This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 16 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Business economics is ..... in nature A) Normative. B) Positive. C) Complicated. D) None of above. Show Answer Correct Answer: A) Normative. 2. The introduction of a minimum wage in a labour market will: A) Raise employment and lower the wage rate. B) Raise the wage rate and increase employment. C) Raise the wage rate and decrease employment. D) Reduce the wage rate but boost employment. Show Answer Correct Answer: C) Raise the wage rate and decrease employment. 3. Partnership is only two owners. A) True. B) False. Show Answer Correct Answer: B) False. 4. Short-run losses encourage firms to ..... A) Enter the industry. B) Leave the industry. C) Stay in the industry. D) None of above. Show Answer Correct Answer: B) Leave the industry. 5. The amount a firm receives for the sale of its output. P x Q = ..... A) Profit. B) Total Revenue. C) Marginal Revenue. D) Average Profit. Show Answer Correct Answer: B) Total Revenue. 6. The Central Economic problem is that of- A) Allocating the scarce recourse in such a manner that society's unlimited wants are satisfied as far as possible. B) Giving jobs to poor and backward. C) Guaranteeing that the production occurs in most efficient manner. D) All of above. Show Answer Correct Answer: A) Allocating the scarce recourse in such a manner that society's unlimited wants are satisfied as far as possible. 7. Which sector received the highest FDI inflow in April-Dec. 2017? A) Banking. B) Finance. C) Consumption. D) Telecommunication. Show Answer Correct Answer: D) Telecommunication. 8. A plan for spending money is called a ..... A) Opportunity cost. B) Savings account. C) Budget. D) Banking. Show Answer Correct Answer: C) Budget. 9. Cost of raw materials is an e.g of A) Fixed cost. B) Variable cost. C) None. D) None of above. Show Answer Correct Answer: B) Variable cost. 10. C + DD + OD is called ..... money supply. A) M1. B) What. C) With. D) Mh. Show Answer Correct Answer: A) M1. 11. What is the scope of Business Economics? A) It covers operational issues within the organization. B) It covers environmental issues outside the organization. C) It covers both operational and environmental issues. D) It covers neither operational nor environmental issues. Show Answer Correct Answer: C) It covers both operational and environmental issues. 12. The condition of consumer equilibrium under cardinal approach in case of one commodity is A) Price of commodity should be rising. B) Price of commodity should equal to be marginal utility. C) Price of commodity should be decreasing. D) None of these. Show Answer Correct Answer: B) Price of commodity should equal to be marginal utility. 13. What you give up in a trade-off is called ..... A) An opportunity cost. B) A trade-off. C) Scarcity. D) Supply. E) Demand. Show Answer Correct Answer: A) An opportunity cost. 14. What will probably happen if something people want to buy is scarce? A) The price will go up. B) The price will go down. C) You will be able to get it for free. D) None of above. Show Answer Correct Answer: A) The price will go up. 15. Offering auto leases rather than requiring customers to pay the full purchase price provides possession utility. A) True. B) False. Show Answer Correct Answer: A) True. 16. Current assets refers to all assets that are able to be liquidated in a short amount of time. A) True. B) False. Show Answer Correct Answer: A) True. 17. The flexibility of demand for priceIs the value used to measureWhat is the following A) Measure the response of buying demandTo the price change. B) Measure the response of buying demandTo the change of income. C) Measure the price responseTo the change of purchase demand. D) Measure the response of buying demandTo change in demand for sale. Show Answer Correct Answer: A) Measure the response of buying demandTo the price change. 18. Medium term loans are for a period of??? A) 5 years. B) 2 years. C) 10 years. D) 1 year. Show Answer Correct Answer: A) 5 years. 19. What does normative science involve? A) Value judgements and prescriptions. B) Objective analysis and descriptions. C) Mathematical calculations and formulas. D) Historical data and trends. Show Answer Correct Answer: A) Value judgements and prescriptions. 20. The drink at the cafeteria, which has only one shop.And there are no other products that can be substitutedWhat will the demand of such beverages look like? A) Has the same flexibility as 1. B) With less flexibility. C) With stable flexibility. D) Very flexible. Show Answer Correct Answer: B) With less flexibility. ← 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