This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 14 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 14 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Who has defined economics as "Science which deals with wealth" ? A) Adam Smith. B) Canon. C) J.B. Say. D) A.C. Pigou. Show Answer Correct Answer: C) J.B. Say. 2. Capitalistic Economy uses ..... as principal means of allocating resources. A) Demand. B) Supply. C) Price. D) All of the above. Show Answer Correct Answer: C) Price. 3. In long-term productionWhat is the saving of the size? A) Having expertise in production. B) Increased production has increased variable costs as before. C) The production of more products is reduced. D) Production conductivity causes various costs to decrease. Show Answer Correct Answer: C) The production of more products is reduced. 4. Macro Economics has: A) Narrow Scope. B) Wide Scope. C) Limited Scope. D) No Scope. Show Answer Correct Answer: B) Wide Scope. 5. An assembly line is an example of a custom-products layout. A) True. B) False. Show Answer Correct Answer: B) False. 6. The managerial economics- A) Is Applied Economics that fills the gap between economic theory and business practice. B) Is just a theory concept. C) Trains managers how to behave in recession. D) Provides the tools which explain various concepts. Show Answer Correct Answer: A) Is Applied Economics that fills the gap between economic theory and business practice. 7. Mr. A. campaign that if he was elected as prime ministerEveryone who rented the houseWill pay the rent of not more than 20 percent of his own monthly income. Mr. A.'s policy is a price intervention in any form. A) Housing equilibrium. B) A housing surplus. C) A housing price floor. D) A housing price ceiling. Show Answer Correct Answer: D) A housing price ceiling. 8. What is Scarcity? A) Needs and Wants. B) Unlimited Needs and Wants. C) When something is in short supply. D) When something is rare and expensive. Show Answer Correct Answer: C) When something is in short supply. 9. The economy is the total of all activities for the purpose of ..... A) Producing, marketing and selling goods and services in a country. B) Creating, designing and exploring goods and services in a country. C) Producing, distributing and consuming goods and services in a country. D) Producing, distributing and selling foods and services in a country. Show Answer Correct Answer: C) Producing, distributing and consuming goods and services in a country. 10. A firm experiences decreasing marginal return only when A) Stage 1. B) Stage 2. C) Stage 3. D) Stage 4. Show Answer Correct Answer: B) Stage 2. 11. What type of network links computers and workstations, usually within one building? A) Personal digital. B) Wide area. C) Local area (LAN). D) Satellite communication. Show Answer Correct Answer: C) Local area (LAN). 12. Rashtriya Swasthya Bima Yojana was launched in the year ..... A) 2008. B) 2010. C) 2017. D) 2015. Show Answer Correct Answer: A) 2008. 13. Which age group has the highest car insurance premiums? A) 16-20. B) 18-21. C) 18-22. D) 18-25. Show Answer Correct Answer: D) 18-25. 14. Consumer's surplus is also known as A) Indifference surplus. B) Elasticity of supply. C) Buyer's surplus. D) Indifference surplus. (C). Show Answer Correct Answer: C) Buyer's surplus. 15. The choice to acknowledge or dismiss a capital planning project relies upon A) An investigation of the incomes produced by the venture. B) Cost of capital puts resources into business/ project. C) Both A and B. D) Neither A and B. Show Answer Correct Answer: C) Both A and B. 16. How is the size of firm measured? A) Economies of scale. B) TURNANTOR. C) Innovation. D) Quality of staff. Show Answer Correct Answer: B) TURNANTOR. 17. The demand for necessities is usually A) Highly elastic. B) Highly inelastic. C) Unit elasticity. D) Relatively inelastic. Show Answer Correct Answer: B) Highly inelastic. 18. Nelson Mandela was the former president of ..... A) South America. B) South Africa. C) India. D) USA. Show Answer Correct Answer: B) South Africa. 19. If two goods are complementary to each other, cross elasticity demand is said to be " ..... " A) Positive. B) Neutral. C) Negative. D) Unitary. Show Answer Correct Answer: C) Negative. 20. In the long-run all costs are: A) Variable Costs. B) Fixed Costs. C) Total Cost. D) Marginal Cost. Show Answer Correct Answer: A) Variable Costs. ← 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