This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 49 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 49 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Interest rate is A) The price of goods and services. B) Price of money-tells you how high the cost of borrowing is, or high the rewards are for saving. C) The price you have to pay when you want to buy sth cash. D) Not very important number you will see when borrowing money. Show Answer Correct Answer: B) Price of money-tells you how high the cost of borrowing is, or high the rewards are for saving. 2. Which of the following is a non-financial method of motivating workers? A) Job rotation. B) Profit sharing. C) Piece rates. D) Performance-related pay. Show Answer Correct Answer: A) Job rotation. 3. The duty of a business to contribute to the well being of a community A) Social responsibility. B) Manufacturers. C) Service. D) Consumer goods. Show Answer Correct Answer: A) Social responsibility. 4. This type of entrepreneur has an idea for a product or service that could be beneficial to consumers. A) Business. B) Social. C) Serial. D) Lifestyle. Show Answer Correct Answer: A) Business. 5. Which of the following is a non-economic activity? A) A Chef cooking food for Restaurant. B) A person selling cold water on the pavement. C) A factory owner producing school bags for sale in the market. D) An old man offering prayers in a temple. Show Answer Correct Answer: D) An old man offering prayers in a temple. 6. Managerial Economics is based on the principles of ..... ? A) Macroeconomics. B) Monetary Economics. C) Microeconomics. D) Government Economics. Show Answer Correct Answer: C) Microeconomics. 7. Due Process A) The act of following clear rules in court and treating everyone fairly. B) A document issues by a judge that says exactly who and when will be searched. C) The first 10 amendments to the American Constitution. D) None of above. Show Answer Correct Answer: A) The act of following clear rules in court and treating everyone fairly. 8. ..... refers to the interaction of the domestic economy with rest of the world. A) Liberalization. B) Privatization. C) Globalization. D) None of above. Show Answer Correct Answer: C) Globalization. 9. What is the nature of Business Economics? A) It is a science and an art. B) It is a science and a social science. C) It is an art and a social science. D) It is a science, an art, and a social science. Show Answer Correct Answer: A) It is a science and an art. 10. Max is studying for his spelling test. Unfortunately, his favorite TV program is on right now. If he studies for the test, he will miss watching the show. Max decides to study for his test instead of watching TV. What is the opportunity cost of his decision? A) Studying for a test. B) Watching TV. Show Answer Correct Answer: B) Watching TV. 11. The ..... of hand sanitizer has had to increase at the factories because of the Coronavirus. A) Production. B) Consumption. C) Distribution. D) Factors of Production. Show Answer Correct Answer: A) Production. 12. Declaration of Independence A) A plan of government. B) A document written by American colonists explaining why the American colonies should no longer be ruled by Great Britain. C) A right given by God. D) None of above. Show Answer Correct Answer: B) A document written by American colonists explaining why the American colonies should no longer be ruled by Great Britain. 13. State the correct answer:The law of scarcity: A) Does not apply to rich, developed countries. B) Applies only to the less developed countries. C) Implies that consumers wants will be satisfied in a socialistic system. D) Implies that consumers wants will never be completely satisfied. Show Answer Correct Answer: D) Implies that consumers wants will never be completely satisfied. 14. Which of the following is a normative statement? A) Planned economies allocate resources via government departments. B) Most transitional economies have experienced problems of falling output and rising prices over the past decade. C) There is a greater degree of consumer sovereignty in market economies than planned economies. D) Reducing inequality should be a major priority for mixed economies. Show Answer Correct Answer: D) Reducing inequality should be a major priority for mixed economies. 15. Cost-push inflation is caused due to A) Rise in profits. B) Rise in wages. C) Shortage of raw materials. D) All of the above. Show Answer Correct Answer: D) All of the above. 16. Socialist Economy was propounded by: A) Karl Marx. B) Samuelson. C) A.C. Pigou. D) Adam Smith. Show Answer Correct Answer: A) Karl Marx. 17. Which type of economy is based on traditions and beliefs? A) Command. B) Market. C) Traditional. D) Mixed. Show Answer Correct Answer: C) Traditional. 18. A strategic factor of the environment, is an opportunity if you expect to have ..... A) A positive and relevant impact on your results. B) A positive impact on your results. C) A relevant impact on your results. D) None of the answers are correct. Show Answer Correct Answer: A) A positive and relevant impact on your results. 19. Economics is a ..... A) Science. B) Art. C) Both (1) and (2). D) Neither (1) Nor (2). Show Answer Correct Answer: C) Both (1) and (2). 20. The law of Scarcity- A) Does not apply to developed and rich countries. B) Applies only to less developed countries. C) Implies that the consumers' want will be satisfied in a socialist economy. D) Implies that consumers' want will never be completely satisfied. Show Answer Correct Answer: D) Implies that consumers' want will never be completely satisfied. ← 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