This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 49 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 49 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The quantity of a commodity that is in the market and available for purchase atparticular price. A) SUPPLY. B) LAW OF SUPPLY. C) LAW OF DEMAND. D) DEMAND. Show Answer Correct Answer: A) SUPPLY. 2. The market demand curve for apple shows the A) Effect on market supply of a change in the demand for apple. B) Quantity of an apple that consumers like to buy at different prices. C) Marginal cost of producing & selling different quantities of an apple. D) Effect of advertising expenditures on the market price of an apple. Show Answer Correct Answer: B) Quantity of an apple that consumers like to buy at different prices. 3. Which of the following is likely to increase the demand for peanut butter? A) Fewer children in the population. B) News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months. C) A big increase in the price of jelly. D) A report from the Surgeon General of the United States that eating peanut butter makes people nutty. Show Answer Correct Answer: B) News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months. 4. According to him, economics is the proper allocation and efficient use of available resources for the maximum satisfaction of human wants. A) Roger Le Roy Miller. B) Samuelson. C) Nordhaus. D) Fajardo. Show Answer Correct Answer: D) Fajardo. 5. Money serves different functions. All of the following are the functions of it except ..... A) Money is a storehouse of value. B) Money cannot be used as a medium of exchange. C) Money is a unit of account. D) Money allows the value of goods, services and assets to be compared. Show Answer Correct Answer: B) Money cannot be used as a medium of exchange. 6. Shows the relationship between utility and consumption. A) Consumption. B) Utility. C) Utility function. D) Consumer Theory. Show Answer Correct Answer: C) Utility function. 7. Which of the following is NOT one of the six basic activities that all businesses perform? A) Raising capital. B) Buying goods and services. C) Conserving resources. D) Generating ideas. Show Answer Correct Answer: C) Conserving resources. 8. Oikanomia means: A) House Improvement. B) Housing Management. C) Household management. D) Household Chores. Show Answer Correct Answer: C) Household management. 9. A monetary measure of the market value of all the final goods and services produced in a specific time period. A) GDP per Capita. B) Gross Domestic Product. C) Cost of Living. D) Nominal GDP. Show Answer Correct Answer: B) Gross Domestic Product. 10. Ford and Toyota sells the same products; it evident that there is a ..... A) Competition. B) Distribution. C) Alliance. D) Threats. Show Answer Correct Answer: A) Competition. 11. Business need internal growth. School as a business needs also internal growth. A) Both Statement is correct. B) Both Statement is wrong. C) First statement is correct. D) Second statement is correct. Show Answer Correct Answer: A) Both Statement is correct. 12. Identify the type of economic system described in each statement.Goods are produced just enough for their own consumption. A) Traditional Economy. B) Market Economy. C) Planned/ Command Economy. D) None of above. Show Answer Correct Answer: A) Traditional Economy. 13. What follows the "peak" of a business cycle? A) Recession. B) A "bust". C) The trough. D) None of above. Show Answer Correct Answer: B) A "bust". 14. It is the study of how human could best allocate and utilize the scarce resources of society to satisfy his or her unlimited wants. A) Macroeconomics. B) Distribution. C) Microeconomics. D) Economics. Show Answer Correct Answer: D) Economics. 15. Labor is a work done tor people such as haircutting and flower arrangement. A) True. B) False. Show Answer Correct Answer: B) False. 16. Scarcity is a situation in which they have to choose between two things (or activities) that cannot be done at the same time. A) True. B) False. Show Answer Correct Answer: B) False. 17. What is the difference between perfect competition and monopo listic competition? A) Perfect competition has a large number of small firms while monopolistic competition does not. B) In perfect competition, firms produce identical products, while in monopolistic competition does not. C) Perfect competition has no barriers to entry, while monopolistic competition does. D) Perfect competition has barriers to entry while monopolistic competition does not. Show Answer Correct Answer: B) In perfect competition, firms produce identical products, while in monopolistic competition does not. 18. It is a place where buyers and sellers interact with each other and that exchange takes place among them. A) INCOME EFFECT. B) LAW OF SUPPLY. C) LAW OF DEMAND. D) MARKET. Show Answer Correct Answer: D) MARKET. 19. A firm is said to make normal profits when its economic profits are zero. A) False. B) True. Show Answer Correct Answer: B) True. 20. It is a state when the buyers and sellers transact on the purchase or sales of goods or services. A) Community. B) School. C) Market. D) House. Show Answer Correct Answer: C) Market. 21. A minimum legal price below which a product cannot sold. A) Supply. B) Transaction Costs. C) Price Floor. D) Price Cieling. Show Answer Correct Answer: C) Price Floor. 22. The equilibrium point is the level where the demand and supply curves intersect. A) True. B) False. Show Answer Correct Answer: A) True. 23. Of the three major economic questions, which of the following is the best example of a "What?" question? A) Should automobiles be produced using workers or robots?. B) Should we make faster microprocessors or pest-resistant corn?. C) Should migrant workers or domestic workers be used to pick grapes?. D) Should higher-income or lower-income people buy SUVs?. Show Answer Correct Answer: B) Should we make faster microprocessors or pest-resistant corn?. 24. Market system is the most common mechanism of economics. A) False. B) True. Show Answer Correct Answer: A) False. 25. Defining the best alternative or option is a part of decision-making process. A) False. B) True. Show Answer Correct Answer: B) True. 26. Which is not true about mixed economy? A) Taxes are strictly imposed by the Government in mixed economy. B) Both free market and traditional are found in mixed economy. C) Both capitalism and socialist are found in mixed economy. D) Philippines is a mixed economy. Show Answer Correct Answer: B) Both free market and traditional are found in mixed economy. 27. Which of the following is/are element/s of strategic management is statement of purpose (strategic intent) committing the organization to ambitious overarching (stretch) objectives? A) Environmental scanning. B) Strategy Formulation. C) Strategy implementation. D) All of the above. Show Answer Correct Answer: B) Strategy Formulation. 28. Qs = a + b(P) what do you call this formula A) Law of supply. B) Market equilibrium. C) Market. D) Law of Demand. Show Answer Correct Answer: A) Law of supply. 29. This is a Latin term that literally translates to "all else being the same" . A) Ceteris paribus. B) Ceteris equation. C) Ceteris equilibrium. D) Ceteris assumptions. Show Answer Correct Answer: C) Ceteris equilibrium. 30. What do we call the amount of quantity supplied exceeded the quantity demand? A) Bargaining power of suppliers. B) Shortage. C) Scarcity. D) Surplus. Show Answer Correct Answer: D) Surplus. ← 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