This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 27 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 27 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. An economy where there is a blend between government involvement in business and private ownership. A) Command economy. B) Market economy. C) Mixed economy. D) None of above. Show Answer Correct Answer: C) Mixed economy. 2. The group in charge of the overall direction of the large business firm is the A) Federal Trade Commission. B) The corporate officers. C) The board of directors. D) The professional consultants. Show Answer Correct Answer: C) The board of directors. 3. If there is no competition in your market, how would that impact your business? A) You could charge more for your product. B) You would make more. C) You would hire more employees. D) You would charge less for your product. Show Answer Correct Answer: A) You could charge more for your product. 4. In a client-server network, the client is typically a customer or supplier. A) True. B) False. Show Answer Correct Answer: B) False. 5. ..... is the study of the behavior of individual players in an economy, such as individuals, families, and businesses ..... is the study of the behavior of the economy as whole and involves topics such as inflation, unemployment, aggregate demand, and aggregate supply. A) Macroeconomics; Microeconomics. B) Microeconomics; Macroeconomics. C) Positive Economics; Normative Economics. D) Normative Economics; Positive Economics. Show Answer Correct Answer: B) Microeconomics; Macroeconomics. 6. Proportional costs ..... A) Rise less than proportional to production increase. B) Increase more than proportional to production increase. C) Discount on raw materials. D) Directly proportional to the volume of production. Show Answer Correct Answer: D) Directly proportional to the volume of production. 7. In demand, at higher price ..... A) Less quantity is demanded and therefore is decreasing. B) More quantity is demanded and therefore is decreasing. C) Less quantity is demanded and therefore is growing. D) More quantity is demanded and therefore is growing. Show Answer Correct Answer: A) Less quantity is demanded and therefore is decreasing. 8. In the function D=f(P), D is ..... variable. A) Dependent. B) Independent. C) Voluntary. D) Price. Show Answer Correct Answer: A) Dependent. 9. Subsidies are A) Rights to increase trade with Great Britain and her colonies. B) Extra payments or bonuses to grow or produce certain crops. C) Permission to trade directly with other countries. D) Land payments which made it easier to remain in the colony. Show Answer Correct Answer: B) Extra payments or bonuses to grow or produce certain crops. 10. Our wants are always greater than our resources. A) True. B) False. Show Answer Correct Answer: A) True. 11. If the price elasticity of demand for a good is 0.5, then the demand for that good is A) Inelastic. B) Elastic. C) Unitary elastic. D) None of the above. Show Answer Correct Answer: B) Elastic. 12. Price ceilings are a ....., and result in ..... of the product produced. A) Minimum price / surplus. B) Minimum price / shortage. C) Maximum price / surplus. D) Maximum price / shortage tagsprice ceilingprice controls. Show Answer Correct Answer: D) Maximum price / shortage tagsprice ceilingprice controls. 13. The amount of demand for product A increases from 1, 000 units to 1, 500 units. When the product price A decreases from 1.50 baht per unit to 1.00 baht per unit from the above data, the Price Elasticity of Demand of the product A is equal to. A) 1.0. B) -0.16. C) -1.5. D) 4.0. Show Answer Correct Answer: C) -1.5. 14. Macro Economics is the study of ..... A) All aspects of scarcity. B) The national economy and the global economy as a whole. C) Big business. D) The decisions of individual businesses and people. Show Answer Correct Answer: B) The national economy and the global economy as a whole. 15. Sydney grows sunflowers to sell to the people in her community. Is she a producer or a consumer? A) Producer. B) Consumer. Show Answer Correct Answer: A) Producer. 16. Under perfect competition, price is determined at ..... A) Equilibrium price of the industry. B) Equilibrium price of the firm. C) When MC = MR. D) All of these. Show Answer Correct Answer: A) Equilibrium price of the industry. 17. Which of the accompanying address how much time it takes for a capital budgeting undertaking to recuperate it's underlying expense? A) Maturity period. B) Payback period. C) Redemption period. D) Investment period. Show Answer Correct Answer: B) Payback period. 18. What was the share of industrial sector in GDP (2015-16)? A) 14%. B) 25%. C) 61%. D) 50%. Show Answer Correct Answer: B) 25%. 19. Under the Inductive method, the logic proceeds from: A) Under the Inductive method, the logic proceeds from:. B) Particular to general. C) Both (a) and (b). D) None. Show Answer Correct Answer: B) Particular to general. 20. The study of aggregate income and expenditures and the Per Capita income of one country A) Micro Economics. B) Macro Economics. C) Capital Management. D) Government Budget. Show Answer Correct Answer: B) Macro Economics. ← 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