This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 18 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 18 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The company's environment is understood as the framework where it develops its activity A) True. B) False. Show Answer Correct Answer: A) True. 2. Rational decison making requires that: A) One's choices be arrived at logically and without error. B) One's choices be consistent with one's goals. C) One's choices never vary. D) One make choices that do not involve trade-offs. Show Answer Correct Answer: B) One's choices be consistent with one's goals. 3. The central problem of an economy is A) Assigning limited resources in a way that unlimited desires and needs of the society are satisfied. B) Ensuring a minimum income for each citizen. C) Assuring that production happens in the most effective way. D) Analyzing the demand with market economies. Show Answer Correct Answer: A) Assigning limited resources in a way that unlimited desires and needs of the society are satisfied. 4. Issue Price is at which government supplies foodgrains ..... A) In the open market. B) To the middlemen. C) To ration shops. D) None of above. Show Answer Correct Answer: C) To ration shops. 5. ..... has been given the responsibility of coordinating the SDGS in India: A) Private Sector. B) Central Government. C) Finance Ministry. D) NITI Aayog. Show Answer Correct Answer: D) NITI Aayog. 6. The process of changing an industry from public to private ownership. A) Privatization. B) Public marketing. C) Socialization. D) Economic change. Show Answer Correct Answer: A) Privatization. 7. In Economics terms, what is the "opportunity cost" of choosing when you are faced with a decision? A) All the possible alternatives other than what you chose. B) It is the cost of choosing-what you had to "give up" in order to get the thing you chose. C) The price of the item. D) What you earn when you take a chance. Show Answer Correct Answer: B) It is the cost of choosing-what you had to "give up" in order to get the thing you chose. 8. Nicole is trying to decide where to shop for jeans. She wants to get the lowest price. Where should Nicole shop? A) A discount store. B) A grocery store. C) A department store. D) A designer store. Show Answer Correct Answer: A) A discount store. 9. Mr. Manish hired a business consultant to guide him for growth of his business. The consultant visited his factory and suggested some changes with respect to staff appointment, loan availability and so on. Which approach is that consultant using? A) Micro economics. B) Macro economics. C) Both a and b. D) None of the above. Show Answer Correct Answer: A) Micro economics. 10. The most liquid asset for a firm are marketable securities that can be sold very quickly. A) True. B) False. Show Answer Correct Answer: B) False. 11. A normal good can be defined as one which consumers purchase more of as A) Prices fall. B) Prices rises. C) Incomes fall. D) Incomes. Show Answer Correct Answer: A) Prices fall. 12. The responsiveness of demand to the change in income is known as A) Price elasticity of demand. B) Cross elasticity of demand. C) Income elasticity of demand. D) None of these. Show Answer Correct Answer: C) Income elasticity of demand. 13. When the quantity demanded remains the same whatever be the change then Price elasticity is A) Perfectly Elastic. B) Perfectly Inelastic. C) Relatively Elastic. D) Relatively Inelastic. Show Answer Correct Answer: B) Perfectly Inelastic. 14. The slope of the demand curve for butter shows that an increase in the price of butterleads to A) A decline in the amount of butter available. B) An increase in demand for butter. C) An expected decline in the price of butter. D) A decrease in demand for butter. Show Answer Correct Answer: D) A decrease in demand for butter. 15. Large number of firms all produce same product A) Oligopoly. B) Monopoly. C) Perfect Competition. D) Imperfect Competition. Show Answer Correct Answer: C) Perfect Competition. 16. The Law of Supply states: A) As price increases, supply increases. B) As prices decrease, supply increases. C) Price increases, quantity demanded decreases. D) As price decreases, quantity demanded decreases. Show Answer Correct Answer: A) As price increases, supply increases. 17. Which of the following does not suggest a macro approach for India? A) Determining the GNP of India. B) Finding the causes of failure of ABC Ltd. C) Identifying the causes of inflation in India. D) Analyse the causes of failure of industry in providing large scale employment. Show Answer Correct Answer: B) Finding the causes of failure of ABC Ltd. 18. The marginal is closely related with A) Variable cost. B) Fixed cost. C) Opportunity cost. D) Explicit cost. Show Answer Correct Answer: A) Variable cost. 19. Opportunity cost can be defined as ..... A) Having fewer resources than needed to fill human wants and needs. B) A time or set of circumstances that makes it possible to do something. C) Anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on social media. D) The loss of other alternatives when one alternative is chosen. Show Answer Correct Answer: D) The loss of other alternatives when one alternative is chosen. 20. From the data in the table, find the value B A) 0. B) 2. C) 4. D) 6. Show Answer Correct Answer: A) 0. ← 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