This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 13 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following costs refers specifically to those that change with the quantity of a product sold or produced? A) Variable costs. B) Annual costs. C) Market-adjusted costs. D) Marginal costs. Show Answer Correct Answer: A) Variable costs. 2. . An exceptional demand curve is one that moves A) Upward to the right. B) Downward to the right. C) Horizontally. D) Upward to the left. Show Answer Correct Answer: A) Upward to the right. 3. Economics has been called a 'Science of Choice ' because A) The human wants are unlimited, so choice making is essential. B) Economics is a Social science. C) Economics is a Study of material welfare. D) Economics is a Study of man and choice. Show Answer Correct Answer: A) The human wants are unlimited, so choice making is essential. 4. Which among the following are scope of managerial economics? A) Demand analysis. B) Production analysis. C) Inventory management. D) All of these. Show Answer Correct Answer: D) All of these. 5. Joe has good reason to suspect that his investments in XYZ Manufacturing are being fraudulently recorded and used by the accountants of that company. In order to start a legal investigation, he needs to go to the American Institute of Certified Public Accountants. A) True. B) False. Show Answer Correct Answer: B) False. 6. The main purpose of ..... was to enable commercial banks to raise funds from the market. A) Treasury Bills. B) Certificate of Deposits. C) Commercial Papers. D) Call and Notice Money Market. Show Answer Correct Answer: B) Certificate of Deposits. 7. What name is given to the value of the next best alternative that you give up when you make a decision? A) Trade-offs. B) Opportunity cost. C) Lost opportunities. D) Options. Show Answer Correct Answer: B) Opportunity cost. 8. Imperfect compitition was introduced by A) Marshall. B) Chamberlin. C) Keynes. D) None. Show Answer Correct Answer: A) Marshall. 9. The FIPB was abolished on ..... A) 5th June, 2014. B) 24th May 2017. C) 20th June 2015. D) 7th July, 2000. Show Answer Correct Answer: C) 20th June 2015. 10. What causes economic problems? A) Unlimited Wants. B) Alternative Uses. C) Limited or Scare means. D) All of the above. Show Answer Correct Answer: D) All of the above. 11. Which of the following does not improve the quality / productivity of land? A) Migration. B) Drainage. C) Genetically-modified crops. D) Reclamation. Show Answer Correct Answer: A) Migration. 12. What is a Trade-off A) The study of how peoples need to satisfy their needs and wants by making choices. B) All the alternatives that we give up whenever we choose one course of action over another. C) When economic resources are limited. D) When the people determine what gets made and how and who. Show Answer Correct Answer: B) All the alternatives that we give up whenever we choose one course of action over another. 13. Macro-economic analysis explains what determines the level of ..... A) National income. B) Personal income. C) Profit of Firm. D) None of above. Show Answer Correct Answer: A) National income. 14. A result of not keeping on top of debt payments and therefore accumulating more debt through interest and extra borrowing is called a A) Debt circle. B) Debt cycle. C) Debt pattern. D) Debt rotation. Show Answer Correct Answer: B) Debt cycle. 15. Electronic conferencing is popular because it reduces travel expenses and saves money. A) True. B) False. Show Answer Correct Answer: A) True. 16. 'Economics is the study of mankind in the ordinary business of life' was given by: A) Adam Smith. B) Lord Robbins. C) Alfred Marshall. D) Samuelson. Show Answer Correct Answer: C) Alfred Marshall. 17. It is a Financial Gain, especially the difference between the amount earned and the amount spent A) Profit. B) Capital. C) Investment. D) Expenditure. Show Answer Correct Answer: A) Profit. 18. Natural resources are ..... A) Ant kind of materials. B) Raw materials that need to be cooked. C) Raw materials that come from Earth. D) Man made materials. Show Answer Correct Answer: C) Raw materials that come from Earth. 19. A new surf shop opens in the middle of Brooklyn, New York. This shop lacks ..... A) Time Utility. B) Place Utility. C) Information Utility. D) Possession Utility. Show Answer Correct Answer: B) Place Utility. 20. WHAT IS MONOPOLY A) A price maker. B) Price taker. C) Both. D) Price predator. Show Answer Correct Answer: A) A price maker. ← 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