This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 44 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 44 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The manager of a business organization is responsible for? A) Decision making. B) Educating people. C) Looking for markets. D) Earning social status. Show Answer Correct Answer: A) Decision making. 2. An example of an export is ..... A) Bananas grown in Australia and sold in China. B) A Tesla electric car made in China and sold in China. Show Answer Correct Answer: A) Bananas grown in Australia and sold in China. 3. Public utilities are an example. A) Perfect Competition. B) Natural Monopoly. C) Monopolistic Competition. D) Oligopoly. Show Answer Correct Answer: B) Natural Monopoly. 4. The demand curve for a perfectly competitive firm is: A) Perfectly inelastic. B) Perfectly elastic. C) Downward sloping. D) Relatively but not perfectly elastic. Show Answer Correct Answer: B) Perfectly elastic. 5. Employment in the service sector has ..... to the same extent as production. A) Increased. B) Not increased. C) Stabilized. D) None of above. Show Answer Correct Answer: B) Not increased. 6. Which one is not the nature of the competition market? A) The seller determines the price. B) There are a lot of buyers and sellers. C) Entering and leaving the market is free. D) Buyers and sellers are fully knowledgeable in the situation. Show Answer Correct Answer: A) The seller determines the price. 7. Minimum Support Price (MSP) guarantees the farmers with ..... A) High income. B) Floor price. C) Competitive Price. D) None of above. Show Answer Correct Answer: B) Floor price. 8. Patent right for invention leads to A) Natural monopoly. B) Fiscal monopoly. C) Legal monopoly. D) Technical monopoly. Show Answer Correct Answer: C) Legal monopoly. 9. "A market in which there are many buyers and sellers, the products are homogeneous and sellers can easily enter and exit from the market" . This statement refer to A) Perfect competition. B) Oligopoly. C) Monopoly. D) Monopolistic competition. Show Answer Correct Answer: A) Perfect competition. 10. Something necessary for life A) Want. B) Need. C) Consumer good. D) Service. Show Answer Correct Answer: B) Need. 11. Which economist said that money is the measuring rod of utility? A) A.C Pigou. B) Marshall. C) Adam Smith. D) Robbins. Show Answer Correct Answer: A) A.C Pigou. 12. What are services? A) Products created by businesses that you can physically touch and see. B) The contest between businesses to win over consumers. C) Work that businesses perform for consumers. D) The money businesses get to keep after paying off expenses. Show Answer Correct Answer: C) Work that businesses perform for consumers. 13. Which of the following ratios measures a firm's ability to meet its current debt obligations? A) Profitability ratio. B) Activity ratio. C) Short-term solvency ratio. D) Long-term solvency ratio. Show Answer Correct Answer: C) Short-term solvency ratio. 14. According to the ....., when price decreases, demand rises, and vice versa. A) Change in demand. B) Change in quantity demanded. C) Law of demand. D) Elasticity of demand. Show Answer Correct Answer: C) Law of demand. 15. The study of the economy with a large scope. Looking at regional, national and global units. A) Macro-Economics. B) Micro-Economics. C) Economics. D) Supply and Demand. Show Answer Correct Answer: A) Macro-Economics. 16. A business goal is to ..... A) Grow. B) Fail. C) Make customers unhappy. D) Sell bad products. Show Answer Correct Answer: A) Grow. 17. The main aim of Business Economics is A) Apply business procedures to economic theories. B) Achievement of goals by application of economic theories to business practices. C) Going in depth of the study. D) Doing business economically. Show Answer Correct Answer: B) Achievement of goals by application of economic theories to business practices. 18. Opportunity cost refers to value of A) Next Best alternative sacrificed. B) Best alternative chosen. C) Additional alternative chosen. D) All alternatives sacrificed. Show Answer Correct Answer: A) Next Best alternative sacrificed. 19. The type of government where the government or a central-planning committee regulates the amount, distribution, and price of everything produced. A) Command economy. B) Mixed economy. C) Market economy. D) None of above. Show Answer Correct Answer: A) Command economy. 20. Robbins definition is superior to the earlier definitions because(i) It is more scientific(ii) It Takes into account all types of human wants, material or non-material, as well as of all types of persons whether living in society or not.(iii) It widened the scope of economics(iv) It is a positive scienceof these A) I and ii are correct. B) Ii and iii are correct. C) Ii and iv are correct. D) All are correct. Show Answer Correct Answer: D) All are correct. ← 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