This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 38 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 38 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Following concept explains relationship between two economic variables A) Function. B) Equation. C) Law. D) None of above. Show Answer Correct Answer: A) Function. 2. The meaning of the word "economic" is most closely connected with the word A) Extravagant. B) Scarce. C) Unlimited. D) Restricted. Show Answer Correct Answer: B) Scarce. 3. When "wants are greater than the resources available to satisfy them, " it is called ..... A) Scarcity. B) Needs. C) Opportunity Cost. D) None of these answers. Show Answer Correct Answer: A) Scarcity. 4. True/False:Human wants will always exceed available resources. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 5. ..... is also called as command economy A) Socialist. B) Capitalist. C) Mixed economy. D) None of the above. Show Answer Correct Answer: A) Socialist. 6. Intangible product ; work performed for others A) Need. B) Want. C) Service. D) Industrial Good. Show Answer Correct Answer: C) Service. 7. Which is not The 4 main types of a Economic System A) Pure Market. B) Mixed. C) Goods and service. D) Traditional. Show Answer Correct Answer: C) Goods and service. 8. Which ability indicates that selling products are monopolized in the market? A) The ability to produce products with lower costs than other manufacturers. B) The ability to develop products. C) The ability to plan the profit of the business. D) The ability to determine the price of the product and the amount of productivity. Show Answer Correct Answer: D) The ability to determine the price of the product and the amount of productivity. 9. Macroeconomics studies society's economic behavior. A) True. B) False. Show Answer Correct Answer: A) True. 10. A new vending machine in school begins offering Apple Pay along with their standard cash and debit card pay options. This is an example of ..... A) Time Utility. B) Information Utility. C) Form Utility. D) Possession Utility. Show Answer Correct Answer: D) Possession Utility. 11. Demand is a relationship between ..... A) Price and quantity. B) Quantity and rent. C) Salary and Quantity. D) None of above. Show Answer Correct Answer: A) Price and quantity. 12. ..... is the willingness and desire of a peson to buy a good. A) Supply. B) Service. C) Demand. D) None of above. Show Answer Correct Answer: C) Demand. 13. ..... occurs when hiring new workers causes marginal product to decrease. A) Marginal Utility. B) Marginal Inefficiency. C) Diminishing Returns. D) Increasing Returns. Show Answer Correct Answer: C) Diminishing Returns. 14. For which kind of firm is process costing appropriate? A) Bricklaying firms. B) Transport firms. C) Hospitals. D) Oil refining firms. Show Answer Correct Answer: D) Oil refining firms. 15. Comparative cost theory is a static theory because according to it A) There is no qualitative and quantitative change in inputs. B) Labour is homogeneous within the country. C) There is no transport cost. D) Labour is heterogeneous. Show Answer Correct Answer: A) There is no qualitative and quantitative change in inputs. 16. Which of the following statements correctly identifies a difference between perfect competition and monopolistic competition? A) In perfect competition there are no barriers to entry, but there are strong barriers in monopolistic competition. B) In perfect competition there are many firms, but in monopolistic competition there are only a few firms. C) In perfect competition the firms all sell products that are exactly the same, but in monopolistic competition each firm sells a slightly differentiated product. D) In perfect competition there are few consumers, but in monopolistic competition there are many consumers. Show Answer Correct Answer: C) In perfect competition the firms all sell products that are exactly the same, but in monopolistic competition each firm sells a slightly differentiated product. 17. Explicit cost or also called as A) Indirect cost. B) Direct cost. C) None of the above. D) Both A and B. Show Answer Correct Answer: B) Direct cost. 18. Adam smith published his masterpiece "An enquiry into the nature and causes of wealth of nation" in the year ..... A) 1776. B) 1786. C) 1756. D) 1766. Show Answer Correct Answer: A) 1776. 19. Explicit cost is also known as ..... A) Real cost. B) Money cost. C) Actual cost. D) Implicit cost. Show Answer Correct Answer: B) Money cost. 20. Scarcity is defined as a limited supply of resources and ..... A) Limited wants for those resources. B) Unlimited resources. C) Limited resources. D) Unlimited wants for available resources. Show Answer Correct Answer: D) Unlimited wants for available resources. ← 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