This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 57 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 57 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Economic growth would most likely be stimulated by ..... A) Higher unemployment rates. B) Faster rates of technological progress. C) Increases in membership of labour unions. D) Consumption of more consumer goods. Show Answer Correct Answer: B) Faster rates of technological progress. 2. A company's security policy can prevent certain data from passing through its firewall. A) True. B) False. Show Answer Correct Answer: A) True. 3. When you are making decisions should you satisfy needs or wants first? A) Needs. B) Wants. Show Answer Correct Answer: A) Needs. 4. Snob effect speaks of conspicuous consumption A) True. B) False. Show Answer Correct Answer: A) True. 5. Human wants are A) Limited. B) Restricted. C) Controlled. D) Unlimited. Show Answer Correct Answer: D) Unlimited. 6. Demand for essential goods and services is volatile A) True. B) False. Show Answer Correct Answer: B) False. 7. The most powerful person in any corporation is A) The chairperson of the board. B) The president of the company. C) The most knowledgeable stockholder. D) The chief operating officer. Show Answer Correct Answer: A) The chairperson of the board. 8. In the case of inferior goods, the income elasticity of demand is ..... A) Positive. B) Negative. C) Positive, negative. D) Negative, positive. Show Answer Correct Answer: B) Negative. 9. The money left over after the costs of running the business have been paid A) Expense. B) Gross profit. C) Margin costs. D) Profit. Show Answer Correct Answer: D) Profit. 10. Capital is not an essential element in: A) Employment. B) Profession. C) Business. D) None of these. Show Answer Correct Answer: A) Employment. 11. Which of the following market structures results in allocative efficiency? A) Monopoly. B) Monopolistic Competition. C) Perfect Competition. D) Oligopoly. Show Answer Correct Answer: C) Perfect Competition. 12. For the law of demand, the assumption of ceteris paribus means that all variables are heldconstant except: A) Consumer tastes and preferences. B) Consumer income. C) Own price and quantity demanded. D) The number of consumers in the market. Show Answer Correct Answer: C) Own price and quantity demanded. 13. Assumptions of the Indifference Curve theory are: A) Rationality. B) Ordinality. C) Diminishing MRS. D) All of the above. Show Answer Correct Answer: D) All of the above. 14. What is the goal of a firm? A) To make profits. B) To maximize profits. C) To maximize revenue. D) None of the above. Show Answer Correct Answer: B) To maximize profits. 15. If a government wants to decrease economic growth, it would use a contractionary fiscal policy that might involve A) Increasing government spending. B) Increasing taxes. C) Decreasing regulations. D) Decreasing unemployment. Show Answer Correct Answer: B) Increasing taxes. 16. Which of the following is an external factor that could influence a consumer when making a purchase decision? A) Psychological. B) Finance (availability and cost). C) Social and cultural. D) Ethical and environmental considerations. Show Answer Correct Answer: B) Finance (availability and cost). 17. Normally the demand curve will have a ..... shape. A) Upward sloping. B) Downward sloping. C) Vertical. D) Horizontal. Show Answer Correct Answer: B) Downward sloping. 18. Non-profit organizations do not make money. A) True. B) False. Show Answer Correct Answer: B) False. 19. Demand Forecasting is base for estimating sales, production, overhead budgets. A) True. B) False. Show Answer Correct Answer: A) True. 20. Search Warrant A) The first 10 amendments to the American Constitution. B) A document issues by a judge that says exactly who and when will be searched. C) The act of following clear rules in court and treating everyone fairly. D) None of above. Show Answer Correct Answer: B) A document issues by a judge that says exactly who and when will be searched. ← 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