This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 34 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 34 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Agricultural prices in India are ..... A) Very certain. B) Uncertain. C) Very remunerative. D) None of above. Show Answer Correct Answer: B) Uncertain. 2. Which of the following Pricing Strategies describes when you take the cost of producing a good and add on a percentage of profit to arrive at the selling price? A) Cost-plus pricing. B) Low pricing. C) Promotional Pricing. D) High pricing. Show Answer Correct Answer: A) Cost-plus pricing. 3. An increase in competition would have what effect on price? A) Price goes up. B) Price stays the same. C) Price goes down. D) It explodes. Show Answer Correct Answer: C) Price goes down. 4. This type of business focuses on producing the products they sell. A) Manufacturing. B) Wholesale. C) Retail. D) Service. Show Answer Correct Answer: A) Manufacturing. 5. Business is done for not only profits but also A) Customer satisfaction. B) Improvement in profits. C) Market leadership. D) All of the above. Show Answer Correct Answer: D) All of the above. 6. If a firm does not produce any output, its total cost in the short run is equal to A) Zero. B) Its fixed costs. C) Its variable costs. D) Its marginal cost. Show Answer Correct Answer: B) Its fixed costs. 7. The person who is buying the products in the marketplace. A) Opportunity Cost. B) Producer. C) Consumer. D) Scarcity. Show Answer Correct Answer: C) Consumer. 8. Justin is trying to decide whether he wants to spend a $ 50 birthday check on a new DVD player or tickets to a concert. If he chooses the DVD player, what is the opportunity cost of this decision? A) Birthday check. B) DVD player. C) Concert tickets. D) $ 50. Show Answer Correct Answer: C) Concert tickets. 9. The PESTEL analysis consists of the delimitation, description, evaluation and ranking of opportunities, threats A) True. B) False. Show Answer Correct Answer: A) True. 10. ..... is an economic system in which families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation. A) Command Economy. B) Mixed Economy. C) Stable Economy. D) Traditional Economy. Show Answer Correct Answer: D) Traditional Economy. 11. Breakfast point means A) The point where the income increases the value as the center. B) The point where the revenue increases is equal to the additional cost. C) The total point of income has the highest value and the total cost is the lowest. D) The point where the total income is equal to the total cost. Show Answer Correct Answer: D) The point where the total income is equal to the total cost. 12. Which one of these is NOT an assumption of the monopolistic competition? A) There are many firms. B) The firms are relatively small. C) The products the firms supply are indistinguishable. D) None of above. Show Answer Correct Answer: C) The products the firms supply are indistinguishable. 13. Labor unions make employers increase workers' pay is what type of inflation? A) Cost-push inflation. B) Demand-pull inflation. Show Answer Correct Answer: A) Cost-push inflation. 14. If the income elasticity of demand is that one, the good is a A) Necessity. B) Luxury. C) Substitute. D) Complement. Show Answer Correct Answer: B) Luxury. 15. Scarcity definition of Economics is given by- A) Alfred Marshall. B) Samuelson. C) Robinson. D) Adam Smith. Show Answer Correct Answer: C) Robinson. 16. Micro economics deals primarily with A) Comparative statics, general equilibrium and positive economics. B) Comparative statics, partial equilibrium and normative economics. C) Dynamics, partial equilibrium and positive economics. D) Comparative statics, partial equilibrium and positive economics. Show Answer Correct Answer: D) Comparative statics, partial equilibrium and positive economics. 17. LLC is a form of business for people who want to protect ..... A) Their Employees. B) Their family. C) Their personal assets. D) Their customers. Show Answer Correct Answer: C) Their personal assets. 18. Which of the following is an example of a want? A) Medicine. B) Food. C) Clothing. D) Entertainment. Show Answer Correct Answer: D) Entertainment. 19. Acting in ways consistent with what society and individuals typically think are good values A) Integrity. B) Inspiration. C) Entrepreneurship. D) Ethics. Show Answer Correct Answer: D) Ethics. 20. When contraction (recession) begins in a business cycle-the economy will experience A) Higher unemployment. B) Lower inflation (deflation). C) Both a & b. D) None of above. Show Answer Correct Answer: C) Both a & b. ← 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