This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 66 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 66 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Buildings, machinery, equipment are examples of what goods? A) Capital goods. B) Economic goods. C) Consumer goods. D) Luxury goods. Show Answer Correct Answer: A) Capital goods. 2. The means through with society determines the answers to the basic economic problems mentioned. A) Economic system. B) Market economy. C) Planned economy. D) Traditional economy. Show Answer Correct Answer: A) Economic system. 3. Kinds of economic system where the authoritative system where in decision making is centralized in the government or a planning committee A) Command economy. B) Traditional economy. C) Market economy. D) None of above. Show Answer Correct Answer: A) Command economy. 4. Suppliers often reduce prices in a commodity because they A) Have a shortage of products to sell. B) Want to decrease consumer demand. C) Have a surplus of products to sell. D) Want to increase the product supply. Show Answer Correct Answer: C) Have a surplus of products to sell. 5. I am a restourent owner and I like to keep my customers happy by providing them with excellent food and options?what industry am I? A) Agriculture. B) Service. C) Wholesale. D) Manufacturing. Show Answer Correct Answer: B) Service. 6. The additional output produced by an additional unit of the input A) Marginal Product. B) Total Product. C) Marginal Utility. D) Average Product. Show Answer Correct Answer: A) Marginal Product. 7. Positive growth of economy A) Strength. B) Weakness. C) Threat. D) Opportunities. Show Answer Correct Answer: D) Opportunities. 8. Business ethics refers to any behavior by businesses that may A) Be illegal. B) Violate social or moral standards. C) Result in the maximization of profits. D) All of the above. Show Answer Correct Answer: B) Violate social or moral standards. 9. Which of the following is an example of a non-renewable resource? A) Wind energy. B) Solar energy. C) Fossil fuels. D) Water. Show Answer Correct Answer: C) Fossil fuels. 10. The law that states the higher the price, the higher the quantity supplied. A) Equilibrium. B) Law of Demand. C) Law of Supply. D) Market equilibrium. Show Answer Correct Answer: C) Law of Supply. 11. Metropolitan Bank & Trust Company (Metrobank) and Nestle Philippines are examples of ..... A) Sole proprietorship. B) Partnerships. C) Corporation. D) Franchise. Show Answer Correct Answer: C) Corporation. 12. Which of the following describes equal proportion in demand and supply? A) Shift of the demand curve to the right and shift of the supply curve to the right. B) Shift of the demand curve to left and shift of the supply curve to the left. C) Demand and supply curve are in a point of equilibrium. D) Shift of the demand curve to the left and shift of the supply curve to the right. Show Answer Correct Answer: C) Demand and supply curve are in a point of equilibrium. 13. In Porter's five forces model, the 'threat of new entrants' relates to: A) Substitutes. B) Switching cost. C) Barriers to entry. D) Buyer power. Show Answer Correct Answer: C) Barriers to entry. 14. Quantities offered at various prices by all firms that offer products for sale in a given market A) Total product. B) Market supply curve. C) Supply. D) Total cost. Show Answer Correct Answer: B) Market supply curve. 15. What is characterized by changes in conditions where supply and demand are out of balance? A) Market Price. B) Market Disequilibrium. C) Market Equilibrium. D) None of above. Show Answer Correct Answer: B) Market Disequilibrium. 16. Which of the following is the correct formula for demand function? A) Qd = a(b)(P). B) Qd = a/b(P). C) Qd = a+b(P). D) Qd = a-b(P). Show Answer Correct Answer: D) Qd = a-b(P). 17. What is the act of choosing between alternative courses of action? A) Economic Analysis. B) Policy Evaluation. C) Decision-Making. D) Optimization. Show Answer Correct Answer: C) Decision-Making. 18. If E = 0, it is perfectly elastic. A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 19. What will happen if there is an Increase in supply A) Increase in supply shifts the supply curve to the left. B) Increase in supply shifts the supply curve to the right. Show Answer Correct Answer: B) Increase in supply shifts the supply curve to the right. 20. What do we call the lines that intersect to have a fair and balance in the demand, supply, and price of any product? A) Law od Curve. B) Supply Curve. C) Demand Curve. D) Equilibrium Point. Show Answer Correct Answer: D) Equilibrium Point. 21. It is the overall market value of the goods and services produced domestically by a country. A) GNP. B) GDP. Show Answer Correct Answer: B) GDP. 22. If the cost of product of pork increases, supply will: A) Remain constant. B) Decrease. C) It depends. D) Increase. Show Answer Correct Answer: D) Increase. 23. Viability of the business depends also in the work force of the organization. A) False. B) True. Show Answer Correct Answer: B) True. 24. This economic problem has something to do with the allocation of goods and services among the members of society. A) What to produce and in what quantity?. B) How to produce the goods/services?. C) For whom shall the goods and services be produced?. D) How efficiently are the resources being utilized?. Show Answer Correct Answer: C) For whom shall the goods and services be produced?. 25. It is a framework or a guide for assessing and evaluating the competitivestrength and position of a business organization. A) Marketing Research. B) Porter's Five Forces Analysis. C) SWOT Analysis. D) Environmental Scanning. Show Answer Correct Answer: B) Porter's Five Forces Analysis. 26. Market equilibrium exists when quantity supplied is ..... than/to the quantity demanded A) Over. B) Equal. C) Greater. D) Less. Show Answer Correct Answer: B) Equal. 27. Refers to a basic, marketable good or service that is produced to meet a demand, whether that be a want or a need. A) Supply. B) Commodity. C) Wants. D) Consumers. Show Answer Correct Answer: B) Commodity. 28. A change in a determinant will lead to a proportionately equal change in demand or supply. A) Unitary Elastic. B) Inelastic. C) Elastic. D) Elasticity. Show Answer Correct Answer: A) Unitary Elastic. 29. The most economic problem is A) Health. B) Scarcity. C) Security. D) The fact that the Philippines buy more goods from foreigners than we sell to foreigners. Show Answer Correct Answer: B) Scarcity. 30. Soil and natural resources that are found in nature and are not manmade. A) Land. B) Capital. C) Labor. D) Manpower. Show Answer Correct Answer: A) Land. ← 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