This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 33 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 33 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Law of variable proportion is the new name of the famous A) Production Function. B) Law of Diminishing Returns. C) Law of Demand. D) Returns to Scale. Show Answer Correct Answer: B) Law of Diminishing Returns. 2. Few large companies dominate the market (airlines, car manufacturers etc) A) Oligopoly. B) Monopoly. C) Thermopoly. D) Hetermopoly. Show Answer Correct Answer: A) Oligopoly. 3. What is a Pure Command Economy A) There is no private sector. B) The free exchange of goods and services and private ownership of property. C) An economy organized with some free market elements and some socialistic elements. D) An economy where customs, traditions and believes prescribe the principles of economic organization for production of goods and services. Show Answer Correct Answer: A) There is no private sector. 4. In Adam Smith definition of economics, wealth refer to A) Material goods. B) Services. C) Both a and b. D) Neither a nor b. Show Answer Correct Answer: A) Material goods. 5. What are resources? A) Items that people can use to make or obtain what they need and want. B) An individual who buys goods and services from businesses. C) The contest between businesses to win over consumers. D) The money businesses get to keep after paying off expenses. Show Answer Correct Answer: A) Items that people can use to make or obtain what they need and want. 6. This type of entrepreneur has a passion for something and wants to let others know about it. A) Business. B) Social. C) Serial. D) Lifestyle. Show Answer Correct Answer: D) Lifestyle. 7. 'Revenue' means ..... A) The costs business incur (must pay) in order to operate. B) Money paid to the government that is based on your income or the cost of goods or services you have bought. C) He total money that a business makes by selling its goods or services. D) None of above. Show Answer Correct Answer: C) He total money that a business makes by selling its goods or services. 8. Australia's biggest trading partner is ..... A) USA. B) Japan. C) Mongolia. D) China. Show Answer Correct Answer: D) China. 9. Figuring out how much of a product or service you need to sell in order to neither lose nor make money is known as: A) Break-Even Analysis. B) Strategizing. C) Equal Analysis. D) Smart Business Management. Show Answer Correct Answer: A) Break-Even Analysis. 10. Assets are categorized by the capacity in which they benefit the company. A) True. B) False. Show Answer Correct Answer: A) True. 11. The local government for a community must decide what to do with the sales tax collected. They could build a new skate park or they could buy more computers for the public library. The officials decide to build a skate park. What is the opportunity cost of their decision? A) New skate park. B) More computers. Show Answer Correct Answer: B) More computers. 12. What is inflation? A) Rise in all prices. B) Rise in most prices. C) Rise in some prices. D) Rise in general prices. Show Answer Correct Answer: D) Rise in general prices. 13. India is the world ..... largest economy in present. A) Sixth. B) Seventh. C) Third. D) Tenth. Show Answer Correct Answer: A) Sixth. 14. Which of the following businesses operate in the secondary sector? A) Santander. B) Qatar Airways. C) Ford Motor Company. D) McDonald's. Show Answer Correct Answer: C) Ford Motor Company. 15. What is the goal of forecasting? (Chose the BEST answer) A) To underutilize facilities. B) To plan for new storage options. C) To help plan. D) To predetermine number of mangers. Show Answer Correct Answer: C) To help plan. 16. The institutional market is made up of businesses that buy goods to be converted into other products or that are used up during production. A) True. B) False. Show Answer Correct Answer: B) False. 17. Competitors are defined as all companies using the same technology and sharing a similar market A) True. B) False. Show Answer Correct Answer: A) True. 18. Which form of business has many owners but when the owners change, the company does not dissolve. A) Sole Proprietorship. B) Corporation. C) Partnership. D) LLC. Show Answer Correct Answer: B) Corporation. 19. Business Economics is economics applied in decision making A) True. B) False. Show Answer Correct Answer: A) True. 20. Larger production of goods would lead to higher production in future. A) Consumer goods. B) Capital goods. C) Agricultural goods. D) Public goods. Show Answer Correct Answer: B) Capital goods. ← 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