This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 42 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 42 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which one statement below is not a role of business? A) Provide jobs for people. B) Make lives of people better. C) Provide value to customers quicker than competitors. D) Charge customers high prices so the company can make more money than it needs. Show Answer Correct Answer: D) Charge customers high prices so the company can make more money than it needs. 2. How many sellers are in a monopoly A) ZERO. B) ONE. C) MORE THAT ONE. D) NOT COUNTABLE. Show Answer Correct Answer: B) ONE. 3. There's a sale at your favorite store. One item costs $ 50 but now the price is 2 for $ 60. You don't need two but you buy it anyways. This is an example of ..... A) Law of Demand. B) Complementary Goods. C) Substitution Effect. D) Income Effect. Show Answer Correct Answer: D) Income Effect. 4. Sarva Shiksha Abhiyan was launched in the year ..... A) 1991-92. B) 2003-04. C) 2001-02. D) 1995-96. Show Answer Correct Answer: B) 2003-04. 5. Managerial economics is A) Positive in nature. B) Normative in nature. Show Answer Correct Answer: B) Normative in nature. 6. In Economics, we use the term scarcity to mean; A) Absolute scarcity and lack of resources in less developed countries. B) Scarcity during times of business failure and natural calamities. C) Scarcity caused on account of excessive consumption by the rich. D) Relative scarcity i.e. scarcity in relation to the wants of the society. Show Answer Correct Answer: D) Relative scarcity i.e. scarcity in relation to the wants of the society. 7. ..... Defined Business Economics in reference with the wealth? A) J.B Say. B) Alfred Marshall. C) Walker. D) Joel Dean. Show Answer Correct Answer: A) J.B Say. 8. Which one is a natural resource? A) Trees. B) Paint. C) Plastic. D) None of above. Show Answer Correct Answer: A) Trees. 9. Law of supply states that the ..... the price of a good, the ..... is the quantity supplied for that good A) Lower, higher. B) Higher, lower. C) Higher, higher. D) None of above. Show Answer Correct Answer: C) Higher, higher. 10. The study of how individuals behave when it comes to satisfying needs and wants. A) EconomicActivity. B) Economics. C) Business. D) None of above. Show Answer Correct Answer: B) Economics. 11. The competitive environment includes all those factors external to the company that can have a significant impact A) True. B) False. Show Answer Correct Answer: A) True. 12. What is the definition of business? A) The study of how individuals behave when it comes to satisfying their unlimited wants and needs with limited resources. B) The activity of making profit by producing and selling consumers goods and services in exchange for money. C) Products created by businesses that you can physically touch and see. D) Work that businesses perform for consumers. Show Answer Correct Answer: B) The activity of making profit by producing and selling consumers goods and services in exchange for money. 13. Which factor is a factor that determines the flexibility of demand for price? A) The duration of the production. B) Price of production factors. C) Production techniques. D) Product characteristics. Show Answer Correct Answer: D) Product characteristics. 14. A firm's capacity depends on both how many people it employs and the number and size of its facilities. A) True. B) False. Show Answer Correct Answer: A) True. 15. Which of the following is not the subject matter of Business Economics? A) Should our firm be in this business?. B) How much should be produced and at price should be kept?. C) How will the product be placed in the market?. D) How should we decrease unemployment in the economy?. Show Answer Correct Answer: D) How should we decrease unemployment in the economy?. 16. Father of BE A) A. B) B. C) C. D) Adam. Show Answer Correct Answer: D) Adam. 17. ..... is a function of inputs. A) Raw Materials. B) Output. C) Production Function. D) Labour. Show Answer Correct Answer: B) Output. 18. The law of demand states that if there is an increase in a product selling price A) The quantity demanded of that good will decrease. B) The quantity supplied of that good will decrease. C) The quantity demanded of that good will increases. D) The quantity supplied of that good will increases. Show Answer Correct Answer: D) The quantity supplied of that good will increases. 19. Stable environments are those that are simple or straightforward, very dynamic and evolutionary. A) True. B) False. Show Answer Correct Answer: B) False. 20. Indifference curves between income and leisure for an individual are generally: A) Concave to the origin. B) Convex to the origin. C) Negatively sloped straight lines. D) Positively sloped straight lines. Show Answer Correct Answer: D) Positively sloped straight lines. ← 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