This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 52 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 52 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What are all societies forced to do because of scarcity? A) Make production decisions. B) Conserve resources. C) Limit resource use. D) Charge large amount of money for available resources. Show Answer Correct Answer: A) Make production decisions. 2. . The main characteristic of monopoly market structure is ..... A) Single buyer. B) Single seller. C) Many sellers. D) Many buyers. Show Answer Correct Answer: B) Single seller. 3. If a good is a necessity, it has ..... substitutes and its demand is ..... A) Few; elastic. B) Few; inelastic. C) Many; elastic. D) Many; inelastic. Show Answer Correct Answer: B) Few; inelastic. 4. Which is a capital resource? A) Trees. B) Cotton. C) Tractor. D) None of above. Show Answer Correct Answer: C) Tractor. 5. A decrease in taxation is an example of a decision made by which sector: A) Household. B) Business. C) Financial. D) Government. E) Overseas. Show Answer Correct Answer: D) Government. 6. ..... is the situation that exists because wants are unlimited and resources are limited. A) Scarcity. B) Economics. C) PPC. D) Water-Diamond Paradox. Show Answer Correct Answer: A) Scarcity. 7. The concept of choice would become irrelevant if A) Capital were eliminated. B) Scarcity were eliminated. C) We were dealing with a very simple, one-person economy. D) Poverty were eliminated. Show Answer Correct Answer: B) Scarcity were eliminated. 8. In which market structure does a firm have greatest control over its product's price? A) Perfect competition. B) Monopoly. C) Oligopoly. D) Monopolistic competition. Show Answer Correct Answer: B) Monopoly. 9. If I produce meat but, the government has to check to make sure I can put this product on the market, what economic system is this? A) Mixed. B) Traditional. C) Market. D) Command. Show Answer Correct Answer: A) Mixed. 10. Which of the following is not a benefit of FDI? A) Sectorial Development. B) Dependency. C) Employment of creation. D) Transfer of technology. Show Answer Correct Answer: B) Dependency. 11. These are companies that provide raw materials and/or services to a given sector. A) Freeriders. B) Entrepreneurs. C) Suppliers. D) Clusters. Show Answer Correct Answer: C) Suppliers. 12. Macroeconomics is also called ..... economics A) Applied. B) Aggregate. C) Experimental. D) None of the above. Show Answer Correct Answer: B) Aggregate. 13. A person who buys goods or services for personal use is called a ..... Someone who makes goods or provides services is called a ..... A) Service; Good. B) Good; Service. C) Consumer; Producer. D) Producer; Consumer. E) Cost; Benefit. Show Answer Correct Answer: C) Consumer; Producer. 14. The controller is a company's chief accounting officer. A) True. B) False. Show Answer Correct Answer: A) True. 15. A market in which only two firms exists A) Oligopoly. B) Duopoly. C) Duopsons. D) Oligopoly. Show Answer Correct Answer: B) Duopoly. 16. Consider the following and decide which, if any, economy is without scarcity A) The pre-independent Indian economy, where most people were farmers. B) A mythical economy where everybody is a billionaire. C) Any economy where income is distributed equally among its people. D) None of the above. Show Answer Correct Answer: D) None of the above. 17. Suppose a type of product price6% increases, resulting in the demand for that product to be reduced by 6%, the flexibility of the demand for the price of the said product is equal. A) 0. B) -1. C) -6. D) -3. Show Answer Correct Answer: B) -1. 18. When you walk a neighbor's dog for pay, you are ..... A) A consumer. B) A producer providing a service. C) A producer selling goods. D) A government employee. Show Answer Correct Answer: B) A producer providing a service. 19. Which factor does not affect the demand for labour? A) Demand for a product. B) Productivity of labour. C) Migration. D) Availability of substitutes. Show Answer Correct Answer: C) Migration. 20. Emotions, memory are the types of ..... factor of consumer buying behavior A) External. B) Internal. C) Others. D) None of the above. Show Answer Correct Answer: B) Internal. ← 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