This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 25 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 25 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Services are???? A) Tangible. B) Perishable. C) Separable. D) All of the Above. Show Answer Correct Answer: B) Perishable. 2. The relation that the law of demand defines is. A) Income and price of a commodity. B) Price and quantity of a commodity. C) Income and quantity demanded. D) Quantity demanded and quantity supplied. Show Answer Correct Answer: B) Price and quantity of a commodity. 3. Micro economics theory studies how a free enterprise economy determines: A) The price of goods. B) The price of services. C) The price of economy resources. D) All of the above. Show Answer Correct Answer: D) All of the above. 4. If are collecting information from consumers directly by considering each and every consumers then it is called A) Complete enumeration. B) Sample survey. C) Survey. D) None of these. Show Answer Correct Answer: A) Complete enumeration. 5. Micro Economics Studies..... A) Group Variables. B) Individual Variables. C) Aggregate Variables. D) All of the above. Show Answer Correct Answer: B) Individual Variables. 6. Activity ratios allow investors to compare the relative efficiencies of similar companies. For instance the company's sales as related to inventory. A) True. B) False. Show Answer Correct Answer: A) True. 7. A feature that is NOT apart of a traditional economy A) Unchanged methods of farming. B) Hand made things. C) Low production levels and quality. D) People moving to cities for work. Show Answer Correct Answer: D) People moving to cities for work. 8. Economics deals with the production of abundant resources A) True. B) False. Show Answer Correct Answer: B) False. 9. When you drive a a sedan, station wagon, hatch or 4WD, the annual car registration fee in the metropolitan area in Victoria is A) $ 245.90. B) $ 545.90. C) $ 864.40. D) $ 1045.90. Show Answer Correct Answer: C) $ 864.40. 10. True or False? Having to pay more for fruits and vegetables becasue of a drought is an example of scarcity. A) True. B) False. Show Answer Correct Answer: A) True. 11. If oligopolists engagein collusion and successfully form a cartel, the market outcome is A) The same as if it were served by a monopoly. B) The same as if it were served by competitive firms. C) The same as if it were served by competitive firms. D) Known as Nash equilibrium. Show Answer Correct Answer: A) The same as if it were served by a monopoly. 12. The full form of NPA is ..... A) Non-Performing Assets. B) Non-Profiting Assets. C) New Performing Allocations. D) New Profitable Allowances. Show Answer Correct Answer: A) Non-Performing Assets. 13. What is a non-financial goal? A) Who you compete against. B) A goal that seeks financial gain. C) A way to assess your businesses success. D) A goal that seek to improve the business not based around financial gain. Show Answer Correct Answer: D) A goal that seek to improve the business not based around financial gain. 14. The goods having income elasticity equal to zero: A) Luxury Goods. B) Necessity Goods. C) Inferior Goods. D) Superior Goods. Show Answer Correct Answer: B) Necessity Goods. 15. Subway is an example of a ..... A) FreemiumBusiness. B) Subscription Business. C) Franchise. D) Non-profit business. Show Answer Correct Answer: C) Franchise. 16. The company's environment is made up of: A) Human resources. B) The facilities. C) All factors external to the company. D) None of the answers are correct. Show Answer Correct Answer: C) All factors external to the company. 17. For an unregulated monopolist, the profit-maximizing quantity will always be: A) In the elastic region of the demand curve. B) Where marginal revenue equals price. C) Where price equals average total cost. D) Where the marginal cost curve intersects the demand curve. Show Answer Correct Answer: A) In the elastic region of the demand curve. 18. When a percentage in price results in equal change in quantity supplied, it is called, A) Elastic supply. B) Perfectly inelastic. C) Elasticity of supply. D) Unitary elastic supply. Show Answer Correct Answer: D) Unitary elastic supply. 19. Globalisation has been of advantage to A) All the people. B) The poorer section of the society. C) The richer section of the society. D) None of the above. Show Answer Correct Answer: C) The richer section of the society. 20. What is the fundamental economic problem faced by all countries? A) Inflation. B) Unemployment. C) Scarcity. D) Economic recession. Show Answer Correct Answer: C) 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