This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 47 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 47 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A short run production function is one in which- A) At least one factor is fixed. B) At least one factor is variable. C) All factors are fixed. D) All factors are variable. Show Answer Correct Answer: A) At least one factor is fixed. 2. The change in total product that results from hiring one more worker is called ..... A) Marginal Utility. B) Marginal Product. C) Diminishing Returns. D) Increasing Returns. Show Answer Correct Answer: B) Marginal Product. 3. The increase in production factors is 70% more than before, resulting in 90% increased production, indicating that the return to scale is in any form. A) Constant Returns. B) Increasing Returns. C) Decreasing Returns. D) Marginal Returns. Show Answer Correct Answer: B) Increasing Returns. 4. How many firms are there in an oligopoly? A) Many. B) Few. C) One. D) Eight. Show Answer Correct Answer: B) Few. 5. In which production function, the degree of homogeneity is always one A) Cobb Douglas production function. B) Homogeneous production function. C) Linear homogeneous production function. D) Regression. Show Answer Correct Answer: C) Linear homogeneous production function. 6. From the data in the table, find the value of C A) 10. B) 18. C) 22. D) 30. Show Answer Correct Answer: C) 22. 7. Which of the following statements are positive statements?1. india is overpopulated2. agricultural income should be taxed3. service class should be exempted from income tax4.there is tremendous tax evasion in india A) 1 and 2. B) 1 and 3. C) 1 and 4. D) 3 and 4. Show Answer Correct Answer: C) 1 and 4. 8. The problem of what to produce relates to A) The production of goods. B) The technique of production to produce goods. C) The distribution of goods and services. D) None of these. Show Answer Correct Answer: A) The production of goods. 9. Normative Economics is based on: A) Ethical Considerations. B) Facts and Generalisation. C) What is?. D) All of the above. Show Answer Correct Answer: A) Ethical Considerations. 10. Who expressed the view that "Economics is neutral between end" ? A) Robbins. B) Marshall. C) Pigou. D) Adam smith. Show Answer Correct Answer: A) Robbins. 11. An ability of a good or service to be useful and give satisfaction to someone. A) Utility. B) Value. C) Scarcity. D) Productivity. Show Answer Correct Answer: A) Utility. 12. Porter's five forces model allows: A) Understand the functioning of the company in relation to its structure. B) Understand the causal relationships where the company operates. C) Understanding the basic sector in relation to its structure. D) Understanding the industrial sector, in relation to its structure. Show Answer Correct Answer: D) Understanding the industrial sector, in relation to its structure. 13. In the example of the pizza car, what were variable costs (according to the book) A) Gas. B) Depreciation. C) Stock prices. D) Number of italians in town. Show Answer Correct Answer: A) Gas. 14. A system of economy in which all the means of production are owned and controlled by the private individuals for the purpose of profit is called: A) Socialist Economy. B) Capitalist Economy. C) Mixed Economy. D) All of the above. Show Answer Correct Answer: B) Capitalist Economy. 15. What is meant by opportunity cost? A) The next best alternative foregone. B) The cost of the item selected. C) The cost of exploring business opportunities. D) The labour used in producing the product. Show Answer Correct Answer: A) The next best alternative foregone. 16. When Joe goes to Wal-Mart to buy some new baseball cards, is he a consumer or a producer? A) Producer. B) Consumer. Show Answer Correct Answer: B) Consumer. 17. Which of the following is a free good? A) A vaccination provided by the state without charge. B) Prizes of food items given away by a supermarket. C) Recycled paper. D) Wind coming from the sea. Show Answer Correct Answer: D) Wind coming from the sea. 18. A financial strategy aimed at ensuring maximum efficiency in a company's cash flow. A) Working Capital. B) Capital Management. C) Cash Inflow. D) Cash Outflow. Show Answer Correct Answer: B) Capital Management. 19. The indifference curve are A) Vertical. B) Horizontal. C) Positive sloped. D) Negatively sloped. Show Answer Correct Answer: D) Negatively sloped. 20. What are not the advantages of division of labour for the worker? A) Repetition. B) Learning new skills. C) Highly skilled on a task. D) Enjoy more job satisfaction. Show Answer Correct Answer: A) Repetition. ← 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