This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 62 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 62 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Market is an interaction between buyers and sellers of trading or exchange. It is where the consumer buys and the seller sell. A) FALSE. B) TRUE. Show Answer Correct Answer: B) TRUE. 2. Which refers to the characteristics of a market in where buyers and sellersoperate, and influence economic decisions? A) Market systems. B) Market structures. C) Market pricing. D) Market interactions. Show Answer Correct Answer: B) Market structures. 3. Which of these do the producers of an item hope to achieve when adopting new technology? A) Repeal of the subsidy for that item. B) A shift of the supply curve for that item to the right. C) Inelasticity of supply of that item. D) A shift of the supply curve for that item to the left. Show Answer Correct Answer: B) A shift of the supply curve for that item to the right. 4. Creating goods/services for the consumer A) Distribution. B) Production. C) Surplus. D) Demand. Show Answer Correct Answer: B) Production. 5. The simplest business tool is ..... A) SWOT. B) TOWS. C) Porter's Five Forces. D) PESTLE. Show Answer Correct Answer: A) SWOT. 6. A state or condition where an individual has work but the job requires skills or expertise that is lower than what the person achieved. A) Over-employed. B) Self-Employed. C) Underemployed. D) Unemployed. Show Answer Correct Answer: C) Underemployed. 7. Which of the following is NOT one of the basic questions that all economic systems must answer: A) How much to produce. B) How to produce. C) What to produce. D) For whom to produce. Show Answer Correct Answer: A) How much to produce. 8. Economics is a social science that deals with ..... A) Experimentation. B) Natural resources. C) Economics. D) Human nature. Show Answer Correct Answer: D) Human nature. 9. It can serve as a significant tool to help address the country's economic problem. A) Literacy. B) Understanding on economic principles. C) More Resources. D) Have more Money. Show Answer Correct Answer: B) Understanding on economic principles. 10. A type of Economy wherein the decisions are based on Traditions, Culture, and practices. A) Market Economy. B) Mixed Economy. C) Traditional Economy. D) Command Economy. Show Answer Correct Answer: C) Traditional Economy. 11. What type of SWOT analysis is government incentives? A) Oppurtunities. B) Strength. C) Weakness. D) Threats. Show Answer Correct Answer: B) Strength. 12. Market trends, target market's demographic characteristics, political regulations are factors evaluated from what area? A) External forces. B) Internal forces. Show Answer Correct Answer: A) External forces. 13. Which strategy is used when a seller or company aims to increase sales andattract customers by improving the quality of the product, choosing an accessiblelocation, or giving an augmented product? A) Open competition. B) Non-price discrimination. C) Non-price competition. D) Direct competition. Show Answer Correct Answer: B) Non-price discrimination. 14. Investors in the Philippines is declining, the following are the reason EXCEPT ..... A) High performance of workers. B) Poverty. C) Adaptation. D) Security of investor. Show Answer Correct Answer: D) Security of investor. 15. External factors that are favorable for achieving your organization's objective. A) Weaknesses. B) Opportunities. C) Threats. D) Strengths. Show Answer Correct Answer: B) Opportunities. 16. Which of the following is not a resource? A) Capital. B) Labor. C) Land. D) Money. Show Answer Correct Answer: D) Money. 17. The study of how society manages its scarce resources. A) Economics. B) Applied Economics. C) Allocation. D) Scarcity. Show Answer Correct Answer: A) Economics. 18. Julie buys used clothes at garage sales and then auctions them off herself off the internet. Which type of business does she have? A) Corporation. B) Partnership. C) Proprietorship. D) Conglomerate. Show Answer Correct Answer: C) Proprietorship. 19. New businesses means employment opportunities A) Impact on the supplier & investors. B) Impact on the government. C) Impact on the consumer. D) Impact on the household & community. Show Answer Correct Answer: D) Impact on the household & community. 20. It is refers to the value of the best forgone alternative. A) Opportunity cost. B) Economic opportunity. C) Price opportunity. D) None of above. Show Answer Correct Answer: A) Opportunity cost. 21. Scarcity is the central economic problem. A) True. B) False. Show Answer Correct Answer: A) True. 22. The top gainer in the Philippine Imports in June 2020. A) Cereals. B) Transport Equipment. C) Food and Live Animals. D) Mineral Fuels. Show Answer Correct Answer: A) Cereals. 23. These are factors of Micro Environment except ..... A) Suppliers. B) Technological Forces. C) Resellers. D) Customers. Show Answer Correct Answer: B) Technological Forces. 24. It is whereuyers and sellers meet to exchange goods and services A) Market. B) Law of Demand. C) Market equilibrium. D) Law of supply. Show Answer Correct Answer: A) Market. 25. It is a transactions made wherein goods & services go out of country made for distribution to other countries. A) Protectionism. B) Import. C) Export. D) Free Trade. Show Answer Correct Answer: C) Export. 26. These are any goods that increases when income increases and vice versa. A) Supplementary Goods. B) Substitute Goods. C) Normal Goods. D) Complementary Goods. Show Answer Correct Answer: C) Normal Goods. 27. It is the term used for satisfaction. A) Utils. B) Utility. Show Answer Correct Answer: B) Utility. 28. A business is classified according to its size based on the worth of the businessassets. Which among the choices below if the business total assets are worth belowPhp 1, 500, 001. A) Micro. B) Small. C) Medium. D) Large. Show Answer Correct Answer: A) Micro. 29. Corporations and small businesses focused on out-reach program and even scholarship to the poor but deserving students A) Impact on the household & community. B) Impact on the consumer. C) Impact on the government. D) Impact on the supplier & investor. Show Answer Correct Answer: A) Impact on the household & community. 30. Surgeon's scalpel A) Capital good. B) Capital fund. C) Human resources. D) Natural resources. Show Answer Correct Answer: A) Capital good. ← 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