This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 51 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 51 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Economics is derived from a Greek word "oikonomia" or "oikonomus" meaning: A) Household management. B) Economic management. C) Political management. D) Social management. Show Answer Correct Answer: A) Household management. 2. If supply and demand both shift outward, but demand shifts outward more than supply, the equilibrium price: A) Will increase and quantity will increase. B) Will increase and quantity will decrease. C) Will decrease and quantity will decrease. D) Will decrease and quantity will increase. Show Answer Correct Answer: A) Will increase and quantity will increase. 3. Below are the disadvantages of online business transactions, EXCEPT: A) Customer service. B) Instant satisfaction. C) Product check. D) None of the above. Show Answer Correct Answer: D) None of the above. 4. It refers to the total satisfaction received from consuming a good orservice. A) Consumption. B) Opportunity. C) Satisfactionutility. D) Utility. Show Answer Correct Answer: D) Utility. 5. A list of the amounts of a product that a seller would offer for sale at different prices A) Demand Schedule. B) Demand. C) Supply Schedule. D) Supply. Show Answer Correct Answer: C) Supply Schedule. 6. How do price ceilings impact the market? A) They promote price gouging. B) They create surpluses of goods. C) They prevent prices from rising above a certain level. D) They have no impact on market dynamics. Show Answer Correct Answer: C) They prevent prices from rising above a certain level. 7. In economics, resources are: A) Anything used to create something else. B) The environment in general. C) Specifically lumber and water. D) Capital only. Show Answer Correct Answer: A) Anything used to create something else. 8. Measurement of degree of responsiveness of quantity demanded to changes in price is called A) Income elasticity of demand. B) Price elasticity of demand. C) Law of demand. D) Cross elasticity of demand. Show Answer Correct Answer: B) Price elasticity of demand. 9. What is Market Structure A) Economic models allows economist to examines the competition among the businesses in the same industry. B) Allows economist to examines the market value of the economic system. Show Answer Correct Answer: A) Economic models allows economist to examines the competition among the businesses in the same industry. 10. Which among the following explains the price as a factor affecting demand? A) The higher the price, the lower is the demand. B) The higher the price, the higher is the demand. C) The lower the price, the lower is the demand. D) The lower the price, the no one will buy. Show Answer Correct Answer: A) The higher the price, the lower is the demand. 11. In this economic system the government is the one who is in control of the production of goods. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: B) Command. 12. It is the insufficiency of resources to meet the wants of consumers and insufficiency of resources for producers that hamper enough production of goods and services. A) Needs. B) Wants. C) Scarcity. D) Shortage. Show Answer Correct Answer: C) Scarcity. 13. Positive impacts of various external environments on the profitability of an industry. A) Strengths. B) Weakness. C) Threats. D) Opportunities. Show Answer Correct Answer: D) Opportunities. 14. Is an organization that transforms resources into products A) Household. B) Firm. C) Entrepreneur. D) Land. Show Answer Correct Answer: B) Firm. 15. Microeconomics or MacroeconomicsGovernment budget on public infrastructure A) Macroeconomics. B) Microeconomics. Show Answer Correct Answer: A) Macroeconomics. 16. They're able to not only come up with ingenious ideas, but also turn those ideas into profits. A) Persistence. B) Self Confidence. C) Creative. D) Perseverance. Show Answer Correct Answer: C) Creative. 17. Positive economics is a branch of economics that deals essentially with policy goals, and statements typically contain keywords such as "should" and "ought" . A) True. B) False. Show Answer Correct Answer: B) False. 18. What is known as forgone opportunity? A) Opportunity cost. B) Loss. C) Trade off. D) Deficit. Show Answer Correct Answer: A) Opportunity cost. 19. TRUE OR FALSE: "Q" stands for a change in price. A) FALSE. B) TRUE. Show Answer Correct Answer: A) FALSE. 20. In a ..... economy, families, clans, or tribes make economic decisions based on generational customs and beliefs. A) Command. B) Market. C) Traditional. D) Mixed. Show Answer Correct Answer: C) Traditional. 21. Production is an outcome of economic activity. A) False. B) True. Show Answer Correct Answer: B) True. 22. Which among the following explains price expectations as a factor affecting demand? A) When consumers expects decrease in prices, demand decreases. B) When consumers expects an increase or decrease in the prices, consumers do not tend to spend their money. C) When consumer expects increase in prices, demand increases. D) Price expectation does not affects demand. Show Answer Correct Answer: C) When consumer expects increase in prices, demand increases. 23. Which of the following is a macroeconomic topic? A) The reasons for a rise in the price of orange juice. B) The reasons for the rise in average prices. C) Whether the army should buy more tanks or more rockets. D) Why plumbers earn more than janitors. Show Answer Correct Answer: A) The reasons for a rise in the price of orange juice. 24. It is refers to international trade without tariff quota or restriction, while Protectionism refers to the practice of shielding a country's domestic industries from foreign competition by taxing imports aka tariff. A) Free trade. B) Import Trade. C) International trade. D) Entrepot trade. Show Answer Correct Answer: A) Free trade. 25. Global recession or financial crisis. A) Weakness. B) Strength. C) Threat. D) Opportunities. Show Answer Correct Answer: C) Threat. 26. Determine on what goods and quantity of goods to produce A) How to produce?. B) What to produce?. C) What provision/laws to be made?. D) For whom to produce?. Show Answer Correct Answer: B) What to produce?. 27. Decisions are based on traditions and practices upheld over the years and passed on from generation to generation A) Traditional Economy. B) Command Economy. C) Market Economy. D) None of above. Show Answer Correct Answer: A) Traditional Economy. 28. A social science concerned with using scarce resources to obtain the maximum of the unlimited wants of society. A) SOCIAL SCIENCE. B) ECONOMICS. C) APPLIED ECONOMICS. D) None of above. Show Answer Correct Answer: B) ECONOMICS. 29. Why is the Circular Flow in the shape of a circle? A) Because of the way it is. B) Because money flows from businesses to households and back to businesses. C) Because the circle represents completion. D) Because circles are the easiest shape to draw. Show Answer Correct Answer: B) Because money flows from businesses to households and back to businesses. 30. SWOT ANALYSIS MEans A) Wgw. B) Bbs. C) Bsbs. D) None of above. Show Answer Correct Answer: C) Bsbs. ← 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