Applied Economics Quiz

What type of business enjoys executive control and gets all the profit earned?

• Corporation

• Cooperative

• Partnership

• Sole Proprietorship

In a general partnership, how do members contribute?

• None of the above

• Only one member contributes

• Unequally

• Equally

What is a legal entity that is separated from its owner?

• Corporation

• Partnership

• Cooperative

• Sole Proprietorship

What does SWOT analysis help to identify?

• Supplier capabilities

• Customer preferences

• Business risks and rewards

• Market trends

Which of the following is an internal factor in SWOT analysis?

• Strengths

• Opportunities

• Weaknesses

• Threats

Who developed Porter's Five Forces model?

• Peter Drucker

• Michael E. Porter

• Henry Mintzberg

• Edmund

What does the supplier power in Porter's Five Forces refer to?

• Ability to drive up prices

• Number of competitors

• Ability to drive prices down

• Possibility of new entrants

What does PESTLE analysis monitor?

• Macro environmental factors

• Microeconomic factors

• Internal business processes

• Customer satisfaction

Which sector is involved in the extraction of natural resources?

• Tertiary Sector

• Primary Sector

• Quaternary Sector

• Secondary Sector

What is the main source of income in forestry?

• Mining

• Agriculture

• Logging

• Fishing