This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 4 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The total amount your customers pay your business for its products or services A) Revenue. B) Profit. C) Marginal fees. D) Gross profit. Show Answer Correct Answer: A) Revenue. 2. Demand Function explain relationship between demand for Commodity and its ..... A) Determinants. B) Elasticity. C) Only Price. D) Elements. Show Answer Correct Answer: A) Determinants. 3. Things that change or vary are called A) Functions. B) Equations. C) Variables. D) Graphs. Show Answer Correct Answer: C) Variables. 4. When two goods are perfect complementary, the indifference curve is: A) A straight line. B) U shaped. C) L-shaped. D) Circular in shape. Show Answer Correct Answer: C) L-shaped. 5. Which of the following organisations lays stress on liberalisation of foreign trade and foreign investment? A) International Labour Organisation. B) International Monetary Fund. C) World Health Organisation. D) World Trade Organisation. Show Answer Correct Answer: D) World Trade Organisation. 6. State interference is maximum in A) Mixed economy. B) Socialist economy. C) Capitalist economy. D) None. Show Answer Correct Answer: B) Socialist economy. 7. Which type of economy is run by the businesses & business owners? A) Command. B) Mixed. C) Communist. D) Market. Show Answer Correct Answer: D) Market. 8. A ..... occurs when producers are willing to sell different amounts of a product at every price. A) Supply. B) Elasticity. C) Change in supply. D) Shortage. E) Surplus. Show Answer Correct Answer: C) Change in supply. 9. Money exchanged between businesses and individuals for labor. A) Wages. B) Revenue. C) Spending. D) Profit. Show Answer Correct Answer: A) Wages. 10. The economic problems of relative scarcity refers to ..... A) Consumers purchasing goods and services from businesses. B) Consumers not being able to afford different goods and services. C) Consumers making purchasing decisions in relation to their needs and wants. D) Consumers making purchasing decisions in relations to goods and services. Show Answer Correct Answer: C) Consumers making purchasing decisions in relation to their needs and wants. 11. When demand increases, supply remaining constant, A) Price rises. B) Price falls. C) Demand falls. D) Supply falls. Show Answer Correct Answer: A) Price rises. 12. The branch of economic theory that deals with the problem of allocation of resources is A) Micro-Economic theory. B) Macro-economic theory. C) Econometrics. D) None of the above. Show Answer Correct Answer: A) Micro-Economic theory. 13. The complexity of the environment depends on the factors affecting it and the degree to which they are heterogeneous A) True. B) False. Show Answer Correct Answer: A) True. 14. Which of these is a determinant of supply? A) Taste and preference. B) Technology. C) Consumer income. D) Number of consumer. Show Answer Correct Answer: C) Consumer income. 15. Perfect elasticity is known as A) Finite elastic. B) Infinite elastic. C) Unitary elastic. D) Zero elastic. Show Answer Correct Answer: B) Infinite elastic. 16. The Internal Rate of Return ( IRR ) standard for project acknowledge, under hypothetically boundless assets, is A) IRR equivalent to the expenses of capital. B) IRR more noteworthy than the expenses of capital. C) IRR is not exactly the expenses of capital. D) None of the above mentioned. Show Answer Correct Answer: B) IRR more noteworthy than the expenses of capital. 17. The law which studies the direct relationship between price and quantity supplied of a commodity is A) Law of demand. B) Law of variable proportion. C) Law of supply. D) None of the above. Show Answer Correct Answer: C) Law of supply. 18. Which of the following is a good? A) Hairdressing. B) Computer repair. C) Car. D) Visiting a doctor. Show Answer Correct Answer: C) Car. 19. What effect is working when the price of a good falls and consumers tend to buy it instead of other goods. A) Income effect. B) Substitution effect. C) Price effect. D) Complementary effect. Show Answer Correct Answer: B) Substitution effect. 20. New economy policy 1991 was launched by ..... A) Mr. Deve Gowda. B) Mr. Narasimha Rao. C) Mr. V.P. Singh. D) Die.Manmohan Singh. Show Answer Correct Answer: B) Mr. Narasimha Rao. ← PreviousNext →Related QuizzesEconomics QuizzesBusiness Economics Quiz 1Business Economics Quiz 2Business Economics Quiz 3Business Economics Quiz 5Business Economics Quiz 6Business Economics Quiz 7Business Economics Quiz 8Business Economics Quiz 9Business Economics Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books