to other countries A) Exports. B) Imports. Show Answer Correct Answer: A) Exports. 18. THINGS THAT YOU GAVE UP WHEN YOU MAKE A CHOICE A) PROBLEM. B) OPPORTUNITY COST. C) TRADE-OFF. D) CHOICE. Show Answer Correct Answer: B) OPPORTUNITY COST. 19. It refers to the process of producing or creating goods needed by the households to satisfy their needs and wants. A) Production. B) Allocation. C) Distribution. D) Consumption. Show Answer Correct Answer: A) Production. 20. What are the two branches of economics? A) Microeconomics. B) Macroeconomics. C) All of the Above. D) None of the Above. Show Answer Correct Answer: C) All of the Above. 21. What do you call the stage of production where Total Product is increasing at a slower rate and Marginal Product and Average Product are both decreasing? A) Stage of Diminishing returns. B) Stage of Negative returns. C) Stage of Increasing returns. D) Stage of Decreasing returns. Show Answer Correct Answer: A) Stage of Diminishing returns. 22. This is the most democratic forms of economic system. Based on the workings of demand and supply, decisions are made on what goods and services to produce. A) Traditional economy. B) Market economy. C) Planned economy. D) None of above. Show Answer Correct Answer: B) Market economy. 23. It takes up a close-up view of the economy and analyzes individual parts of an economy A) Microeconomics. B) Macroeconomics. Show Answer Correct Answer: A) Microeconomics. 24. What do you think is the most favorable production in manufacturing? A) Producing more units at a lower cost. B) Producing moderately at a reasonable cost. C) Producing high units at higher cost. D) Producing low units at a lower cost. Show Answer Correct Answer: A) Producing more units at a lower cost. 25. Disadvantages include limited life and the potential for conflict between partners A) Sole Propriotorship. B) Partnership. C) Corporation. D) None of above. Show Answer Correct Answer: B) Partnership. 26. It is the process of evaluating which market offers the greatest opportunity? A) Opportunity Screening. B) Opportunity Seizing. C) Opportunity Evaluation. D) Opportunity Matrix. Show Answer Correct Answer: A) Opportunity Screening. 27. What business organization is characterized below?It is the simplest way to set up a business. The owner of the business enjoys exclusive control and decision making as well as gets all the profits earned, but shoulders all losses. A) Cooperative. B) Corporation. C) Sole Proprietorship. D) Partnership. Show Answer Correct Answer: C) Sole Proprietorship. 28. This type of partnership is less risky because this partner is only responsible for the contribution he/she has made to the partnership A) Limited partnership. B) Corporation. C) General Partnership. D) Sole proprietorship. Show Answer Correct Answer: A) Limited partnership. 29. This is the amount of commodity available for sale. A) Demand. B) Good. C) Price. D) Supply. Show Answer Correct Answer: C) Price. 30. He stated that "All needs are important." A) Paul Samuelson. B) John Neville Keynes. C) Clayton Alderfer. D) Alfred Marshall. Show Answer Correct Answer: C) Clayton Alderfer. ← 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