This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 63 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 63 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. RELATIVE SCARCITY occurs not because the good is scarce per se and is difficult to obtain but because of the circumstances that surround the availability of the good. A) False. B) True. Show Answer Correct Answer: B) True. 2. Pedro, a grade-11 student want to increase his savings for the reason of, he wanted to buy a motorcycle that can be used to his every day journey in going to school. If you are Pedro, how can you solve the problem? A) Borrow money. B) I will not consume products and services. C) Have a plan on how to save and how much to save. D) Decrease my expenses and try to put first my money to my savings account. Show Answer Correct Answer: C) Have a plan on how to save and how much to save. 3. This is locally referred to as Panatag Shoal. A) Scarlett Shoal. B) South China Sea. C) Scarborough Shoal. D) Calatagan Shoal. Show Answer Correct Answer: C) Scarborough Shoal. 4. Garlic prices in the past months have risen because producers hoarded their supplies in their bodegas. A) Microeconomics. B) Macroeconomics. Show Answer Correct Answer: A) Microeconomics. 5. Are consuming units in an economy A) Firm. B) Land. C) Household. D) Entrepeneur. Show Answer Correct Answer: A) Firm. 6. What is the fundamental problem of economics as a discipline? A) How to allocate resources among competing wants because there are unlimited wants but limited resources. B) How to ensure continuous economic growth in the face of uncertainty. C) How to maximize profits for companies and consumer value for citizens. D) How to balance the needs of the economy with society and the environment. Show Answer Correct Answer: A) How to allocate resources among competing wants because there are unlimited wants but limited resources. 7. If a price decrease results in your expenditure on a good decreasing, your demand must be . A) Inelastic. B) Elastic. C) Unit . D) Linear. Show Answer Correct Answer: B) Elastic. 8. It is another significant non-price determinant of demand. A) Goods. B) Resources. C) Technology. D) Cost of production. Show Answer Correct Answer: C) Technology. 9. States that as additional units of a good are consumed, the additional utility derived from each additional unit tends to diminish. A) Law of Diminishing Marginal Utility. B) Law of Demand. C) Law of Supply. D) Law of Diminishing Marginal Returns. Show Answer Correct Answer: A) Law of Diminishing Marginal Utility. 10. Which of the following actions is an example of an improvement in human capital? A) Carlos hires three workers for his business. B) Frank's Furniture trains employees to use computers. C) Tasha applies for a job as an engineer. D) The city of Upland builds a new nursing home. Show Answer Correct Answer: A) Carlos hires three workers for his business. 11. Goods or services that are not necessary, but that we desire or wish for. Examples:video games, toys A) Demand. B) Needs. C) Wants. D) Presents. Show Answer Correct Answer: C) Wants. 12. Firms that sell in the market are free to either enter or exit the market. A) True. B) False. Show Answer Correct Answer: A) True. 13. A business must be scalable for it to be successful. A) Sustainability. B) Big ideas. C) Scalability. D) Systems. Show Answer Correct Answer: C) Scalability. 14. Study of economics in relation to real world situations A) Macroeconomics. B) Econometrics. C) Applied economics. D) Microeconomics. Show Answer Correct Answer: C) Applied economics. 15. Rent control is an intervention process that corresponds to the setting of the price ceiling on rent. A) False. B) True. Show Answer Correct Answer: B) True. 16. A government-set minimum price that can be charged for a good or service A) Price Foundation. B) Price Limit. C) Least Price. D) Price Floor. Show Answer Correct Answer: D) Price Floor. 17. What is the acronym MVA stand for? A) Market Value Added. B) Manufacturing Value Added. C) Manufactured Value Added. D) Marketing Value Added. Show Answer Correct Answer: B) Manufacturing Value Added. 18. Are total revenues minus explicit and implicit costs. A) Economic profits. B) Accounting profits. Show Answer Correct Answer: A) Economic profits. 19. "obstacles or hindrances that make it difficult for new companies to enter a given market ..... may include technology challenges, government regulations, patents, start-up costs, or education and licensing requirements."Which characteristic of a market is the quote describing? A) Numbers of sellers. B) Types of the product. C) Barriers to entry. D) Price control. Show Answer Correct Answer: C) Barriers to entry. 20. Water and Electricity are examples of A) Natural Monopolies. B) Oligopolies. C) Selective Monopolies. D) Government Monopolies. Show Answer Correct Answer: A) Natural Monopolies. 21. A barrier to entry is A) An obstacle that makes it difficult for new firms to enter a market. B) A law established by the government to protect new industries. C) A commitment on the part of big business to allow smaller companies to compete. D) None of the above. Show Answer Correct Answer: A) An obstacle that makes it difficult for new firms to enter a market. 22. SWOT analysis which stands for Strengths, Weaknesses, Opportunities, and ..... A) Targets. B) Template. C) Threats. D) Table. Show Answer Correct Answer: C) Threats. 23. A system characterized by competition and a high level of private ownership. A) Free Market Economy. B) Command Economy. C) Mixed Economy. D) Traditional Economy. Show Answer Correct Answer: A) Free Market Economy. 24. Individuals sell ..... to businesses and in return individuals earn an ..... A) Profit, income. B) Resources, income. C) Profit, individuals. D) Resources, products. Show Answer Correct Answer: B) Resources, income. 25. GDP will begin to decline at- A) The peak. B) The trough. C) The contractionary phase. D) None of above. Show Answer Correct Answer: A) The peak. 26. It is implies an ideal situation for the buyers and sellers. A) Imperfect Competition. B) Competition. C) Perfect Competition. D) Market Structure. Show Answer Correct Answer: C) Perfect Competition. 27. Greek word meaning "OIKANOMIA" A) Household Management. B) Resoursec. C) Applied Economics. D) Scarcity. Show Answer Correct Answer: A) Household Management. 28. The viability of a business is measured by its profit and losses. A) True. B) False. Show Answer Correct Answer: A) True. 29. This is a method used by a business to find attributes that is important and to set them apart itself from its competitors. A) Differentiation. B) Cost leadership. C) Alliance. D) Defensive strategy. Show Answer Correct Answer: A) Differentiation. 30. These are costs or expenditures made by a seller or a company that cannot berecovered. A) Overhead costs. B) Variable costs. C) Sunk costs. D) Fixed costs. Show Answer Correct Answer: C) Sunk costs. ← 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