APPLIED ECONOMICS

1. It involves comparing actual performance with the set goals.

a. planning b. organizing c. leading d. controlling

2. Formulation of goals is a function of ___________.

a. leading b. planning c. organizing d. controlling

3. When a decision-maker deals with employee behaviour issues he/she is _______.

a. leading b. organizing c. planning d. controlling

4. _______ is a feature that distinguishes a product from its competitors.

a. unique selling proposition b. key results area c. critical success factor d. all of these are correct

5. "Which of the following is considered a stakeholder in a business?"

a. employees b. BIR c. shareholders d. all of these are correct

6. It is a framework of macro-environmental factors that is used when doing an environmental scanning.

a. SWOT analysis b. PESTLE analysis c. Porter's five forces d. none of these are correct

7. Competitiveness of an industry can be viewed as a composite of which among these forces?

a. rivalry among competing firms b. bargaining power of suppliers c. potential entry of new competitors d. all of these are correct

8. This pertains to the purchase of a firm's supplier that will allow the firm to gain control and ownership of the supplier.

a. backward integration b. KRA c. environmental scanning d. none of these are correct

9. When the competitiveness in the industry is in the perspective of the customers, it pertains to the __________.

a. development of substitutes b. bargaining power of suppliers c. bargaining power of consumers d. all of these are correct

10. This analysis examines threats and opportunities first.

a. TOWS analysis b. PESTLE analysis c. SWOT analysis d. none of these are correct

11. This is a type of industry which is involved in the processing of items and indulges in either creation of new commodities or in value addition. The final products can either serve as finished goods for sale to customers or as intermediate goods used in the production process.

a. agribusiness b. manufacturing c. retail and services d. international trade

12. This is a type of exchange wherein a product is domestically produced and sold to someone from a foreign country.

a. barter b. import c. retail d. export

13. This type of industry is identified with its association with farming, livestock and aquaculture though it really is a broad concept used to describe corporate agricultural enterprises individually and collectively.

a. manufacturing b. agribusiness c. retail and services d. exporting and importing

14. This arises for a nation when its opportunity cost of producing a good is lower than that of another nation.

a. absolute advantage b. export c. comparative advantage d. import

15. This industry is of strategic importance to the development of both emerging economies and developed markets.

a. agribusiness b. manufacturing c. retail and services d. none of these are correct

16. Why is Exporting preferable over Importing?

a. generates more revenue b. consistent quality of goods according to international standards c. a plus point of government support d. all of these are correct

17. What happens when a country imports more than it exports?

a. it will be colonized b. it will run into trade deficit c. it will increase its revenue d. none of these are correct

18. This accounts for a good part of a country's gross domestic product. It is also one of the important sources of revenue for a developing country.

a. agribusiness b. manufacturing c. retail and service d. international trade

19. This is how producers of goods and services obtain their products to the consumer.

a. import b. agribusiness c. retail d. international trade

20. Who among the following defined agribusiness as "the sum total of all operations involved in the manufacture and distribution of farm supplies; production operations on the farm; and the storage, processing and distribution of farm commodities and items made from them."?

a. Karl Marx b. Joan Robinson c. Davis and Goldberg d. none of these are correct

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