This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 48 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 48 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following leads to an decrease in supply? A) A decrease in the cost of raw materials. B) An increase in the cost of raw materials. C) A change in the law of supply. D) Diminishing marginal returns. Show Answer Correct Answer: B) An increase in the cost of raw materials. 2. Which of the following is not a financial resources? A) Money. B) Investment. C) Facilities. D) Sources of funds. Show Answer Correct Answer: C) Facilities. 3. If the acquisition price of a land is very high, how condominiums recoup the cost? A) Charge high rental rates. B) Charge low rental rates. C) Per day charges of rates. D) Both A and C. Show Answer Correct Answer: D) Both A and C. 4. 3) This is basically the ideas that go into the process of creating a good or providing a service. r A) Capital. B) Land. C) Entrepreneurship. D) Labor. Show Answer Correct Answer: C) Entrepreneurship. 5. Who is the Father of economics? A) Frederick W. Taylor. B) Charles Babbage. C) Adam Smith. D) Henri Fayol. Show Answer Correct Answer: C) Adam Smith. 6. If the price of a substitute to good X increases, then A) The demand for good X will increase. B) The market price of good X will decrease. C) The demand for good X will decrease. D) The demand for good X will not change. Show Answer Correct Answer: A) The demand for good X will increase. 7. What might cause the supply curve to shift left? A) Price of a complementary good decreases. B) Large number of producers enter the market. C) Computer processing improves production. D) A new law is passed requiring all new motorcycles to have back-up cameras. Show Answer Correct Answer: D) A new law is passed requiring all new motorcycles to have back-up cameras. 8. The effort used to nail lumber together to make a wooden box A) Capital good. B) Human resource. C) Capital fund. D) Natural resource. Show Answer Correct Answer: B) Human resource. 9. Economies experience an increased in unemployment and a reduced ofactivity during recession. How does recession affect the market demand for new cars? A) Demand for new cars shifts to the right. B) Demand for new cars shifts to the left. C) Demand for new cars has no shift. D) Demand for new cars either has or no shift. Show Answer Correct Answer: B) Demand for new cars shifts to the left. 10. These resources command a price. A) Economic resources. B) Free resources. C) Natural resources. D) All of the above. Show Answer Correct Answer: A) Economic resources. 11. Money taken by the government from the amount individuals or businesses make at work. This can be defined as ..... A) Income Tax. B) Currency. C) Money. D) Interest Rate. Show Answer Correct Answer: A) Income Tax. 12. This generally the simplest way to set up a business A) CORPORATION. B) FIRM. C) INDUSTRY. D) SOLE PROPRIETORSHP. Show Answer Correct Answer: D) SOLE PROPRIETORSHP. 13. It is the exchange of capital, goods, and services across international borders or territories, which could involve the activities of the government and individual. A) National Trade. B) Local Trade. C) International Trade. D) All of the choices. Show Answer Correct Answer: C) International Trade. 14. What market structure wherein every firm is a price setter and can maximize profit? A) Monopoly. B) Oligopopy. C) Monopolistic. D) Perfect Competition. Show Answer Correct Answer: A) Monopoly. 15. The tension between the limited resources and unlimited wants and needs. A) Poverty. B) Natural resources. C) Opportunity cost. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 16. The degree of control a provider of goods or services can exert on its buyers A) Buying Power. B) Supply Power. C) Selling Power. D) Demand Power. Show Answer Correct Answer: B) Supply Power. 17. This is the most common for electric and power utilities and the agriculture areas A) Corporation. B) Cooperative. C) Partnership. D) Sole proprietorship. Show Answer Correct Answer: B) Cooperative. 18. 8) Demand is almost always more elastic at higher prices and less elastic at lower prices. A) False. B) True. C) Maybe. D) All. Show Answer Correct Answer: B) True. 19. TRUE OR FALSE:One of the advantages of e-commerce is inability to touch the products. A) FALSE. B) TRUE. Show Answer Correct Answer: A) FALSE. 20. Wealth is capital. A) This statement is a hypothesis. B) This statement is a theory. C) This statement is true. D) This statement is false. Show Answer Correct Answer: C) This statement is true. 21. What tool can help a proponent by enabling him/her to identify and assess internal and external forces that can affect business? A) Industry Analysis. B) SWOT Analysis. C) PORTER'S Five Forces. D) Quality Tool. Show Answer Correct Answer: B) SWOT Analysis. 22. Benefit from the business-sponsored activities A) Impact on the supplier & investor. B) Impact on the household & community. C) Impact on the consumer. D) Impact on the government. Show Answer Correct Answer: B) Impact on the household & community. 23. Businesses sell ..... to individuals and in return businesses earn a ..... A) Resources, profit. B) Businesses, individuals. C) Income, profit. D) Products, profit. Show Answer Correct Answer: D) Products, profit. 24. All public sector businesses are public limited companies. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 25. Is an entity organized by the people similar needs to provide themselves with goods or services. A) Cooperation. B) Sole Proprietorship. C) Cooperative. D) Partnership. Show Answer Correct Answer: C) Cooperative. 26. The limited nature of resources, which underlies the basic economic problem. A) Scarcity. B) Wants. C) Needs. D) Surplus. Show Answer Correct Answer: A) Scarcity. 27. Which law bans monopolies? A) Townsend Act. B) Monopoly Act. C) Tea Act. D) Anti-Trust Act. Show Answer Correct Answer: D) Anti-Trust Act. 28. A type of stock without voting privileges A) Common. B) Uncommon. C) Preferred. D) Dividend. Show Answer Correct Answer: C) Preferred. 29. Which among the following discuss the price as a factor affecting supply? A) The higher the price, the lower is the supply. B) The higher the price, the higher is the supply. C) The lower the price, the higher is the supply. D) The lower the price, no one will buy in malls. Show Answer Correct Answer: B) The higher the price, the higher is the supply. 30. They are classified as those who work for private households, private establishment, government or government owned or controlled corporations, and those who work with pay in own family-operated farm or business. A) Wage and salary. B) Self-employed. C) Unpaid family workers. D) None of above. Show Answer Correct Answer: A) Wage and salary. ← 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