This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 7 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Innovate the product, come up with new features A) Impact on the Government. B) Impact on Suppliers. C) Impact on the Household. D) Impact on the Consumers. Show Answer Correct Answer: D) Impact on the Consumers. 2. The people who make the major policy and financial decisions in a corporation are the ..... A) Owners. B) Investors. C) Board of directors. D) Managers. Show Answer Correct Answer: C) Board of directors. 3. Which of the following best describes a perfectly competitive market? A) A market that sells a variety of goods and services. B) A market such that several firms are competing fiercely. C) A market with many sellers and buyers. D) A market such that the government controls the market price. Show Answer Correct Answer: C) A market with many sellers and buyers. 4. According to the basic economic principles, what creates wealth? A) Voluntary Trade. B) Voluntary Work. C) Business Transactions. D) Business Management. Show Answer Correct Answer: A) Voluntary Trade. 5. The price at which a good is bought and sold in a market equilibrium is called A) Retail price. B) Equilibrium price. C) Base price. D) Discount price. Show Answer Correct Answer: B) Equilibrium price. 6. A factor in PESTLE Analysis that tackles the overall population, level of education, religious beliefs, and etc. A) Political Factors. B) Economic Factors. C) Social Factors. D) Technological Factors. Show Answer Correct Answer: C) Social Factors. 7. Involves a look at economic factors such as income of the people, specifically the target market, economic conditions A) Political Forces. B) Competition. C) Economic Forces. D) Physical Environment. Show Answer Correct Answer: C) Economic Forces. 8. It is the meaning of the negative value of the slope. A) Direct relationship. B) Neutral relationship. C) Inverse relationship. D) None of the above. Show Answer Correct Answer: C) Inverse relationship. 9. This economic system is not open to changes. A) Traditional. B) Command. C) Market. D) Mixed. Show Answer Correct Answer: A) Traditional. 10. What is the primary focus of Economics in relation to ethics? A) To encourage unethical behavior. B) To explore the ethical dimensions of economic choices. C) To completely disregard ethics. D) To promote ethics at all costs. Show Answer Correct Answer: B) To explore the ethical dimensions of economic choices. 11. Which of the following would NOT be a determinant of demand? A) The price of related goods. B) Tastes. C) Income. D) The prices of the inputs used to produce the good. Show Answer Correct Answer: D) The prices of the inputs used to produce the good. 12. Products like pencils, books, and other school stationaries are easy to store in a warehouse. If a firm producing such goods and has a good warehousing facilities and can supply more when prices are rising, then supply will be A) Inelastic. B) Unitary elasticity. C) Elastic. D) None of the above. Show Answer Correct Answer: C) Elastic. 13. An advantage that occurs when a business is able to offer the same quality product as its competitors, but at a lower price. A) Differentiation. B) Cost leadership. C) Alliance. D) Defensive strategy. Show Answer Correct Answer: B) Cost leadership. 14. In the past year, Coca-Cola was named the fastest selling product in the market. A) Macroeconomics. B) Microeconomics. Show Answer Correct Answer: B) Microeconomics. 15. Economics is important so that we may be able to: A) Understand problems facing the citizens and families. B) Help the government promote growth and improve the quality of life of people. C) Analyze the fascinating patterns of human behavior. D) All of the above. Show Answer Correct Answer: D) All of the above. 16. If a business conducts a SWOT analysis to decide whether or not to expand, which of the following would be categorized as an "O" ? A) Money is available for the expansion. B) There is a potential for increased profits. C) Company expenses have increased. D) New competition could enter the market. Show Answer Correct Answer: B) There is a potential for increased profits. 17. Refers to the practice of encouraging a certain minimum resale price of products. A) Price taker. B) Customers. C) Price maintenance. D) None of above. Show Answer Correct Answer: C) Price maintenance. 18. It refers to the proper utilization of economic goods. A) Consumption. B) Production. C) Distribution. D) Public Finance. Show Answer Correct Answer: A) Consumption. 19. Which is NOT a major economic problem? A) What to produce?. B) When to produce?. C) For whom to produce?. D) How to produce?. Show Answer Correct Answer: B) When to produce?. 20. ..... is a business tax that is regulated in the Philippines which is imposed on individuals or businesses that sell or rent out goods and services with annual sales not exceeding PHP 3 Million and is not VAT, registered. A) Percentage tax. B) Withholding tax. Show Answer Correct Answer: A) Percentage tax. 21. The fundamental economic problem that must be solved efficiently. A) Scarcity of resources. B) Health system. C) Surplus of demands. D) Export policies. Show Answer Correct Answer: A) Scarcity of resources. 22. Who is the origin of the study of Economics? A) Adam Smith. B) Socrates. C) Albert Einstein. D) Adam Jones. Show Answer Correct Answer: A) Adam Smith. 23. Economics is the study of how individuals, bsiness firms, governments, and societies as a whole make choices under conditions of scarcity. A) True. B) False. Show Answer Correct Answer: A) True. 24. What is the fundamental economic problem that arises due to limited resources and unlimited human wants? A) Surplus. B) Equilibrium. C) Abundance. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 25. This covers the gathering, creation or invention of resources. A) Production. B) Allocation. C) Distribution. D) Consumption. Show Answer Correct Answer: A) Production. 26. A change in the price of a good causes people to buy more or less of an item. This best describes the concept of A) The demand curve. B) Change in demand. C) C) changein quantity. D) Demandedelasticity. Show Answer Correct Answer: C) C) changein quantity. 27. A Global international organization dealing with the rules of trade between nations. A) WTO. B) ETU. C) ADB. D) NATO. Show Answer Correct Answer: A) WTO. 28. Is the work done by people with education, skills and motivation and productivity A) Capital. B) Entrepreneur. C) Labor. D) Land. Show Answer Correct Answer: C) Labor. 29. Which of the following is true about preparing a SWOT Analysis? A) It should focus on where the organization is today, not where it could be in the future. B) A SWOT Analysis is objective. C) It should be specific and avoid grey areas. D) It should analyze the organization only and ignore the performance of competitors. Show Answer Correct Answer: C) It should be specific and avoid grey areas. 30. Which of the following market features is likely to cause a surplus of a particular product? A) Price floor. B) Price ceiling. C) Monopoly. D) Perfect market. Show Answer Correct Answer: B) Price ceiling. ← 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 8Applied Economics Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books