This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 23 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 23 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Expert Opinion method is also known as A) Delphi Method. B) Marshall Method. C) Tausing Method. D) None of above. Show Answer Correct Answer: A) Delphi Method. 2. Opportunity cost is also called A) Marginal cost. B) Alternative cost. C) Fixed cost. D) Incremental cost. Show Answer Correct Answer: B) Alternative cost. 3. ..... meaning large or aggregate A) Micro. B) Macros. C) None of the above. D) None of above. Show Answer Correct Answer: B) Macros. 4. Administered prices refer to: A) Prices determined by forces of demand and supply. B) Prices determined by sellers in the market. C) Prices determined by an external authority which is usually the government. D) None of the above. Show Answer Correct Answer: C) Prices determined by an external authority which is usually the government. 5. Which of the following actions would government take to increase economic growth: A) Decrease exports. B) Increase taxes. C) Increase government spending. D) Decrease government subsidies. Show Answer Correct Answer: C) Increase government spending. 6. Which of the following is NOT a factor that determines elasticity? A) Substitute Goods or Services. B) Complements. C) Proportion of Income. D) Necessities Versus Luxuries. Show Answer Correct Answer: B) Complements. 7. Which of the following best describes depreciation? A) The process of distributing the cost of liabilities equally over time. B) The process of the decreasing value of fixed assets due to use. C) The process of reducing the value of fixed assets equally over time. D) The process of deducting operating expenses from the value of fixed assets. Show Answer Correct Answer: C) The process of reducing the value of fixed assets equally over time. 8. For what type of Organization would keeping track of absenteeism still be relevant / required A) IT company. B) Production company. C) Law Firm. D) For none of the given organizations it would be relevant . Show Answer Correct Answer: B) Production company. 9. What is the main role of government intervention in the economy? A) To discourage enterprise and reduce foreign investment. B) To protect the workforce and the environment and to promote competition. C) To ensure that business is conducted in such a way that local businesses always win. D) To prevent consumers from accessing what the economy produces. Show Answer Correct Answer: B) To protect the workforce and the environment and to promote competition. 10. P x Q = A) TR. B) AR. C) MR. D) None of the above. Show Answer Correct Answer: A) TR. 11. ..... cost equals to explicit cost and implicit cost A) Economic cost. B) Accounting cost. C) Money cost. D) Input cost. Show Answer Correct Answer: A) Economic cost. 12. Employing a specialist cost accountant in a growing business is an example of which type of economy? A) Technical economy. B) Risk-bearing economy. C) Managerial economy. D) Marketing economy. Show Answer Correct Answer: C) Managerial economy. 13. The point at which supply and demand cross. A) Inflation point. B) Supply point. C) Market price. D) Crosspoint. Show Answer Correct Answer: C) Market price. 14. The total amount of a specific good or service that is available to consumers A) Market. B) Demand. C) Microeconomic. D) Supply. Show Answer Correct Answer: D) Supply. 15. The term Economics is derived from a A) Latin Word. B) Greek Word. C) Russian Word. D) Indian Word. Show Answer Correct Answer: B) Greek Word. 16. Which of the following is likely to be a benefit to the economy of competitive markets? A) Higher interest rates. B) Better resource allocation because there is less waste. C) Factors of production are more mobile. D) Lower unemployment. Show Answer Correct Answer: B) Better resource allocation because there is less waste. 17. What is the fundamental problem in Economics-it is what forces all of us into making choices? A) Too many resources for the demand. B) Limited wants. C) Unlimited resources. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 18. The business sector can be described as ..... A) Producers that provide goods and services to satisfy the needs and wants of households. B) Consumers that are working in the business sector to earn money. C) Consumers that purchase goods and services for the business sector. D) Producers that provide goods and services to consumers in order to make a profit. Show Answer Correct Answer: A) Producers that provide goods and services to satisfy the needs and wants of households. 19. Managerial economics makes use of modern tools of mathematics, statistics, Operations research, finance, marketing, production. So it can be regarded as? A) Pragmatic. B) Uses macro economics. C) Management oriented. D) Multidisciplinary. Show Answer Correct Answer: D) Multidisciplinary. 20. In Business economics 'Means' refers to ..... A) Human wants. B) Resources. C) Both (1) and (2). D) Neither (1) nor (2). Show Answer Correct Answer: B) Resources. ← 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