This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 54 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 54 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Ricardian theory measures comparative cost in terms of A) Money. B) Labour days. C) Cost of all the inputs. D) Input Factors. Show Answer Correct Answer: B) Labour days. 2. What is the difference between Micro Economics and Macro Economics? A) Micro Economics focuses on individual units, while Macro Economics focuses on the overall economy. B) Micro Economics focuses on the overall economy, while Macro Economics focuses on individual units. C) Micro Economics focuses on supply, while Macro Economics focuses on demand. D) Micro Economics focuses on demand, while Macro Economics focuses on supply. Show Answer Correct Answer: A) Micro Economics focuses on individual units, while Macro Economics focuses on the overall economy. 3. Workers in the ..... sector do not produce goods. A) Primary. B) Secondary. C) Tertiary. D) None of above. Show Answer Correct Answer: C) Tertiary. 4. Which of the following is a business comparing when it analyzes the cost of buying wood desks versus the cost of buying metal desks: A) Excess demand. B) Relative price. C) Inflated price. D) Incentives. Show Answer Correct Answer: B) Relative price. 5. In a sole proprietorship, who will get the profit? A) The government. B) The owner. C) The partners. D) The stock holders. Show Answer Correct Answer: B) The owner. 6. Goods are..... A) Goods are sold at supermarkets for consumption. B) Goods are intangible items that cannot be seen or touched. C) Goods are actions done by businesses for consumers. D) Goods are physical, tangible products that can be seen and touched. Show Answer Correct Answer: D) Goods are physical, tangible products that can be seen and touched. 7. Additional utility derived from the consumption of an additional unit of a commodity is called: A) Average utility. B) Total utility. C) Marginal utility. D) None of these. Show Answer Correct Answer: C) Marginal utility. 8. Which type of scarcity is referred to in economics A) Relative scarcity. B) Absolute scarcity. C) Both (a) and (b). D) None. Show Answer Correct Answer: A) Relative scarcity. 9. The effort of two or more people, acting independently, to get the business of others by offering the best deal is called ..... A) Consumer sovereignty. B) Voluntary exchange. C) Competition. D) Capitalism. Show Answer Correct Answer: C) Competition. 10. Capitalist economy is also known as- A) Controlled market economy. B) Free market economy. C) Both (1) and (2). D) Neither (1) Nor (2). Show Answer Correct Answer: B) Free market economy. 11. The government finance is called. A) National finance. B) Private finance. C) Mixed finance. D) Public finance. Show Answer Correct Answer: D) Public finance. 12. Which of the following is NOT a question that results from scarcity? A) What will be produced?. B) Where will it be produced?. C) How will it be produced?. D) For whom will it be produced?. Show Answer Correct Answer: B) Where will it be produced?. 13. Demand curve may shift right or left depending on the price variation A) True. B) False. Show Answer Correct Answer: B) False. 14. ..... refers to the work area where surplus manpower is employed out of which some individuals have zero or almost zero marginal productivity, such that if they are removed the total level of output remains unchanged. A) Voluntary. B) Disguised. C) Structural. D) Technological. Show Answer Correct Answer: B) Disguised. 15. When an oligopolit individually chooses its level of production to maximize its profits, it produces an output that is A) More than the level produced by a monopoly and less than the level produced by a competitive market. B) Less than the level produced by a monopoly and more than the level produced by a competitive market. C) Less than the level produced by a monopoly and more than the level produced by a competitive market. D) Less than the price charged by either a monopoly of a competitive market. Show Answer Correct Answer: B) Less than the level produced by a monopoly and more than the level produced by a competitive market. 16. We mainly study the following in Micro-Economics: ..... A) General price level. B) National income and output. C) Demand of industry. D) Employment and economic growth. Show Answer Correct Answer: C) Demand of industry. 17. In the monopoly, the firm's marginal revenue curve is ....., while in a perfectly competitive market, each firm's marginal revenue curve is ..... A) Downward sloping; horizontal. B) Horizontal; downward sloping. C) Upward sloping; horizontal. D) Downward sloping; upward sloping. Show Answer Correct Answer: A) Downward sloping; horizontal. 18. What is branding? A) How you bring in customers through advertising. B) A few short catchy words that encourage people to remember your business. C) Creating a clear image of your business through a theme, logo and slogan. D) How you design your logo. Show Answer Correct Answer: C) Creating a clear image of your business through a theme, logo and slogan. 19. FIPB was to look into FDI proposals worth ..... A) Exceeding 1000 crores. B) Less than 1000 crores. C) Exceeding 100 crores. D) Less than 100 crores. Show Answer Correct Answer: B) Less than 1000 crores. 20. ..... describes how responsive producers are to price changes in the marketplace. A) Law of supply. B) Change in supply. C) Elasticity of supply. D) Unit elastic. Show Answer Correct Answer: C) Elasticity of supply. ← 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