This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 56 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 56 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A change in a determinant will lead to a proportionately greater change in demand or supply A) Inelastic. B) Unitary Elastic. C) Elastic. D) Elasticity. Show Answer Correct Answer: C) Elastic. 2. The study of Economics is intensive and varied. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 3. What happens to the demand curve when there is an increase in consumer income? A) The demand curve shifts left. B) The demand curve shifts right. C) The demand curve does not change. D) The demand curve becomes vertical. Show Answer Correct Answer: B) The demand curve shifts right. 4. A situation where there is a general increase in prices and fall in the purchasing value of money A) Supply. B) Inflation. C) Scarcity. D) Disequilibrium. Show Answer Correct Answer: B) Inflation. 5. The economic system that based on the working of demand and supply, decisions are made on what goods and services to produce. A) Command economy. B) Market economy. C) Overflow Economy. D) Traditional Economy. Show Answer Correct Answer: B) Market economy. 6. These are examples of agribusiness except: A) Furniture making. B) Corn farming. C) Hog raising. D) Poultry raising. Show Answer Correct Answer: A) Furniture making. 7. It is a state of balance when demand is equal to supply. A) Market. B) Equilibrium. C) Demand. D) Supply. Show Answer Correct Answer: B) Equilibrium. 8. Having the ability or capacity to produce more output compared to another entity. A) Comparative Advantage. B) Opportunity Cost. C) Absolute Advantage. D) Trade-off. Show Answer Correct Answer: C) Absolute Advantage. 9. Which of the following is not an assumption in economics? A) Sweeping generalization. B) Profit maximization. C) Ceteris paribus. D) Perfect information. Show Answer Correct Answer: A) Sweeping generalization. 10. The following are examples of physical capital, EXCEPT ONE: A) Money. B) Education. C) Machines. D) Tools. Show Answer Correct Answer: B) Education. 11. A business tool that helsps you to understand whre your business power lies in present competitiveness. A) TOWS. B) PESTLE. C) SWOT. D) Porter's Five Forces. Show Answer Correct Answer: D) Porter's Five Forces. 12. Growth is essential in business A) Systems. B) Big ideas. C) Purpose. D) Autonomy. Show Answer Correct Answer: B) Big ideas. 13. ..... is the scientific study of allocation of scarce resources to answer unlimited human wants. A) Mathematics. B) Social Science. C) Science. D) Economics. Show Answer Correct Answer: D) Economics. 14. Industry that requires a lot of machines and equipment to produce a product is called what? A) Heavy. B) Service. C) Light. D) Manufacturing. Show Answer Correct Answer: A) Heavy. 15. The average product refers to the average contribution per unit of input. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 16. Shows the group of indifference curves under the microeconomic concept. A) Indifference Map. B) Budget Line. C) Indifference Curve. D) None of above. Show Answer Correct Answer: A) Indifference Map. 17. This book analyzed how markets organized economic life and and produced rapid economic growth A) General Theory of Employment, Interests and Money. B) Das Kapital. C) The Art of War. D) The Wealtn of Nations. Show Answer Correct Answer: D) The Wealtn of Nations. 18. Provide inputs that the firms in an industry need to create the goods and services that they in turn sell to their buyers. A) Customers. B) Suppliers. Show Answer Correct Answer: B) Suppliers. 19. Refers to the gap in income that exists between the rich and the poor. A) Unemployment. B) Quality of infrastructure. C) Income inequality. D) Poverty. Show Answer Correct Answer: C) Income inequality. 20. Only one seller in a market A) Monopoly. B) Perfect competition. C) Monopolistic competition. D) Oligopoly. Show Answer Correct Answer: A) Monopoly. 21. What will happen when there is a shortage in a market? A) Consumers are willing to buy more of the good at the current price. B) Firms are willing to sell more of the good at the current price. C) Quantity supplied exceeds quantity demanded. D) The equilibrium price is below zero. Show Answer Correct Answer: A) Consumers are willing to buy more of the good at the current price. 22. The different amounts of a product that a seller would make available for sale at different prices A) Demand Schedule. B) Demand. C) Supply Schedule. D) Supply. Show Answer Correct Answer: D) Supply. 23. It is an activity of earning money, buying goods and services or saving money in a bank? A) Economics. B) Buying. C) Financial. D) Accounting. Show Answer Correct Answer: C) Financial. 24. Find the simple interest given the following:P = 50, 000 R = 11% T = 6 months A) 2, 750. B) 1, 750. C) 3, 750. D) None of above. Show Answer Correct Answer: A) 2, 750. 25. This measures how the quantity demanded changes as consumer income changes. A) Price Elasticity. B) Arc Elasticity. C) Income Elasticity. D) Cross Elasticity. Show Answer Correct Answer: C) Income Elasticity. 26. Identify the type of economic system described in each statement.This is the economic system of some tribal parts of the Philippines. A) Traditional Economy. B) Market Economy. C) Planned/ Command Economy. D) None of above. Show Answer Correct Answer: A) Traditional Economy. 27. Peanut spread ..... Gardenia bread; Toothbrush ..... Toothpaste are an examples of ..... A) Normal Goods. B) Complimentary Goods. C) Substitute Goods. D) Inferior Goods. Show Answer Correct Answer: B) Complimentary Goods. 28. The following are factors that affect labor supply, EXCEPT ONE: A) Productivity. B) Government policies. C) The number of workers. D) Qualifications. Show Answer Correct Answer: A) Productivity. 29. When companies compete in a market economy, what is usually the result? A) People pay much higher prices for goods. B) Producers refuse to sell some of their products. C) Consumers are able to buy goods for the best available price. D) There are frequent shortages of goods on the market. Show Answer Correct Answer: C) Consumers are able to buy goods for the best available price. 30. Contribute to growth and development in their countries of destination, while countries of origin greatly benefit from their remittances A) Labor Force. B) Labor Migration. C) Labor Market. D) Labor Demand. Show Answer Correct Answer: B) Labor Migration. ← 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