This quiz works best with JavaScript enabled. Home > Finance > Economics > Applied Economics > Applied Economics – Quiz 70 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Applied Economics Quiz 70 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Point out what force acts as a deterrent against new competitors. This force decides how easy (or not) it is to enter an industry. A) Industry rivalry. B) Barriers to entry. C) Bargaining power of suppliers. D) Bargaining power of buyers. Show Answer Correct Answer: B) Barriers to entry. 2. As social science, economics can be more: A) Predictable. B) Unpredictable. C) Changeable. D) All of the above. Show Answer Correct Answer: D) All of the above. 3. The weight of the earth is 6 septillion (6 x 1024) metric tons. A) Positive statement. B) Normative statement. C) Mixed statement. D) All of the above. Show Answer Correct Answer: A) Positive statement. 4. If ABM firm sells its output in a market, with many sellers and buyers of homogeneous product, and unlimited resource mobility, the structures is a/an A) Oligopolist. B) Perfect competitor. C) Monopolist. D) Monopolistic competitor. Show Answer Correct Answer: B) Perfect competitor. 5. Produces the intangibles supporting and complementing production into other sectors as well as among its own industries. A) Agriculture, Fishery and Forestry. B) Industrial Sector. C) Service Sector. D) Environmental Sector. Show Answer Correct Answer: C) Service Sector. 6. What is the process of making choices that maximize individual or collective well-being based on available information and preferences? A) Irrational decision-making. B) Impulsive decision-making. C) Emotional decision-making. D) Rational decision-making. Show Answer Correct Answer: D) Rational decision-making. 7. Internal things that may limit a company's ability to achieve it's goals would be known as a A) Strength. B) Weakness. C) Opportunity. D) Threat. Show Answer Correct Answer: B) Weakness. 8. What are the Economic Resources that are considered as factors of production? A) Land, Air, Manpower and Entrepreneurship. B) Land, Water, Labor, Capital. C) Land, Labor, Capital and Entrepreneurship. D) Land, Water, Air and People. Show Answer Correct Answer: C) Land, Labor, Capital and Entrepreneurship. 9. Which of the following is an example of positive externalities? A) More export than import. B) Government Budget Surplus. C) Motorway improvement scheme. D) Noise pollution. Show Answer Correct Answer: B) Government Budget Surplus. 10. These are the things that your competitors do better than you ..... A) Threats. B) Opportunites. C) Weaknesses. D) Strengths. Show Answer Correct Answer: C) Weaknesses. 11. Refers to the benefit or positive cause of a choice. A) Opportunity Cost. B) Incentives. C) Trade off. D) Marginal Thinking. Show Answer Correct Answer: B) Incentives. 12. Which refers to the capability of a person or a group of buyers to spend for goodsand services? A) Spending limit. B) Buying decision. C) Consumer behavior. D) Purchasing power. Show Answer Correct Answer: D) Purchasing power. 13. What is Law of supply A) Inverse relationship between the price and the quantity of supplied. B) Direct relationship between the price and the quantity of supplied. Show Answer Correct Answer: B) Direct relationship between the price and the quantity of supplied. 14. Pursuing food self-sufficiency by securing food grains internationally may result in low prices for food grains in the light of the higher prices in other countries. A) True. B) False. Show Answer Correct Answer: B) False. 15. A guide to industry analysis that explains when and how a business is developed. A) Size of the industry. B) History of the industry. C) Business Description. D) Geographic area. Show Answer Correct Answer: B) History of the industry. 16. Economics become one of the most insignificant studies of modern days. A) FALSE. B) TRUE. Show Answer Correct Answer: A) FALSE. 17. Which of the following BEST describes a market system? A) The government provides services, such as telephones and television. B) A person can start any legal business and charge any price. C) The government provides food and housing to all workers. D) Businesses are owned by the government. Show Answer Correct Answer: B) A person can start any legal business and charge any price. 18. Which produces the final product the final product by using raw materials and semi raw materials through different of production. A) Analytical Industry. B) Processing Industry. C) Genetics Industry. D) Synthetic Industry. Show Answer Correct Answer: B) Processing Industry. 19. It is the activity of apportioning material resources to consumers and assigning service providers according to their roles and functions. A) Production. B) Allocation. C) Distribution. D) Consumption. Show Answer Correct Answer: B) Allocation. 20. A ..... is an interaction between buyers and sellers of trading or exchange. A) Company. B) Factory. C) Market. D) School. Show Answer Correct Answer: C) Market. 21. What does the point of equilibrium on the supply and demand graph illustrate? A) Where the supply curve intersects the y-axis. B) Where the demand curve intersects the x-axis. C) Where the supply and demand curves intersect. D) Where the supply and demand curves are parallel. Show Answer Correct Answer: C) Where the supply and demand curves intersect. 22. Which of the following could cause the price for automobiles to decrease? A) The local factory gives a big raise to its employees. B) None of the choices. C) A brand new automobile dealership opens in town. D) The price of gasoline falls. Show Answer Correct Answer: C) A brand new automobile dealership opens in town. 23. A type of Inflation wherein there is a mild and less than 10% inflation rate. A) Creeping Inflation. B) Galloping Inflation. C) Gliding Inflation. D) Swinging inflation. Show Answer Correct Answer: A) Creeping Inflation. 24. What does opportunity cost refer to? A) The value of the next best alternative foregone. B) The cost of the chosen option. C) The total cost of all available options. D) The cost of the least valuable option. Show Answer Correct Answer: A) The value of the next best alternative foregone. 25. It refers to any human service physical or intellectual. Also referred to as human capital. A) Economic capital. B) Labor. C) Entrepreneurship. D) Land. Show Answer Correct Answer: B) Labor. 26. How does the field of Economics contribute to problem-solving in society? A) By creating more problems. B) By using economic theories to address practical problems. C) By ignoring real-world issues. D) By advocating for theoretical solutions. Show Answer Correct Answer: B) By using economic theories to address practical problems. 27. Supplied items were readily available. A) Strength. B) Weakness. C) Opportunities. D) Threat. Show Answer Correct Answer: A) Strength. 28. As price of commodity increases, suppliers are attracted to sell more while buyers tend to ..... A) Increase their consumption. B) Reduce their consumption. C) Maintain their consumption. D) None of the above. Show Answer Correct Answer: B) Reduce their consumption. 29. This industry relates to the putting of various raw material together to make a final product. A) Analytical Industry. B) Processing Industry. C) Genetics Industry. D) Synthetic Industry. Show Answer Correct Answer: D) Synthetic Industry. 30. REASON WHY WE ARE STUDYING ECONOMICS? A) TRADE-OFF. B) UNEMPLOYMENT. C) POVERTY. D) SCARCITY. Show Answer Correct Answer: D) SCARCITY. ← 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