This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 51 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 51 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Choose the example that goes best with an oligopoly. A) Apples. B) Cell phone providers. C) Utilities. D) Clothing. Show Answer Correct Answer: B) Cell phone providers. 2. Single company supplies the output where the market runs efficiently (Atmos natural gas) A) Natural Monopoly. B) Proprietorship. C) Government Cooperative. D) Monopolistic Competition. Show Answer Correct Answer: A) Natural Monopoly. 3. On which approach, indifference curve analysis is based? A) Cardinal approach. B) Ordinal approach. C) Cardinal and ordinal both. D) None of the above. Show Answer Correct Answer: B) Ordinal approach. 4. Which of the following will cause wage rates to rise in a labour market? A) An increase in the supply of labour. B) An increase in the demand for labour. C) An increase in supply and a fall in demand for labour. D) A fall in the demand for labour. Show Answer Correct Answer: B) An increase in the demand for labour. 5. In a low-contact system, the customer must be a part of the system to receive the service. A) True. B) False. Show Answer Correct Answer: B) False. 6. Business economics is also known as A) Managerial Economics. B) Economics for Executives. C) Economic analysis for business decisions. D) All the above. Show Answer Correct Answer: D) All the above. 7. Microeconomics studies individuals' economic behavior. A) True. B) False. Show Answer Correct Answer: A) True. 8. Which of the following is a feature of a competitive market? A) There are a limited number of sellers in the market. B) Each firm has a total control over the price charged. C) There are lots of sellers in the market. D) There are high barriers to entry. Show Answer Correct Answer: C) There are lots of sellers in the market. 9. Total utility maximum when: A) Marginal utility is maximum. B) Marginal utility is Zero. C) Average utility is maximum. D) Average utility is Zero. Show Answer Correct Answer: B) Marginal utility is Zero. 10. Economists regard decision making as important because: A) The resources required to satisfy our unlimited wants and needs are finite, or scarce. B) It is crucial to understand how we can best allocate our scarce resources to satisfy society's unlimited wants and needs. C) Resources have alternative uses. D) All the above. Show Answer Correct Answer: D) All the above. 11. The formula for total revenue is A) P/Q. B) P*Q. C) P +Q. D) P-Q. Show Answer Correct Answer: B) P*Q. 12. Following is the only economic variable that earns revenue for the company A) Material. B) Price. C) Product. D) None of above. Show Answer Correct Answer: B) Price. 13. Which of the following is NOT a determinant of demand for diesel? A) The price of petrol. B) The price of diesel. C) The price of automobile. D) Consumer's income. Show Answer Correct Answer: A) The price of petrol. 14. The people at the very top of the organizational chart are the owners of the corporations, the A) Sole proprietors. B) Partners. C) Shareholders. D) Bondholders. Show Answer Correct Answer: C) Shareholders. 15. The study of behavior of consumers in the market and the effect of changes in the determinants of demand is called as A) Demand analysis. B) Demand forecasting. C) Cost analysis. D) Market analysis. Show Answer Correct Answer: A) Demand analysis. 16. Which of the following describes a monopoly firm? A) Single seller. B) Many sellers. C) Many substitutes. D) No barrier to entry. Show Answer Correct Answer: A) Single seller. 17. What do macroeconomic factors relate to? A) The behaviour of consumers in the market. B) The structure of the market and pricing policies. C) The overall economic environment and government policies. D) The best course of action for resource allocation. Show Answer Correct Answer: C) The overall economic environment and government policies. 18. It studies the actions of individual consumers and firms A) Microeconomics. B) Macroeconomics. C) Consumer demand. D) Supply of goods. Show Answer Correct Answer: A) Microeconomics. 19. Which of these is a fiscal policy tool? A) Interest rates. B) Exchange rate. C) Money supply. D) Taxation. Show Answer Correct Answer: D) Taxation. 20. "Economics is the oldest of the arts, newest of the sciences, indeed the Queen WsociaJ sciences" . This is remarked by A) News. B) Hicks. C) Jacob Viner. D) Samuelson. Show Answer Correct Answer: D) Samuelson. ← 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