This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 59 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 59 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. These are examples of human wants except: A) Smartphone. B) Watch. C) Clothing. D) Perfume. Show Answer Correct Answer: C) Clothing. 2. It can influence the purchasing decisions in other factors. A) Nature of Work. B) Production Process. C) Goods. D) Income. Show Answer Correct Answer: D) Income. 3. Inelastic Price Change and Total Revenue Total revenue moves in what direction of a price change when consumers react weakly or inelastically? A) Similar. B) No Movement. C) Opposite. D) Varying. Show Answer Correct Answer: A) Similar. 4. It is under the service sector. A) Real Estate. B) Quarrying. C) Forestry. D) None of above. Show Answer Correct Answer: A) Real Estate. 5. Firms use marketing to A) Influence a consumer's buying decision. B) Convince customers that their product is worth its price. C) Persuade buyers that their product is superior to others. D) All of these. Show Answer Correct Answer: D) All of these. 6. At a given price, the amount by which quantity demanded exceeds quantity supplied; it usually forces the price up. A) Surplus. B) Shortage. C) Market equilibrium. D) None of above. Show Answer Correct Answer: B) Shortage. 7. In which market structure is there the LEAST competition? A) Monopoly. B) Monopolistic Competition. C) Oligopoly. D) Perfect Competition. Show Answer Correct Answer: A) Monopoly. 8. In this market structure, wherein only few firms dominates the market and also sells homogeneous products A) Monopoly. B) Monopolistic Competition. C) Oligopoly. D) Pure Competition. Show Answer Correct Answer: C) Oligopoly. 9. Where do Economics and Sociology share common ground? A) In the realm of physical sciences. B) Only in academic research. C) In understanding societal behavior and its economic aspects. D) Only in political science. Show Answer Correct Answer: C) In understanding societal behavior and its economic aspects. 10. The higher the cost of a house A) The higher the demand. B) The lower the demand. C) The price does not affect the demand. D) None of the above. Show Answer Correct Answer: B) The lower the demand. 11. Refers to the production of goods and services by concerning the inputs into outputs and or creation of utilities to customers. A) Service Industry. B) Industry. C) Primary Industry. D) Secondary Industry. Show Answer Correct Answer: B) Industry. 12. It is the above market-clearing. A) Labor Demand. B) Labor Shortage. C) Labor Surplus. D) None of above. Show Answer Correct Answer: C) Labor Surplus. 13. The price in the market is set by the seller and the producer. A) True. B) False. Show Answer Correct Answer: B) False. 14. Porter's 5 Forces Analysis is a tool used for understanding where the ..... lies in a business situation. A) Market. B) Power. C) Customer. D) Evil. Show Answer Correct Answer: B) Power. 15. An autoworker is considered ..... and earns ..... A) Entrepreneurship; wages. B) Capital; rent. C) Labor; rent. D) Labor; wages. Show Answer Correct Answer: D) Labor; wages. 16. What is another term for businesses according to the Circular Flow? A) Corporations. B) Companies. C) Organizations. D) Firms. Show Answer Correct Answer: D) Firms. 17. What is the process of finding the best possible outcome or solution within a given set of constraints? A) Decision-Making. B) Economic Analysis. C) Optimization. D) Policy Evaluation. Show Answer Correct Answer: C) Optimization. 18. What is a market structure in which many companies sell products that are similar but not identical? A) Oligopoly. B) Perfect Competition. C) Monopolistic Competition. D) Monopoly. Show Answer Correct Answer: C) Monopolistic Competition. 19. This law states that as an additional units of goods is consumed, theadditional utility derived from each additional unit tends to diminish. A) Law of Diminishing Marginal Returns. B) Law of Diminishing Marginal Utility. C) Law of Utility. D) Law of Diminishing Utility. Show Answer Correct Answer: C) Law of Utility. 20. Mr Tonkli goes to the ticket booth to buy tickets for a Cavs game. Mr. Tonkli is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? A) The arena forgot to print enough tickets. B) The supply of tickets was greater than the demand. C) The arena charged too much money for each ticket. D) The demand for tickets was greater than the supply. Show Answer Correct Answer: D) The demand for tickets was greater than the supply. 21. Microeconomics or MacroeconomicsHousehold weekly budget. A) Microeconomics. B) Macroeconomics. Show Answer Correct Answer: A) Microeconomics. 22. These are FACTORS in analyzing the industry EXCEPT for ..... A) Target customers. B) Location of the business. C) Business leaders in the industry. D) Competitors' business size and outlook. Show Answer Correct Answer: D) Competitors' business size and outlook. 23. The computers of the production manager in an office are what kind of goods orproducts? A) Either consumer goods or capital goods. B) Consumer goods. C) Economic goods. D) Capital goods. Show Answer Correct Answer: D) Capital goods. 24. What is the primary focus of applied economics? A) Applying economic theories to real-world issues. B) Studying economic theories in isolation. C) Developing new economic theories. D) Analyzing historical economic data. Show Answer Correct Answer: A) Applying economic theories to real-world issues. 25. These are inputs of production that are subject to further processing and transformation. A) Direct Labor. B) Factory Overhead. C) Raw Materials. D) None of the above. Show Answer Correct Answer: C) Raw Materials. 26. This type of business organization makes it easier to secure financing because more than one person may apply for credit. A) Franchise. B) Corporation. C) Partnership. D) Sole proprietorship. Show Answer Correct Answer: C) Partnership. 27. Economic recovery begins- A) Above the trend line. B) At the end of a recession (trough). C) At the "boom" period. D) None of above. Show Answer Correct Answer: B) At the end of a recession (trough). 28. It encourages the formation and growth of micro-enterprises by granting incentives and other benefits. A) Go Negosyo Act. B) Microfinance Act. C) Barangay Micro Business Enterprise Act. D) Microbusiness Opportunity Act. Show Answer Correct Answer: C) Barangay Micro Business Enterprise Act. 29. The number of good and services required by a group of people in a given market. A) Market Supply. B) Market Demand. C) Market Price. D) Market. Show Answer Correct Answer: B) Market Demand. 30. ..... arises where you have one or more potential choice in having less of another. A) Opportunity cost. B) Trade-offs. Show Answer Correct Answer: B) Trade-offs. ← 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