This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 56 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 56 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Utility is the A) Benefit or satisfaction that a person gets from the consumption of a good or service. B) Measure of how useful a resource is in the production process. C) Measure of productivity associated with a good or service. D) Economic term for consumption possibilities. Show Answer Correct Answer: A) Benefit or satisfaction that a person gets from the consumption of a good or service. 2. The kind of people who are on corporate board are all of the following EXCEPT A) Represent the government and its regulatory affairs over the firm. B) Regularly dwell in the upper echelon of class and income levels. C) Highly educated at prestigious universities. D) Responsible for the major deals made in the business world. Show Answer Correct Answer: A) Represent the government and its regulatory affairs over the firm. 3. When verbal expressions are expressed algebraic form we get A) Problems. B) Function. C) Equation. D) None of above. Show Answer Correct Answer: C) Equation. 4. Globalisation can be defined as ..... A) Economic transactions that are made between countries. B) The exchange of goods and services among individuals and businesses in multiple countries. C) The process of interaction and integration among people, companies, and governments worldwide. D) A change in global or regional climate patterns. Show Answer Correct Answer: C) The process of interaction and integration among people, companies, and governments worldwide. 5. What is the condition that exists when the supermarket runs out of 2% milk? A) Scarcity. B) Shortage. Show Answer Correct Answer: B) Shortage. 6. Integrating floatation costs into the examination of a task will A) Have no impact on the current worth of the venture. B) Increase the NPV of the venture. C) Increase the task's pace of return. D) Increase the underlying money outpouring of the task. Show Answer Correct Answer: D) Increase the underlying money outpouring of the task. 7. Match list I and list II and choose the correct answer using the codes given belowList I (Economist) List II (Book)A. Adam Smith 1. EconomicsB. Marshall 2. Wealth of nationsC. Robbins 3. Nature and Significance of Economic ScienceD. Samuelson 4. Principles of Economics A) A-2, B-1, C-4, D-3. B) A-2, B-4, C-3, D-1. C) A-1, B-2, C-3, D-4. D) A-4, B-3, C-2, D-1. Show Answer Correct Answer: B) A-2, B-4, C-3, D-1. 8. This type of entrepreneur has the goal of changing society for the better or helping others. A) Business. B) Social. C) Serial. D) Lifestyle. Show Answer Correct Answer: B) Social. 9. Which of the following government actions is most likely to stimulate the economy: A) Raising the prime interest rate. B) Lowering tax rates. C) Printing less money. D) Borrowing more money. Show Answer Correct Answer: B) Lowering tax rates. 10. In what ways to change the price of the product?That causes excess demand (Excess Demand) A) Selling rice at the price level at the merit is lower than the rice price in the market. B) Boonmee sells rice at a higher price level than the rice price in the market. C) Boonmee sells rice at a price level that is equal to the price of rice in the market. D) Wrong. Show Answer Correct Answer: A) Selling rice at the price level at the merit is lower than the rice price in the market. 11. Removal of Government restrictions is called ..... A) Liberalization. B) Investment. C) Unfavourable trade. D) None of the above. Show Answer Correct Answer: A) Liberalization. 12. John only had $ 40 to spend and couldn't decide whether to buy a new pair of jeans or to go to an amusement park. He finally decided to spend his money on the amusement park. What was the opportunity cost of his decision? A) $ 40. B) New pair of jeans. C) Trip to amusement park. D) No opportunity cost was involved. Show Answer Correct Answer: B) New pair of jeans. 13. Socialist economy is characterised by- A) Secondary role of price mechanism. B) Relative equality of income. C) Selective production of goods. D) All of the above. Show Answer Correct Answer: D) All of the above. 14. Collusion most frequently occurs in industries that are A) Oligopolistic. B) Monopolistically competitive. C) Monopolistic. D) Perfectly competitive. Show Answer Correct Answer: A) Oligopolistic. 15. Stock of money held by the public at a point of time is called A) Money Supply. B) Demand for Money. C) Money Flow. D) Velocity of Money. Show Answer Correct Answer: A) Money Supply. 16. 'Goods' are usually physical items A) True. B) False. Show Answer Correct Answer: A) True. 17. New Economic Policy was introduced on ..... A) 24th July 1991. B) 24th Jan 1991. C) 24th July 1990. D) 26th Jan 1991. Show Answer Correct Answer: A) 24th July 1991. 18. ..... refers to the total additional cost or benefits of implementing a managerial decision. A) Explicit. B) Implicit. C) Incremental. D) PPC. Show Answer Correct Answer: C) Incremental. 19. The law of variable proportions is said to exist when A) There are only two variable factors. B) There is a fixed factor and a variable factor. C) All factors are variable. D) None of above. Show Answer Correct Answer: B) There is a fixed factor and a variable factor. 20. Elasticity of demand measure A) Sensitivity of sales to change in a particular causal factor. B) Sensitivity of production to change in a particular cost. C) Value of price and cost. D) Volume of product. Show Answer Correct Answer: A) Sensitivity of sales to change in a particular causal factor. ← 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