This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 19 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 19 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The GFC was caused by ..... A) Consumer confidence was low due to the war in Iraq. B) Banks and other lenders were willing to make increasingly large volumes of risky loans. C) The American government was in debt to the IMF and interest rates were increased significantly. D) Baked beans. Show Answer Correct Answer: B) Banks and other lenders were willing to make increasingly large volumes of risky loans. 2. What is Pure Market Economy A) An economy organized with some free market elements and some socialistic elements. B) There is no private sector. C) The free exchange of goods and services and private ownership of property. D) An economy where customs, traditions and believes prescribe the principles of economic organization for production of goods and services. Show Answer Correct Answer: C) The free exchange of goods and services and private ownership of property. 3. Daniel owns a bakery. On Monday he needs to buy flour at the supermarket. This is a ..... A) Revenue. B) Expense. C) Profit. D) None of above. Show Answer Correct Answer: B) Expense. 4. The credit for setting up mutual funds in India is attributed to ..... A) UTl. B) SEBI. C) IFCI. D) RBI. Show Answer Correct Answer: A) UTl. 5. Which of the following is not an economic activity? A) Housewife doing household duties. B) Manufacturing of garments at subsidized rate. C) Medical facility rendered by charitable trust. D) A CS doing his own practice. Show Answer Correct Answer: A) Housewife doing household duties. 6. In perfect competition a firm increases profit when ..... exceeds ..... A) TC, TR. B) MC, MR. C) On, and. D) TR, TFC. Show Answer Correct Answer: C) On, and. 7. How do you calculate the absenteeism rate over 1 year of an organization A) Total hours missed in a year by employee divided by total hourse worked in the year by employee. B) Total hours missed in a year by employee multiplied by total hourse worked in the year by employee. C) Total hours missed year divided by total hours worked in the year. D) Total hours missed year multiplied by total hours worked in the year. Show Answer Correct Answer: C) Total hours missed year divided by total hours worked in the year. 8. ..... is absence of competition. A) Monopolistic. B) Monopoly. C) Oligopoly. D) Duopoly. Show Answer Correct Answer: B) Monopoly. 9. What is our biggest economic problem? A) Internet fees. B) Limited resources. C) Unlimited resources. D) Labor surplus. Show Answer Correct Answer: B) Limited resources. 10. In India, inflation target is based on A) Consumer price index. B) Customer price index. C) Consumer loss index. D) Consumer profit index. Show Answer Correct Answer: A) Consumer price index. 11. The three fundamental questions of economic organization are: A) When, for whom, and how. B) How, what, and for whom. C) Who, how, and when. D) What, who, and why. Show Answer Correct Answer: B) How, what, and for whom. 12. AN ENTREPRENEUR IS A PERSON WHO ..... A) Owns their own business. B) Uses goods and services to produce labor, land, and capital. C) Uses land, labor, and capital to produce good and services. D) Loves nature and runs a business. Show Answer Correct Answer: C) Uses land, labor, and capital to produce good and services. 13. Citizenship A) The act of being a member of a country. B) A document issues by a judge that says exactly who and when will be searched. C) The first 10 amendments to the American Constitution. D) None of above. Show Answer Correct Answer: A) The act of being a member of a country. 14. Deductive and Inductive methods are complementary to each other. It is: A) Absolutely correct. B) Absolutely incorrect. C) Partially incorrect. D) None of the above. Show Answer Correct Answer: A) Absolutely correct. 15. A new portal launched by SIDBI to improve credit availability to MSME sector is ..... A) Mudra Scheme. B) Kisan Credit. C) Entrepreneur friend. D) None of the Above. Show Answer Correct Answer: C) Entrepreneur friend. 16. Wealth definition by A) Marshall. B) Samuelson. C) Adam smith. D) Lionel Robbin. Show Answer Correct Answer: C) Adam smith. 17. What is meant by 'labour' in economics? A) Hard physical work used to produce manufactured goods. B) Human mental and physical effort used for producing goods and services. C) Natural resources used in the productive process. D) Risk taking and organising the factors of production. Show Answer Correct Answer: B) Human mental and physical effort used for producing goods and services. 18. Positive statements concern what is Normative statements concern A) What was. B) What is the normal situation. C) What will be. D) What ought to be. Show Answer Correct Answer: D) What ought to be. 19. The process of capital formation includes A) Capital of savings. B) , Mobilization of savings. C) Investment of savings. D) All of the above. Show Answer Correct Answer: D) All of the above. 20. WHAT ARE THE 4 FACTORS OF PRODUCTION? A) Land, Capital, Need & Want. B) Land, Labor, Capital, Entrepreneurs. C) Water, Air, Food & Shelter. D) Land, Capital, Good & Service. Show Answer Correct Answer: B) Land, Labor, Capital, Entrepreneurs. ← 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