This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 68 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 68 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Refers to the quantity of goods that a seller is willing to offer for sale. A) APPLIED ECONOMICS. B) SUPPLY. C) CORPORATION. D) None of above. Show Answer Correct Answer: B) SUPPLY. 2. The diagram represents a A) Increase in demand. B) Decrease in demand. Show Answer Correct Answer: A) Increase in demand. 3. This reflects the consumer's desire for a commodity. A) Demand. B) Good. C) Price. D) Supply. Show Answer Correct Answer: A) Demand. 4. Came from nature that are used in production, including land, raw materials and natural process. A) Needs. B) Wants. C) Human Resources. D) Natural Resources. Show Answer Correct Answer: D) Natural Resources. 5. Which of the following has a positive impact in the increase of population to a country? A) Additional consumers that can expand the economy. B) Additional waste that can increase junk shop businesses. C) Increase of purchasing power to buy more goods or services. D) All of the above. Show Answer Correct Answer: D) All of the above. 6. Barriers to entry include A) Switching cost. B) Network effects. C) Capital requirements. D) All of the above. Show Answer Correct Answer: D) All of the above. 7. Which of the following statements is correct about PPF? A) PPF illustrates the general point that we are always choosing among unlimited opportunities. B) PPF illustrates the basic problems of economic life-Are the country's resources fully utilized? and is the company's capacity to produce growing?. C) PPF illustrates economics as the science of choosing what goods to produce. D) All of the above statements are correct. Show Answer Correct Answer: C) PPF illustrates economics as the science of choosing what goods to produce. 8. Fast food restaurants A) Monopoly. B) Monopolistic competition. C) Perfect competition. D) Oligopoly. Show Answer Correct Answer: B) Monopolistic competition. 9. These factors are controllable by the management. A) Internal Environment. B) Micro Environment. C) External Environment. D) Macro Environment. Show Answer Correct Answer: A) Internal Environment. 10. A shortage of a good is often a signal for a producer to A) Shift production to another good. B) Lower production of that good. C) Lower the prices of that good. D) Raise the prices of that good. Show Answer Correct Answer: D) Raise the prices of that good. 11. A weak response to a price change; occurs when the percentage change in the quantity demanded or supplied is less than the percentage change in price. A) Price Elastic. B) Price Elasticity. C) Price Inelasticity. D) Price Inelastic. Show Answer Correct Answer: D) Price Inelastic. 12. ECONOMICS help to solve personal problem A) TRUE. B) FALSE. Show Answer Correct Answer: B) FALSE. 13. It has the largest number of firms trying to sell their products? A) Monopoly. B) Perfect competition. C) Monopolistic competition. D) Oligopoly. Show Answer Correct Answer: A) Monopoly. 14. How will you classify the business if its total assets are worth Php 60, 000, 001 andabove? A) Micro. B) Small. C) Medium. D) Large. Show Answer Correct Answer: D) Large. 15. Identify the correct determinant of supply. Example:As the demand for DVDs decreased due to consumer preference for streaming movies, the market price for DVDs fell. This lower market price caused sellers to leave the DVD market and supply decreased. A) Change in income. B) Government regulation. C) Change in expectations. D) Change in number of sellers. Show Answer Correct Answer: D) Change in number of sellers. 16. This is the root of all economic problems. A) Scarcity. B) Shortage. C) Surplus. D) None of above. Show Answer Correct Answer: A) Scarcity. 17. Identify the type of economic system described in each statement.In Bald City, no hair products are produced or sold. A) Traditional Economy. B) Market Economy. C) Planned/ Command Economy. D) None of above. Show Answer Correct Answer: A) Traditional Economy. 18. An industry dominated by a few firms A) Monopoly. B) Oligopoly. C) Monopolistic Competition. D) Perfect Competition. Show Answer Correct Answer: B) Oligopoly. 19. TRUE OR FALSE:A shift in a demand or supply curve occurs when quantity demanded or supplied changes even though price remains the same. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 20. The desire to have some good or service and the ability to pay for it A) Supply. B) Equilibrium. C) Demand. D) Quantity demanded. Show Answer Correct Answer: C) Demand. 21. Who owns the resources in a command economy? A) Private business. B) No one. C) Individuals. D) The government. Show Answer Correct Answer: D) The government. 22. In which market do households sell? A) Market Economy. B) Factor Market. C) Product Market. D) Fresh Market. Show Answer Correct Answer: B) Factor Market. 23. There has been a continual increase in the average price of goods and services in the Philippines since the pandemic. All of the following are problems associated with it EXCEPT: A) People would lose purchasing power, with the poor having the least ability to buy goods and services given their income. B) Banks would increase their interest rates to adjust for inflation, the cost of borrowing money will increase. C) This can lead to worse relations between workers and employers if workers do not feel that their wages are keeping up with inflation. D) People are less willing to buy fixed assets (i.e houses or art) since it becomes less valuable than cash during times of high inflation. . Show Answer Correct Answer: D) People are less willing to buy fixed assets (i.e houses or art) since it becomes less valuable than cash during times of high inflation. . 24. It describes how people spend their money based on individual preferencesand budget constraints. A) Budget Theory. B) Human Choice Theory. C) Consumer Theory. D) Spending Theory. Show Answer Correct Answer: C) Consumer Theory. 25. Which of the following is not a primary sector of Industries? A) Fishing Industry. B) Mining Industry. C) Iron & Steel Industry. D) Farming Industry. Show Answer Correct Answer: C) Iron & Steel Industry. 26. When did Porter introduce the Competitive Forces Model? A) 1960. B) 1970. C) 1980. D) 1990. Show Answer Correct Answer: C) 1980. 27. .... Absolute scarcity is one that has limited supply but only in relation to demand. A) FACT. B) BLUFF. Show Answer Correct Answer: B) BLUFF. 28. This refers to all-natural resources used in the production process A) Land. B) Entrepreneurial Activity. C) Labor. D) Capital. Show Answer Correct Answer: A) Land. 29. These serves as basis of deciding the right method and techniques to be used in the production. A) Consumers' wants. B) Economic Resources. C) Producers' Equipment. D) Consumers' needs. Show Answer Correct Answer: B) Economic Resources. 30. People who work to make goods or provide services A) Natural resources. B) Capital resources. C) Entrepreneurs. D) Human resources. Show Answer Correct Answer: D) Human resources. ← 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