This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 35 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 35 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The relationship between price and demand is ..... A) Direct. B) Inverse. C) Positive. D) Straight. Show Answer Correct Answer: B) Inverse. 2. Which product is the following?When discounting the selling priceWill result in increased revenue (T) of the seller A) Fish sauce. B) Nectar. C) Perfume. D) Polaris bottle water. Show Answer Correct Answer: C) Perfume. 3. Items bought to be used in a business to help create other goods or services A) Consumer Good. B) Raw Good. C) Industrial Good/Capital Good. D) Service. Show Answer Correct Answer: C) Industrial Good/Capital Good. 4. What is the meaning of Economics? A) The study of how resources are allocated to satisfy unlimited wants. B) The study of how businesses make decisions. C) The study of how governments control the economy. D) The study of how individuals make financial decisions. Show Answer Correct Answer: A) The study of how resources are allocated to satisfy unlimited wants. 5. When you give up something to buy another thing, the thing you give up is your ..... A) The benefit. B) The opportunity cost. C) Scarcity. D) None of above. Show Answer Correct Answer: B) The opportunity cost. 6. 4 spheres of economics A) Personal, home, government, global. B) Land, labor, capital, Enterprise. C) Primary, secondary, tertiary, quaternary. D) None of above. Show Answer Correct Answer: A) Personal, home, government, global. 7. ..... demand forecasting is related to the business conditions prevailing in the economy as a whole A) Macro level. B) Industry level. C) Firm level. D) None of these. Show Answer Correct Answer: A) Macro level. 8. . Macroeconomics is the theory of ..... A) Income and employment. B) Price Theory. C) Demand Theory. D) Cost Theory. Show Answer Correct Answer: B) Price Theory. 9. Adam Smith is known for his book: A) The Wealth of States. B) The Wealth of Nations. C) The Wealth of Government. D) None of above. Show Answer Correct Answer: B) The Wealth of Nations. 10. Which of the following would reduce the power of trade unions? A) An increase in anti-trade union legislation. B) Low wages. C) A decrease in trade union subscriptions. D) Favourable media coverage of trade union activity. Show Answer Correct Answer: A) An increase in anti-trade union legislation. 11. Which of the following is not considered with production A) Tilling of soil by farmers. B) Singing song with friends. C) Construction of canal by laborers. D) Painting a picture for sale. Show Answer Correct Answer: B) Singing song with friends. 12. The point where supply and demand coincide is called: A) Stabilization point. B) Optimal point. C) Equilibrium point. D) Deadpoint. Show Answer Correct Answer: C) Equilibrium point. 13. Want satisfying power of a commodity is ..... A) Value. B) Utility. C) Human wants. D) Goods. Show Answer Correct Answer: B) Utility. 14. When output Is 0, total cost = 100, when output = 5 and total cost = 500, fixed cost equals? A) 50. B) 500. C) 400. D) 100. Show Answer Correct Answer: D) 100. 15. Cross elasticity of demand between tea and sugar is: A) Positive. B) Zero. C) Infinity. D) Negative. Show Answer Correct Answer: D) Negative. 16. Under perfect competition, each firm is a A) Price maker. B) Price taker. C) Neither a and b. D) Both a and b. Show Answer Correct Answer: B) Price taker. 17. A market is defined as A) A physical place where people buy only goods. B) A physical place where people buy both goods and services. C) A store where people buy physical goods. D) Any arrangements that brings buyers and sellers together. Show Answer Correct Answer: D) Any arrangements that brings buyers and sellers together. 18. The benefit of economic study is- A) It ensure that all problems will be appropriately tackled. B) It helps in identifying problems. C) It enable to examine a problem in its right perspective. D) It gives exact solutions to every problem. Show Answer Correct Answer: C) It enable to examine a problem in its right perspective. 19. Perfect competition is characterized by A) Large number of buyers and sellers. B) Homogeneous product. C) Free entry and exit of firms. D) All the above. Show Answer Correct Answer: D) All the above. 20. "An economic system where all the economic decisions are made by the government or a central authority" refer to A) Socialism. B) Capitalism. C) Mixed economy. D) None of above. Show Answer Correct Answer: A) Socialism. ← 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