This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 12 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A single-price monopoly is characterized by a marginal revenue curve that is A) Upward sloping. B) Downward sloping. C) Horizontal. D) Vertical. Show Answer Correct Answer: B) Downward sloping. 2. Micro economics covers the study of A) Consumer behaviour. B) Unemployment. C) Fiscal system of an economy. D) National income. Show Answer Correct Answer: A) Consumer behaviour. 3. Products and services that people cannot do without are ..... A) Needs. B) Wants. Show Answer Correct Answer: A) Needs. 4. When the government intervenedBy determining the price ceiling of a productWhich of the following is true?Regarding the amount of purchase and demand for this productAt the ceiling level A) The demand for buying more than the demand for sale. B) Demand for sale rather than buying. C) The demand is equal to the demand for sale. D) Unable to specify. Show Answer Correct Answer: A) The demand for buying more than the demand for sale. 5. When money supply is viewed over a period of time, it is called A) Stock of money. B) Flow of money. C) Liquid money. D) Solid money. Show Answer Correct Answer: B) Flow of money. 6. Under the ..... all those who are able to, and are in need of work, in a rural area are guaranteed 100 days of employment in a year by the government. A) Right to work. B) Employment Right Act. C) National Rural Employment Guarantee Act 2005. D) None of above. Show Answer Correct Answer: C) National Rural Employment Guarantee Act 2005. 7. In Economics, the central economic problem means: A) Output is restricted to the limited availability of resources. B) Consumer do not have as much money as they would wish. C) There will always be certain level of unemployment. D) Resources are not always allocated in an optimum way. Show Answer Correct Answer: A) Output is restricted to the limited availability of resources. 8. The Market Price is found at the point where supply and demand curves meet. What is another name for the point where supply and demand curves meet? A) Price point. B) Market point. C) Equilibrium point. D) Selling point. Show Answer Correct Answer: C) Equilibrium point. 9. The other name of "Socialist Economy" is ..... A) Let-do. B) Command Economy. Show Answer Correct Answer: B) Command Economy. 10. Economics is best defined as A) How people make money and profits in the stock market. B) Making choices from an unlimited supply of goods and services. C) Making choices with unlimited wants but facing a scarcity of resources. D) Controlling a budget for a household. Show Answer Correct Answer: C) Making choices with unlimited wants but facing a scarcity of resources. 11. The process of choosing one action from two or more alternatives available is known as A) Decision making. B) Irrational thinking. C) Mis perceptions. D) Desire making. Show Answer Correct Answer: A) Decision making. 12. Which of the following is a possible disadvantage of oligopoly? A) Lower prices. B) Collusion. C) More choice. D) More innovation. Show Answer Correct Answer: B) Collusion. 13. Resources are categorized as ..... A) Labor money investors. B) Moneylaborbusiness. C) Laborgoodsservices. D) Moneylabormaterials. Show Answer Correct Answer: D) Moneylabormaterials. 14. The point where TR curve cuts TC curve is called A) Equilibrium point. B) Split off point. C) Point of inflexion. D) Break even point. Show Answer Correct Answer: D) Break even point. 15. The demand curve for an individual firm within a perfectly competitive industry is A) Perfectly elastic. B) Perfectly inelastic. C) Downwards sloping. D) Upwards sloping. Show Answer Correct Answer: A) Perfectly elastic. 16. H. O. Theory can explain A) Inter-regional trade. B) International Trade. C) Both. D) Intra. Show Answer Correct Answer: C) Both. 17. Investment or money owned by a person that can be used to start a business is known as ..... A) Profit. B) Capital. C) Debt. D) Cash tagsBusiness Structures. Show Answer Correct Answer: B) Capital. 18. When a company has more supply than demand this is known as a ..... A) Equilibrium. B) Shortage. C) Surplus. D) None of above. Show Answer Correct Answer: C) Surplus. 19. In order for a firm to engage in price discrimination, it must be: A) Producing in the inelastic portion of its demand curve to raise its price and increase total revenue. B) A price taker. C) Able to separate consumers into different groups based on demand elasticities. D) Experiencing economies of scale in the relevant range of production. Show Answer Correct Answer: C) Able to separate consumers into different groups based on demand elasticities. 20. The longrun cost curve is otherwise called as A) Basket curve. B) Envelop curve. C) U shape curve. D) Wallet curve. Show Answer Correct Answer: B) Envelop curve. ← 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