This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 21 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 21 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The most important function in managerial economics A) Application of theory and concept. B) Decision making. C) Data Gathering. D) Economic Analyzation. Show Answer Correct Answer: B) Decision making. 2. Which business is owned by one person and in charge of all the aspects of their business? A) Sole Proprietorship. B) Partnership. C) Corporation. D) LLC. Show Answer Correct Answer: A) Sole Proprietorship. 3. Legislature A) A plan of government. B) A lawmaking branch of government. C) The lawmaking branch of the American government. D) None of above. Show Answer Correct Answer: B) A lawmaking branch of government. 4. An example of 'positive' economic analysis would be A) An analysis of the relationship between the price of food and the quantity purchased. B) Determining how much income each person should be guaranteed. C) Determining the 'fair' price for food. D) Deciding how to distribute the output of the economy. Show Answer Correct Answer: A) An analysis of the relationship between the price of food and the quantity purchased. 5. Household demand is ..... A) The amount of goods or services that consumers are willing and able to purchase at a point in time. B) The amount of products created throughout the production process that are available to the household sector. C) The amount of goods and services that businesses produce for the household sector at a point in time. D) The amount of goods required in the production process. Show Answer Correct Answer: A) The amount of goods or services that consumers are willing and able to purchase at a point in time. 6. LPG means..... A) Liberalization Personalization Globalization. B) Localization Personalization Globalization. C) Liberalization Privatization Globalization. D) None of these. Show Answer Correct Answer: C) Liberalization Privatization Globalization. 7. When is high separation a bad thing? A) If these employees are in a nonpivotal talent pool. B) If the replacements are highly qualified. C) If the performances of the employees that are leaving are low. D) If employees that are leaving are in a pivotal talent pool. Show Answer Correct Answer: D) If employees that are leaving are in a pivotal talent pool. 8. Elasticity is the measure of ..... for demand of goods. A) Responsiveness. B) Price. C) Need. D) Change. Show Answer Correct Answer: A) Responsiveness. 9. Is an assembly line going to make work faster or slower A) Faster. B) Slower. Show Answer Correct Answer: A) Faster. 10. A production function assumes a given: A) Technology. B) Set of input prices. C) Ratio of input prices. D) Amount of capital and labor. E) Amount of output. Show Answer Correct Answer: A) Technology. 11. Which is not a study under micro economics? A) Consumer. B) Producer. C) Firm. D) General Employment. Show Answer Correct Answer: D) General Employment. 12. The fundamental economic problem faced by all societies is: A) Inequality. B) Poverty. C) Scarcity. D) Unemployment. Show Answer Correct Answer: C) Scarcity. 13. This type of business focuses on selling products to other businesses. A) Green. B) Wholesale. C) Retail. D) Social. Show Answer Correct Answer: B) Wholesale. 14. When the flexibility of the demand for the price of the product B is equal to-1.5, if the price of product B is reduced from 2.10 baht per unit to 1.90 baht per unit, how many percent of the product B will increase or decrease? A) Increase 50%. B) Reduced 1.5%. C) Increased by 5%. D) Reduce 15%. Show Answer Correct Answer: D) Reduce 15%. 15. Which is the most accurate definition of 'economics'? A) The study of how people spend money. B) The study of how people makes decisions given the scarce (limited) resources available to them. C) The study of how food is grown and sent to markets. D) None of above. Show Answer Correct Answer: B) The study of how people makes decisions given the scarce (limited) resources available to them. 16. Where is the headquarter of niti aayog? A) Moon. B) Kolkata. C) New Delhi. D) Surat. Show Answer Correct Answer: C) New Delhi. 17. The PESTEL analysis allows six types of factors to be differentiated: A) Political, economic, socio-cultural, technological, ecological and legal. B) Political, economic, cultural, technological, ecological and legal. C) Political, economic, socio-cultural, IT, environmental and legal. D) Political, economic, social, technological, environmental and legal. Show Answer Correct Answer: A) Political, economic, socio-cultural, technological, ecological and legal. 18. True or False? Putting money away each month is an example of spending. A) True. B) False. Show Answer Correct Answer: B) False. 19. The kind of underemployment is hidden in contrast to someone who does not have a job is clearly visible as unemployed. It is also called as ..... A) Seasonal Unemployment. B) Structural Unemployment. C) Disguised Unemployment. D) Frictional Unemployment. Show Answer Correct Answer: C) Disguised Unemployment. 20. The willingness and ability of a producer to make a product is referred to as A) Quantity supplied. B) Quantity demanded. C) Supply. D) Demand. Show Answer Correct Answer: C) Supply. ← 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