Applied Economics Quiz

What is the principle that refers to the ability of a business to handle a growing amount of work?

• Sustainability

• Scalability

• Autonomy

• Standards

Which decision-making tool involves a series of yes or no questions and answers?

• Decision Matrix

• T-Chart

• Decision Tree

• Multi-Voting

What does PEST Analysis focus on in the business environment?

• Internal-external factors

• Macro-level factors

• Micro-level factors

• Decision-making tools

What type of business opportunity involves selling a franchise of a business to make its network larger?

• Manufacturing

• Network Marketing

• Distributing and Dealing

• Franchising

Which form of business organization limits the liability of the owner?

• Sole Proprietorship

• Cooperative

• Partnership

• Corporation

What type of business competition involves direct rivalry between companies who offer similar products?

• Predator

• Head-to-Head

• Controlling Supplies

• Performance

What does income inequality refer to?

• Unequal distribution of wealth in society

• Equal distribution of wealth in society

• Distribution of income in society

• Distribution of resources in society

What factor equips people with the necessary skills to perform tasks?

• Education

• Occupation

• Taste and Fashion

• Income

What refers to the inflow of money in a specific household?

• Taste and Fashion

• Taxes and Subsidies

• Relative Prices

• Household Income

Which determinant of spending is influenced by the level of national income?

• Rate of income tax

• Level of savings

• Unemployment/Joblessness

• Expectations