This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 65 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 65 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which is NOT one of the sectors of Industries? A) Primary sector. B) Processing sector. C) Secondary sector. D) Tertiary sector. E) None of the above. Show Answer Correct Answer: B) Processing sector. 2. The demand for umbrellas ..... during rainy season. A) Decrease. B) Increase. Show Answer Correct Answer: B) Increase. 3. He was the 39th richest man in the Philippines With a net worth of US$ 39 million. A) Manuel L. Quezon. B) Manuel V. Pangilinan. C) Manuel V. Pacquiao. D) Manuel C. Aquino. Show Answer Correct Answer: B) Manuel V. Pangilinan. 4. Which of the following best describes the Law of Demand? A) As price goes down, demand goes down. (and vice versa). B) As price goes down, demand goes up (and vice versa). C) As demand goes down, supply goes up. D) As demand goes up, price becomes elastic. Show Answer Correct Answer: B) As price goes down, demand goes up (and vice versa). 5. The economy seems to be doing really well. Almost everyone has a job, which is good, but it's leading to inflation. If Congress and the President want to decrease the inflation rate, which policy should they choose? A) Increase Government Spending. B) Decrease Government Spending. Show Answer Correct Answer: B) Decrease Government Spending. 6. In the circular flow model, the product market describes ..... A) Stores that sell goods and services to households. B) The government paying for public goods. C) Households selling their labor to businesses. D) Households receive income from businesses. Show Answer Correct Answer: A) Stores that sell goods and services to households. 7. Sole proprietorship and partnership business in the Philippines must be owned by ..... A) Foreigners and Filipinos. B) 100% Filipinos. C) Foreigners only because they are capitalist. D) Anybody, foreigners or not as long as they have the capital. Show Answer Correct Answer: D) Anybody, foreigners or not as long as they have the capital. 8. It is the exchange of information or business transactions using any form of electronic communication. A) E-Commerce. B) Online Business. C) Online Economy. D) Digital Market. Show Answer Correct Answer: A) E-Commerce. 9. The government should take measures to reduce inflation. The statement above is considered as a ..... A) Normative statement. It is factual. B) Normative statement. It expresses an opinion. C) Positive statement. It expresses an opinion. D) Positive statement. It is factual. Show Answer Correct Answer: B) Normative statement. It expresses an opinion. 10. What is Competition A) Rivalry among the various buyers and sellers in the market. B) Rivalry among the various buyers and sellers. C) Rivalry among the various buyers and sellers in production. D) None of above. Show Answer Correct Answer: A) Rivalry among the various buyers and sellers in the market. 11. These are the unprocessed goods like logs, wheat which are extracted from sources and do not undergo process of production. A) Raw materials. B) Final goods. C) Intermediate Goods. D) Second Hand goods. Show Answer Correct Answer: A) Raw materials. 12. In what type of business organization is each owner personally liable for all business debts, even if the debts were created by other owners? A) Corporation. B) Proprietorship. C) Partnership. D) Corporation. Show Answer Correct Answer: C) Partnership. 13. Co-founder of Paul Allen in Microsoft Corporation. A) Bill Gates. B) Micheal Gates. C) Bill Pangilinan. D) Bill Allen. Show Answer Correct Answer: A) Bill Gates. 14. The state of not being employed or no work A) Underemployed. B) Employed. C) Unemployed. D) None of above. Show Answer Correct Answer: C) Unemployed. 15. Which of the following that may investors may adopt various marketing strategies? A) Passive and Active Investors. B) Slow and fast investors. Show Answer Correct Answer: A) Passive and Active Investors. 16. The physical effort of the manpower to produce the basic needs of the consumers, describes which factor of production? A) Land. B) Capital. C) Labor. D) Entrepreneur. Show Answer Correct Answer: B) Capital. 17. High competitive rivalry is due to: A) Slow industry growth. B) High exit barriers. C) Highly committed business owners. D) All of the above. Show Answer Correct Answer: D) All of the above. 18. Describe the product as to physical attribute and characteristics and its uses. A) Industry. B) Buyers. C) Regulatory Environment. D) Product. Show Answer Correct Answer: D) Product. 19. Identify the type of economic system described in each statement.What to produce, how to produce, and for whom to produce are governed by traditions. A) Traditional Economy. B) Market Economy. C) Planned/ Command Economy. D) None of above. Show Answer Correct Answer: A) Traditional Economy. 20. An economic resource that includes the natural resources. A) Land. B) Labor. C) Capital. D) Entrepreneur. Show Answer Correct Answer: A) Land. 21. It is the limited nature of society's resources. A) Scarcity. B) Model. C) Efficiency. D) Economics. Show Answer Correct Answer: A) Scarcity. 22. Its perspective focuses on parts of the economy:individuals, firms, and industries. A) Applied Science. B) Microeconomics. C) Macroeconomics. D) Social Science. Show Answer Correct Answer: B) Microeconomics. 23. Price selling on the other hand is the legally imposed ..... price on the market. A) Minimum. B) Maximum. Show Answer Correct Answer: B) Maximum. 24. Created in the 1960s by business gurus, Edmund P. Learned, C. Roland Christensen, Kenneth Andrews, and William D. Book in their book, Business Policy, Text and Cases (1969). A) SWOT Analysis. B) Porter's Five Forces of Competitive Position Analysis. Show Answer Correct Answer: A) SWOT Analysis. 25. They produce goods and services for the households. A) Firms. B) Households. C) Resources. D) Business revenues. Show Answer Correct Answer: A) Firms. 26. A type of Inflation wherein there is a double or triple digital inflation rate of 20%, 100%, or 200%. A) Creeping Inflation. B) Galloping Inflation. C) Hyperinflation. D) Swinging inflation. Show Answer Correct Answer: B) Galloping Inflation. 27. Shareholders legally own the corporation. A) FALSE. B) TRUE. Show Answer Correct Answer: B) TRUE. 28. A form of business in which there is only one owner is referred to as a A) Partnership. B) Franchise. C) Corporation. D) Sole Proprietorship. Show Answer Correct Answer: D) Sole Proprietorship. 29. Economics also classified as ..... science because it deals with the study of man's life and how it deals with other men? A) Political. B) Social. C) Cultural. D) Biological. Show Answer Correct Answer: B) Social. 30. Describe the type of market that a particular business or industry operates in. A) Opportunity. B) Market Structure. C) Entrepreneur. D) Business. Show Answer Correct Answer: B) Market Structure. ← 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