This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 24 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 24 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If profits of a company are dependent on cost, which of the following functional form is correct? A) P=f(C). B) C=f(P). C) P=f(c). D) C=f(p). Show Answer Correct Answer: A) P=f(C). 2. A cost that is included in economic profit A) Implicit Cost. B) Marginal Cost. C) Average Cost. D) Economic Cost. Show Answer Correct Answer: A) Implicit Cost. 3. ..... shows the set of isoquant curves. A) Isoquant map. B) Isoquant line. C) Cost line. D) Price line. Show Answer Correct Answer: A) Isoquant map. 4. Which of the following terms refers to the monetary amount added to a product's cost to the seller in order to sell it at a target profit? A) Revenue margin. B) Breakeven cost. C) Profit margin. D) Markup. Show Answer Correct Answer: D) Markup. 5. Which of the following is not within the scope of economics A) Resource allocation. B) Scarcity. C) Building a successful business. D) What production should take place. Show Answer Correct Answer: C) Building a successful business. 6. In Economics, Trade-off and Opportunity Cost mean the same thing. A) True!. B) False!. Show Answer Correct Answer: B) False!. 7. According to the law of demand, what happens when the price of a product goes up? A) People buy more. B) People buy less. C) People buy the same amount. D) None of above. Show Answer Correct Answer: B) People buy less. 8. . Law of demand shows ..... relationship between price and quantity demanded. A) Positive. B) Negative. C) Direct. D) None of the above. Show Answer Correct Answer: B) Negative. 9. Demand for salt is ..... A) Elastic. B) Inelastic. Show Answer Correct Answer: B) Inelastic. 10. What is the French phrase meaning "leave things alone", in which the idea of Capitalism is founded? A) Rebellion. B) Let. C) Let the good times roll. D) Way way Mon Ami!. Show Answer Correct Answer: B) Let. 11. Revenue generated by producing one additional unit of product. A) Marginal Revenue. B) Marginal Profit. C) Total Revenue. D) Average Revenue. Show Answer Correct Answer: A) Marginal Revenue. 12. Why will scarcity continue to be a problem in the future? A) Prices will rise. B) Resources will always be finite. C) Needs will decrease in the future. D) World population will fall. Show Answer Correct Answer: B) Resources will always be finite. 13. The vision of make in India campaign was to make India a ..... A) Global tourism Hub. B) Global manufacturing Hub. C) Both a and b. D) None of the above. Show Answer Correct Answer: B) Global manufacturing Hub. 14. ..... is a residue after the payment of rent, wages, interest A) Income. B) Tax. C) Profit. D) All the above. Show Answer Correct Answer: C) Profit. 15. Demand curve slopes downwards because of A) The law of diminishing marginal utility. B) The income effect. C) Substitution effect. D) All of the above. Show Answer Correct Answer: D) All of the above. 16. What does inventory management involve? A) Determining the best pricing strategy. B) Maximizing profits by minimizing costs. C) Forecasting future demand accurately. D) Minimizing costs associated with maintaining inventory. Show Answer Correct Answer: D) Minimizing costs associated with maintaining inventory. 17. In this type of economy, the people decide the supply, demand, and price. A) Market. B) Traditional. C) Command. D) Mixed. Show Answer Correct Answer: A) Market. 18. The basis of Indonesian cooperatives is ..... A) Justice. B) The family. C) Cut Royong. D) The well-being. E) Social Society. Show Answer Correct Answer: C) Cut Royong. 19. "Economics is an inquiry into the nature and causes of wealth of nations" was defined by ..... A) Alfred Marshall. B) H.J. Davenport. C) Adam Smith. D) John Stuart Mill. Show Answer Correct Answer: C) Adam Smith. 20. Why Study Economics? A) I have to do it. B) I want to learn about the stock market. C) To learn how to deal with scarcity. D) None of above. Show Answer Correct Answer: C) To learn how to deal with scarcity. ← 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