This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 54 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 54 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The natural resources that people use:Forests, pasture land, minerals, water, etc. are products used in the production of goods and services, come from the earth. A) Labor. B) Land. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: B) Land. 2. Something we use from nature. A) Natural resource. B) Entrepreneur. C) Human resource. D) Capital resource. Show Answer Correct Answer: A) Natural resource. 3. The following are internal factors of a business except for: A) Economic trends. B) Financial resources. C) Human resources. D) Access to natural resources. Show Answer Correct Answer: A) Economic trends. 4. Suppliers have a hugely important role at every stage of the product lifecycle. A) False. B) True. Show Answer Correct Answer: B) True. 5. Processes raw materials from agriculture, fishery and forestry into intermediate product that are further processed into final product. A) Agriculture, Fishery and Forestry. B) Industrial Sector. C) Service Sector. D) Environmental Sector. Show Answer Correct Answer: B) Industrial Sector. 6. What is the Characteristics of Monopoly A) One seller and unique products. B) Many seller and unique products. Show Answer Correct Answer: A) One seller and unique products. 7. ..... are those taxes on particular persons. These are deemed taxes with your name on it like taxes on salaries and wages. A) Direct. B) Proportional. C) Regressive. D) Indirect. Show Answer Correct Answer: A) Direct. 8. Access to telecommunication facilities A) Weakness. B) Strength. C) Threat. D) Opportunities. Show Answer Correct Answer: D) Opportunities. 9. As a citizen of the Philippines, determine which is NOT TRUE of the economic activities that have been observed in your locality: A) Everyone has experienced buying limited supply of commodities. B) Everyone has inadequate supply of hygienic materials and protective devices. C) Some citizens have suffered from changes in the pandemic protocols of the government. D) The people in Davao have freely enjoyed traveling from one place to other. Show Answer Correct Answer: D) The people in Davao have freely enjoyed traveling from one place to other. 10. The term used for satisfaction and not easy to measure. A) Utility. B) Consumer theory. C) Total Utility. D) Consumption. Show Answer Correct Answer: A) Utility. 11. The cost of something is what you give up to get it. A) Opportunity Cost. B) Public Cost. C) Consumer cost. D) Business Cost. Show Answer Correct Answer: A) Opportunity Cost. 12. May business are online to help reduce A) Fixed costs are lower. B) Operating costs never increase. C) Variable costs eliminated. D) None of above. Show Answer Correct Answer: A) Fixed costs are lower. 13. It refers to favorable external factors that could give an organization acompetitive advantage. A) Strengths. B) Weaknesses. C) Opportunities. D) None of the above. Show Answer Correct Answer: C) Opportunities. 14. It is a field that applies of economic theories and principles to real world situationswith the desired aim of predicting potential outcomes. A) Economics. B) Applied Economics. C) Applied Science. D) Social Science. Show Answer Correct Answer: B) Applied Economics. 15. This refers to the resource mix and technology applied in production. A) For whom to produce?. B) How much to produce?. C) For whom to spend?. D) How to produce?. Show Answer Correct Answer: D) How to produce?. 16. Scarcity 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) False. B) True. Show Answer Correct Answer: B) True. 17. How many common tools used in analyzing the industry? A) 4. B) 2. C) 5. D) 3. Show Answer Correct Answer: D) 3. 18. Below are the advantages of online business transactions, EXCEPT: A) Easy to pay. B) Opens 24 hours, 7 days a week. C) More product selection. D) None of the above. Show Answer Correct Answer: A) Easy to pay. 19. These are the areas evaluated using Porter's Five Forces Model EXCEPT for ..... A) Threats of New Entrant. B) Rivalry among Existing Suppliers. C) Threats of Substitute Products/Services. D) Bargaining Power of Buyers and Suppliers. Show Answer Correct Answer: B) Rivalry among Existing Suppliers. 20. It is important that you identify what are the characteristics of your ..... A) Competitors. B) Customers. C) Suppliers. D) Consumers. Show Answer Correct Answer: D) Consumers. 21. What makes economics different from other social sciences is it makes choices under the conditions of scarcity. A) True. B) False. Show Answer Correct Answer: A) True. 22. Trade offs and opportunity costs are only applicable to certain levels in the society. A) True. B) False. Show Answer Correct Answer: B) False. 23. Mr. Martin's business has an asset of Php15, 000, 000 to 60, 000, 000, what scale of business does he have? A) Small business. B) Large business. C) Medium business. D) Micro business. Show Answer Correct Answer: C) Medium business. 24. The structure in which there is separation of ownership and management is called: A) Sole proprietorship. B) Partnership. C) Company. D) All of the three. Show Answer Correct Answer: C) Company. 25. Margarine is a good substitute for ..... A) Bread. B) Cheese. C) Butter. D) Cheddar. Show Answer Correct Answer: C) Butter. 26. Refers to the utility of obtaining a product A) Acquisition utility. B) Transaction utility. Show Answer Correct Answer: A) Acquisition utility. 27. According to the Production Possibilities Curve, which is not true: A) The efficiency and inefficiency of production depends on the curve. B) We can produce at any point inside the PPF, however, it is inefficient. C) Production outside the PPF may be efficient, however, it is unattainable. D) Production within the curve is efficient. Show Answer Correct Answer: C) Production outside the PPF may be efficient, however, it is unattainable. 28. States that, higher the price, the higher the quantity supplied. A) Demand Curve. B) The Law of Supply. C) Unitary Elasticity. D) Cross Price Elasticity of Demand. E) Inelastic Demand. Show Answer Correct Answer: B) The Law of Supply. 29. It deals with economic behavior of the whole economy. A) Macroeconomics. B) Microeconomics. C) Economics. D) Applied Economics. Show Answer Correct Answer: A) Macroeconomics. 30. The following are all characteristics of an Explicit Cost, except: A) Out-of-pocket costs. B) Calculates accounting and economic profit. C) Requires an outflow of cash from the entity. D) Cannot be determined precisely. Show Answer Correct Answer: D) Cannot be determined precisely. ← 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