This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 64 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 64 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The total quantity of a product or service that the marketplace can offer? A) Demand. B) Supply. C) Quantity Demanded. D) Supply Demanded. Show Answer Correct Answer: C) Quantity Demanded. 2. ) What is a legal entity owned by individual stockholders? A) Capital. B) Specialization. C) Corporation. D) Free Enterprise. Show Answer Correct Answer: C) Corporation. 3. The figure above illustrates a linear demand curve. In the price range from $ 8 to $ 6, demand is and in the price range $ 4 to $ 2, demand is . A) B) inelastic; elastic. B) Inelastic;inelastic. C) Elastic; inelastic. D) Inelastic; elastic. Show Answer Correct Answer: C) Elastic; inelastic. 4. If the price of Frozen Yogurt increased then the demand for ice cream will A) Increase. B) Decrease. Show Answer Correct Answer: A) Increase. 5. If a country were to join a free trade area, its business sector would gain because ..... A) There would be exchange rate stability between the member countries. B) Prices of competitors from countries not in the free trade area would rise. C) There would be fewer barriers to establishing subsidiaries in other countries in the free trade area. D) It could get tariff-free raw materials from countries inside the free trade area. Show Answer Correct Answer: D) It could get tariff-free raw materials from countries inside the free trade area. 6. ..... is the cost of borrowing or the return on savings. A) Interest rate. B) Tax rate. Show Answer Correct Answer: A) Interest rate. 7. In this economic system there is protection for both sellers and consumers. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: D) Mixed. 8. The air is free, but the air from an aircon is an? A) Capital good. B) Luxury good. C) Economic good. D) Consumer good. Show Answer Correct Answer: C) Economic good. 9. .... This factor includes, fiestas, celebration of Christmas season, trends in Consumption. A) Economic Forces. B) Political Factors. C) Physical environment. D) Culture and Lifestyle. Show Answer Correct Answer: D) Culture and Lifestyle. 10. What is Economics? A) It talks about the needs and wants of an individual. B) Focuses on the financial status of a country. C) Distinguish as Applied and Social Science. D) Classified as the way to know the behavior of consumers. Show Answer Correct Answer: C) Distinguish as Applied and Social Science. 11. What is the significance of applied economics in guiding individual, business, and government decision-making? A) All of the above. B) It helps in understanding the allocation of resources. C) It provides valuable insights for decision-makers. D) It enables informed choices and efficient resource allocation. Show Answer Correct Answer: A) All of the above. 12. It is the measure of the unit of satisfaction. A) Happiness. B) Util. C) Consumption. D) Satis. Show Answer Correct Answer: A) Happiness. 13. Why is a discounted airline ticket a form of price discrimination? A) People do not always use discounts. B) Business travelers always get big discounts. C) Travelers in the same class pay different rates based on their demand. D) All travelers get a discount. Show Answer Correct Answer: C) Travelers in the same class pay different rates based on their demand. 14. Which of the following is the most common form of business organization? A) Partnership. B) Corporation. C) Sole proprietorship. D) Franchise. Show Answer Correct Answer: C) Sole proprietorship. 15. Which of the following market types has all firm selling products A) Monopolistic competition. B) Perfect competition. C) Monopoly. D) Oligopoly. Show Answer Correct Answer: B) Perfect competition. 16. It is a fixed income instrument that represents a loan made by an investor to a borrower (typically corporate or governmental). A) Bond. B) Credit. C) Collateral. D) Investment. Show Answer Correct Answer: A) Bond. 17. What is the act of choosing between alternative courses of action, often involving evaluating trade-offs and optimizing resource allocation? A) Decision-Making. B) Resource Allocation. C) Risk Management. D) Strategic Planning. Show Answer Correct Answer: A) Decision-Making. 18. In a SWOT analysis, which among of the following is an external factor?a. financial resources c. market shareb. political and regulatory environment d. patents and trade secrets A) Financial resources. B) Political and regulatory environment. C) Market share. D) Patents and trade secrets. Show Answer Correct Answer: B) Political and regulatory environment. 19. It refers to an income generated from normal business operations and includes discounts and deduction for returned merchandise. A) Taxes. B) Income. C) Revenue*. D) Expenses. Show Answer Correct Answer: C) Revenue*. 20. What happens to price when the market has a surplus A) Price triples. B) Price increases. C) Price drops. D) Price stays the same. Show Answer Correct Answer: C) Price drops. 21. The price where quantity demanded is equal to quantity supplied is called ..... A) Price Ceiling. B) Floor Price. C) Price Tag. D) Equilibrium Price. Show Answer Correct Answer: D) Equilibrium Price. 22. Also known as the labor force. A) Land supply. B) Goods. C) Services. D) Labor Supply. Show Answer Correct Answer: D) Labor Supply. 23. What two factors contribute to scarcity in the production of goods and services? A) Unlimited resources and limited wants. B) Unlimited resources and wants. C) Unlimited wants and limited resources. D) Limited resources and wants. Show Answer Correct Answer: C) Unlimited wants and limited resources. 24. The following are the factors affecting demand of a commodity except: A) Taxes. B) Income. C) Tastes or preferences. D) Market. Show Answer Correct Answer: A) Taxes. 25. Shortage in supply: A) Limited wants. B) Opportunity Cost. C) Unlimited wants. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 26. Refers to the use of economic resources to create goods and services that will be used to satisfy human wants. A) Average Product. B) Consumer. C) Consumption. D) Production. Show Answer Correct Answer: D) Production. 27. This is a type of good that are best exemplified by branded consumer products that consumers will buy, regardless of the state of the economy whether it is doing well or is in a recession. A) Substitute Goods. B) Veblen Goods. C) Normal Goods. D) Complementary Goods. Show Answer Correct Answer: B) Veblen Goods. 28. It is concerned with the overall performance of the economy. A) Microeconomics. B) Positive Economics. C) Normative Economics. D) Macroeconomics. Show Answer Correct Answer: D) Macroeconomics. 29. Which one is the factor that must be considered in identifying the goods or services to produce? A) Product description. B) Availability of resources. C) Price. D) Required quantity. Show Answer Correct Answer: B) Availability of resources. 30. What term explains how an economy operates and how the consumer attempts to maximize his/her wants within limited means? A) Microeconomics. B) Economics. C) Macroeconomics. D) Scarcity. Show Answer Correct Answer: B) Economics. ← 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