This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 22 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 22 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The market for search engines is an oligopoly A) True. B) False. Show Answer Correct Answer: B) False. 2. A ..... is a physical object that can be purchased, such as food, clothing, and furniture. A ..... is work that one person performs for another for payment. A) Service; Good. B) Good; Service. C) Consumer; Producer. D) Producer; Consumer. E) Cost; Benefit. Show Answer Correct Answer: B) Good; Service. 3. .Low price of a good generally keeps its price elasticity of demand as ..... A) High. B) Medium. C) Normal. D) Low. Show Answer Correct Answer: D) Low. 4. In the case of perfect elasticity, the demand curve is A) Vertical. B) Horizontal. C) Flat. D) Steep. Show Answer Correct Answer: B) Horizontal. 5. From the choices below, pick the best definition of the term fixed costs. A) Costs that are needed to acquire fixed profits. B) Costs that remain the same across all products. C) Costs that are unaffected by the number of goods sold by the firm. D) Costs that remain the same from year to year. Show Answer Correct Answer: C) Costs that are unaffected by the number of goods sold by the firm. 6. Variable cost per unit A) Remains fixed. B) Varies with the volume of production. C) Varies with sales. D) Varies with consumption. Show Answer Correct Answer: B) Varies with the volume of production. 7. If the flexibility of demand for the price of watermelon is equal to-2, it means A) When the price of watermelon dropped 1 percent, the amount of rambutan bought up 2 percent. B) When the price of watermelon drops down, 1 percent will cause the amount of water to buy watermelon up by 2 percent. C) When consumers' revenue decreased by 1 percentWill cause the amount of water to buy watermelon down 2 percent. D) When consumers' revenue decreases, 1 percent will cause the amount of watermelon to buy.Increased by 2 percent. Show Answer Correct Answer: B) When the price of watermelon drops down, 1 percent will cause the amount of water to buy watermelon up by 2 percent. 8. The shape of TFC curve is A) Horizontal line. B) Downward. C) Upward sloping. D) Sloping U shaped. Show Answer Correct Answer: A) Horizontal line. 9. A firm's financial accounting system is only concerned with external users of information. A) True. B) False. Show Answer Correct Answer: A) True. 10. Linear graphs are A) Wavelike shaped. B) U shaped. C) Straight line. D) Bell shaped. Show Answer Correct Answer: C) Straight line. 11. Normative aspect of Economics is given by: A) Marshall. B) Robbins. C) Adam Smith. D) Samuelson. Show Answer Correct Answer: A) Marshall. 12. It includes all other costs incurred in production but donot become part of the product. A) Manufacturing overhead. B) Direct labor. C) Direct materials. D) All of the above. Show Answer Correct Answer: A) Manufacturing overhead. 13. All wants of an individual are not of: A) Equal importance. B) Immediate importance. C) Fixed importance. D) All of the above. Show Answer Correct Answer: A) Equal importance. 14. Which of the following is an example of paradigm innovation: A) Windows computer operating system. B) Energy-saving light bulbs. C) The latest model of the Honda Civic. D) Rechargeable batteries. Show Answer Correct Answer: A) Windows computer operating system. 15. Which of the following is not one of the features of capitalism economy? A) Right of private property. B) Freedom of choice by the consumers. C) No profit, No Loss motive. D) Competition. Show Answer Correct Answer: C) No profit, No Loss motive. 16. The model of the five competitive forces of the: A) Peter. B) Paul. C) Porter. D) Patrick. Show Answer Correct Answer: C) Porter. 17. ..... is a way of describing and explaining economics as it is, not as it should be ..... is a way of describing and explaining what economic behavior ought to be, not what it actually is. A) Macroeconomics; Microeconomics. B) Microeconomics; Macroeconomics. C) Positive Economics; Normative Economics. D) Normative Economics; Positive Economics. Show Answer Correct Answer: C) Positive Economics; Normative Economics. 18. In monopolistic competition, the demand curve for a firm is ..... A) Relatively elastic. B) Relatively inelastic. C) Unit elastic. D) None of above. Show Answer Correct Answer: A) Relatively elastic. 19. Which of the following pricing strategies is used by many e-tailers in order to provide flexibility between buyers and sellers in setting a price? A) Breakeven pricing. B) Fixed pricing. C) Dynamic pricing. D) Psychological pricing. Show Answer Correct Answer: C) Dynamic pricing. 20. What is bulk buying What is bulk buying? A) Buying goods in large quantities, which is usually cheaper than buying in small quantities. B) Buying goods in small quantities, which is usually more expensive than buying in big quantities. C) Getting large loans are lower prices. D) Buying a large quantity of goods and reselling at a higher price. Show Answer Correct Answer: A) Buying goods in large quantities, which is usually cheaper than buying in small quantities. ← 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