This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 29 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 29 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is not a fundamental economic question? A) For whom production should take place?. B) What production should take place?. C) Why production should take place?. D) How production should take place?. Show Answer Correct Answer: C) Why production should take place?. 2. MR = A) MC. B) NC. C) WC. D) KFC. Show Answer Correct Answer: A) MC. 3. Buying a Playstation is an example of a ..... A) Need. B) Want. Show Answer Correct Answer: B) Want. 4. Which of the following is a benefit of a command economy? SELECT ALL THAT APPLY A) Political Freedom. B) Economic Freedom. C) Provide for the poor, sick, elderly, etc. through government programs. D) Production efficiency. E) Centrally planned decisions. Show Answer Correct Answer: C) Provide for the poor, sick, elderly, etc. through government programs. 5. .Relatively inelastic demand is ..... A) E p = 0. B) E p > 1. C) E p <1. D) E p = 1. Show Answer Correct Answer: B) E p > 1. 6. Monopoly power is high when A) There are no close substitutes. B) There are no rivals. C) There is only a single seller of the product. D) All of the above. Show Answer Correct Answer: D) All of the above. 7. The most notable incentive in economics is ..... A) Profit. B) Price. C) Revenue. D) Expenditure profit. Show Answer Correct Answer: B) Price. 8. "The Fed" refers to the ..... A) Federal Bureau of Investigation. B) Federal Government. C) Federal Reserve System. D) Federal Income Tax. Show Answer Correct Answer: C) Federal Reserve System. 9. An inferior goods is a commodity whose ..... with an increase in income A) Demand falls. B) Demand raise. C) Supply falls. D) Supply raise. Show Answer Correct Answer: A) Demand falls. 10. What are the basic economic problems? A) What to Produce? How to Produce? For whom to Produce?. B) How to Produce? Where to Produce? When to Produce?. C) What to Produce? Where to Produce? When to Produce?. D) How to Produce? For whom to Produce? When to Produce?. Show Answer Correct Answer: A) What to Produce? How to Produce? For whom to Produce?. 11. Quality improvement teams are groups of employees from various work areas who define, analyze, and solve common production problems. A) True. B) False. Show Answer Correct Answer: A) True. 12. (A) There is similarity between Robbins's definition and Samuelson's definition(B) Samuelson's definition is not only dynamic in content; it is also wider in scope.Of these A) A is true, but B is false. B) A is false, but B is true. C) Both A and B are true. D) Both A and B are false. Show Answer Correct Answer: C) Both A and B are true. 13. Suppliers have the ability to influence company decisions in the same sector. A) True. B) False. Show Answer Correct Answer: A) True. 14. The reward a businessman gets for bearing the risks is called A) Remuneration. B) Commission. C) Bonus. D) Profit. Show Answer Correct Answer: D) Profit. 15. The ..... is the market for goods and services; the ..... is the market for the factors of production A) Consumer Market; Production Market. B) Producer Market; Consumer Market. C) Product Market; Factor Market. D) Factor Market; Product Market. Show Answer Correct Answer: C) Product Market; Factor Market. 16. In short run, the monopolists A) Incurs a loss. B) Makes a profit. C) Break even. D) Any of the above. Show Answer Correct Answer: B) Makes a profit. 17. Intellectual property is something produced by a computer that has personal value. A) True. B) False. Show Answer Correct Answer: B) False. 18. The break-even point is obtained by? A) TC-TR > 0. B) TC-TR < 0. C) TC-TR = 0. D) TC + TR = 0. Show Answer Correct Answer: C) TC-TR = 0. 19. The advantage of the payback period is: A) Adjustment for uncertainty of early CF. B) It is simple to calculate and use. C) Does not discount CF. D) None of the above. Show Answer Correct Answer: B) It is simple to calculate and use. 20. What is not an advantage of a monopoly? A) Achieving economies of scale. B) High level of research and development. C) Producing a greater quantity at profit-maximizing level of output. D) Higher prices and lower output. Show Answer Correct Answer: D) Higher prices and lower output. ← 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