This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 10 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the followingCan only occur in short-term production A) The rules can increase the size. B) The rules can be reduced. C) The savings occur due to production expansion. D) The reduction rules of additional productivity. Show Answer Correct Answer: D) The reduction rules of additional productivity. 2. Capital is..... A) The money or cash on hand that a business has at their disposal. B) All the equipment used by human labour in the process of production. C) All the equipment used when to create goods and services for the consumers. D) The resources required to produce goods and services for consumers. Show Answer Correct Answer: B) All the equipment used by human labour in the process of production. 3. A situation in which the number of competing firms are relatively small A) Monopoly. B) Oligopoly. C) Monopsons. D) Perfect competition. Show Answer Correct Answer: B) Oligopoly. 4. Farmer Jones has picked more strawberries from his patch than ever. He needs to sell them quickly before the strawberries rot. What does Farmer Jones need to do? A) He needs to sell the strawberries for a cheaper price. B) He will be able to charge a higher price for his strawberries. C) He will need to throw away his strawberries. D) None of above. Show Answer Correct Answer: A) He needs to sell the strawberries for a cheaper price. 5. Which of the following is an example of excess supply: A) Price = $ 700, demand = 300, supply = 500. B) Price = $ 500, demand = 500, supply = 300. C) Price = $ 600, demand = 400, supply = 400. D) Price = $ 400, demand = 600, supply = 200. Show Answer Correct Answer: A) Price = $ 700, demand = 300, supply = 500. 6. The number of times money changes hands is called A) Money Supply. B) Demand for Money. C) Money Stock. D) Velocity of Circulation of Money. Show Answer Correct Answer: D) Velocity of Circulation of Money. 7. The occupation in which people work for others and get remunerated in return is known as A) Business. B) Employement. C) Profession. D) None of them. Show Answer Correct Answer: B) Employement. 8. A production function: A) Gives the minimum level of output that can be produced from a combination of inputs. B) Gives the different levels of output that can be produced from a combination of inputs. C) Gives the maximum level of output that can be produced from a combination of inputs. D) All of the above. Show Answer Correct Answer: C) Gives the maximum level of output that can be produced from a combination of inputs. 9. What does profit analysis help the firm with? A) Determining the best pricing strategy. B) Maximizing profits by minimizing costs. C) Forecasting future demand accurately. D) Measuring and managing profits under uncertainty. Show Answer Correct Answer: D) Measuring and managing profits under uncertainty. 10. The famous book on economics "An Enquiry into the Nature and Cause of Wealth of Nation" was written by A) Marshal. B) Ricardo. C) Robins. D) Adam smith. Show Answer Correct Answer: D) Adam smith. 11. A choice between two things that cannot be had at the same time A) Opportunity cost. B) Opportunity costs are the opposite of trade offs. C) Trade offs. D) None of above. Show Answer Correct Answer: C) Trade offs. 12. The Indian money market is characterized into ..... A) Organized and Unorganized. B) Urban and Rural. C) Small and Big. D) Short-term and Long-term. Show Answer Correct Answer: A) Organized and Unorganized. 13. What is NOT a feature of modern market economies A) Machine made items. B) High quality. C) Lots of service jobs. D) Agricultural jobs are common. Show Answer Correct Answer: D) Agricultural jobs are common. 14. Who is the father of Modern economics A) Adam Smith. B) Philip kotler. C) Ricky Ponting. D) Robbins. Show Answer Correct Answer: A) Adam Smith. 15. What do external or environmental issues include? A) Operational issues within the organization. B) Factors outside the control of the management. C) The behaviour of consumers in the market. D) The relationship between inputs and output. Show Answer Correct Answer: B) Factors outside the control of the management. 16. Law of demand shows ..... relation between demand and price. A) Direct. B) Inverse. C) Positive. D) No. Show Answer Correct Answer: B) Inverse. 17. Positive statements are A) Value judgements. B) Verifiable or tested. C) Statements in the alternative. D) Good statements. Show Answer Correct Answer: B) Verifiable or tested. 18. ..... is the study of how individuals and societies satisfy their unlimited wants with limited resources A) Opportunity Cost. B) Cost-Benefit Analysis. C) Economics. D) Scarcity. Show Answer Correct Answer: C) Economics. 19. Which of the following is not a matter of micro economics? A) Producer's Behaviour. B) Market Demand. C) Monetary Policy. D) Price Determination. Show Answer Correct Answer: C) Monetary Policy. 20. Which is the meaning of the average productivity?(AP) The most accurate A) The proportion of productivity combined with variable factors. B) The proportion of productivity combined with constant factors. C) The proportion of variable factors with constant factors. D) The proportion of changes of productivity combined with changes of variable factors. Show Answer Correct Answer: A) The proportion of productivity combined with variable factors. ← PreviousNext →Related QuizzesEconomics QuizzesBusiness Economics Quiz 1Business Economics Quiz 2Business Economics Quiz 3Business Economics Quiz 4Business Economics Quiz 5Business Economics Quiz 6Business Economics Quiz 7Business Economics Quiz 8Business Economics Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books