This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 48 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 48 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Market is A) Place where buyers meet sellers. B) Bath /bazaar. C) Is a situation where optimum customers meet optimum sellers. D) Online market. Show Answer Correct Answer: C) Is a situation where optimum customers meet optimum sellers. 2. The central problem in economics is that of A) Comparing the success of command versus market economies. B) Allocating scares resources in such a manner that society's unlimited needs orwants are satisfied in the best possible manner. C) Guaranteeing the production occurs in the most efficient manners. D) Guaranteeing a minimum level of income for every citizen. Show Answer Correct Answer: B) Allocating scares resources in such a manner that society's unlimited needs orwants are satisfied in the best possible manner. 3. The branch of economic theory that deals with problem of allocating resources. A) Microeconomics. B) Macroeconomics. C) Econometrics. D) None. Show Answer Correct Answer: A) Microeconomics. 4. As the price of a good rises in a market, it acts as a signal: A) Consumers that they should buy a greater quantity of the good. B) To producers that they should supply a greater quantity of the good. C) To consumer that they should increase their demand for the good. D) To producers that they should increase their supply of the good. Show Answer Correct Answer: B) To producers that they should supply a greater quantity of the good. 5. A budget constraints line is a result of: A) Market price of commodity X. B) Market price of commodity Y. C) Income of the consumer. D) All of these. Show Answer Correct Answer: D) All of these. 6. When the laborers and the management work out things that are best for the laborers it is called A) Rearranging positions. B) Government protocol. C) Income negotiating. D) Collective bargaining. Show Answer Correct Answer: D) Collective bargaining. 7. What is an oligopoly? A) A market with a few large firms dominating the market. B) A market with only two firms. C) A market is shared by a small number of producers or sellers. D) A market with many firms. Show Answer Correct Answer: A) A market with a few large firms dominating the market. 8. Demand is a function of A) Price. B) Cost. C) Product. D) Firm. Show Answer Correct Answer: A) Price. 9. Which definition of scarcity is the most accurate? A) A frightening town. B) The earth's resources are unlimited and we can use as much of them as we like. C) The earth's resources are limited and we cannot have everything. D) None of above. Show Answer Correct Answer: C) The earth's resources are limited and we cannot have everything. 10. Which of the following is studied under Micro Economics? A) Individual unit. B) Economic Aggregate. C) National Income. D) None of these. Show Answer Correct Answer: D) None of these. 11. Due to recession, employment rate ..... and output rate ..... A) Rises ; rises. B) Falls ; falls. C) Rises ; falls. D) Falls ; rises. Show Answer Correct Answer: B) Falls ; falls. 12. Fisher's approach to demand for money is based on ..... function of money. A) Medium of exchange. B) Measure of value. C) Standard of payments. D) Store of value. Show Answer Correct Answer: A) Medium of exchange. 13. You have a lemonade stand and bought supplies for 5 dollars. You told your younger sister that if she would help you run the lemonade stand, you would pay her 10 dollars. She agreed to help. After the lemonade stand ended, you made 25 dollars. How much profit did you end up making? A) $ 25. B) $ 20. C) $ 15. D) $ 10. Show Answer Correct Answer: D) $ 10. 14. Central Problems arises in case of A) Capitalist Economy. B) Socialist Economy. C) Mixed Economy. D) All of the above. Show Answer Correct Answer: D) All of the above. 15. Normative statements are A) Verifiable or tested. B) Statements in the alternative. C) Good statements. D) Value judgements. Show Answer Correct Answer: D) Value judgements. 16. Which of the following would be considered a topic of study in Macroeconomics? A) The effect of increase in wages on the profitability of cotton industry. B) The effect on steel prices when more steel is imported. C) The effect of an increasing inflation rate on living standards of people in India. D) The effect of an increase in the price of coffee on the quantity of tea consumed. Show Answer Correct Answer: C) The effect of an increasing inflation rate on living standards of people in India. 17. Which factor of production is this? All the human time, effort, and talent that go into the making of products. A) Land. B) Labor. C) Capital. D) Entrepreneurship. E) Quality. Show Answer Correct Answer: B) Labor. 18. Commodity X is capital intensive if in its production A) Capital/Labour (K/L) ratio is greater than Y. B) Physical units of K and L are greater than Y. C) X requires better technology than Y. D) Y requires better technology than X. Show Answer Correct Answer: B) Physical units of K and L are greater than Y. 19. Which of the following refers to the financial statement detailing a firm's assets, liabilities, and owners' equity? A) Statement of cash flows. B) Annual budget. C) Income statement. D) Balance sheet. E) Expense report. Show Answer Correct Answer: D) Balance sheet. 20. In how many ways can cost classification be done? A) Three ways. B) Two ways. C) Four ways. D) Many ways. Show Answer Correct Answer: D) Many ways. ← 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