This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 60 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 60 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Recently ..... has taken over the responsibility directing / monitoring proposal which require government approval. A) RBI. B) GOI. C) Dip. D) Foreign Exchange Banks. Show Answer Correct Answer: C) Dip. 2. Enterprise resource planning (ERP) may allow a firm to check on the status of any customer order for specific products. A) True. B) False. Show Answer Correct Answer: A) True. 3. The economic activity in which specialized knowledge is required A) Business. B) Profession. C) Employement. D) None of them. Show Answer Correct Answer: B) Profession. 4. Mass-customization tends to reduce the volume in which companies produce. A) True. B) False. Show Answer Correct Answer: B) False. 5. Which one of the following statements is not a characteristic of monopolistic competition? A) Ease of entry into the industry. B) Product differentiation. C) A relatively large number of sellers. D) A homogenous product. Show Answer Correct Answer: D) A homogenous product. 6. Micro and macro are not two independent approaches to economic analysis but they are complementary to each other. A) True. B) False. C) PARTLY TRUE. D) PARTLY FALSE. Show Answer Correct Answer: A) True. 7. Pepsi and coco cola have following demand A) Direct demand. B) Joint demand. C) Cross Demand. D) Derived demand. Show Answer Correct Answer: C) Cross Demand. 8. Arm and Hammer baking soda, which was originally developed as a cooking ingredient, is now being sold as an effective refrigerator deodorizer. This is an example of ..... innovation. A) Process. B) Positioning. C) Distributed. D) Associative. Show Answer Correct Answer: B) Positioning. 9. Economics is the study of how people seek to satisfy their needs and wants by making choices. A) True. B) False. Show Answer Correct Answer: A) True. 10. Under the cross elasticity of demand between two complimentary products A) If the price of one product increase, the demand for other product will increases. B) If the price of one product decrease, the demand for other product will decreases. C) If the price of one product decreases, the demand for other product will increases. D) None of the above. Show Answer Correct Answer: C) If the price of one product decreases, the demand for other product will increases. 11. Increase in prices due to increase in population is called A) Demand-pull inflation. B) Cost-push inflation. C) Cost-pull inflation. D) Demand-push inflation. Show Answer Correct Answer: A) Demand-pull inflation. 12. The organized sector of money market is directly under purview of ..... A) SEBI. B) RBI. C) FICCI. D) Government. Show Answer Correct Answer: B) RBI. 13. In terms of demand analysis, an income effect of a price change means A) Change in the income of the consumer. B) Change in the income of the supplier. C) Change in the real income of the consumer. D) All of the above. Show Answer Correct Answer: C) Change in the real income of the consumer. 14. ..... are benefits offered to encourage people to act in certain ways. A) Utilities. B) Incentives. C) Services. D) Bonuses. Show Answer Correct Answer: B) Incentives. 15. Internal economies of scale affect costs how? A) Falling total costs. B) Rising average costs. C) Rising variable costs. D) Falling average costs. Show Answer Correct Answer: D) Falling average costs. 16. What does market structure analysis provide information about? A) The nature and extent of competition. B) The behaviour of consumers in the market. C) The relationship between inputs and output. D) The best course of action for resource allocation. Show Answer Correct Answer: A) The nature and extent of competition. 17. Which one is in accordance with the rules of demand? A) Higher mobile prices increased the amount of mobile phones. B) The computer price decreases, causing the demand for computers to decrease. C) The rambutan price decreases, causing the amount of demand to increase. D) The price of pork increases makes the amount of demand to buy more chicken meat. Show Answer Correct Answer: C) The rambutan price decreases, causing the amount of demand to increase. 18. Which of the following is NOT one of the types of Economic Systems? A) Command Economy. B) Traditional Economy. C) Market Economy. D) Mixed Economy. E) Combined Economy. Show Answer Correct Answer: E) Combined Economy. 19. The market's way of rationing limited resources, goods, and services to consumers in a market economy is through A) Incentives. B) Commissions. C) Prices. D) Profits. Show Answer Correct Answer: C) Prices. 20. Which of the following is not a variable input. A) Raw material. B) Power. C) Equipment. D) Labour. Show Answer Correct Answer: C) Equipment. ← 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