This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 61 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 61 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. "Economics is the Science which studies human behaviour as a relationship between ends and scarce means which have alternative uses" -These lines are attributed to A) Samuelson. B) Lionel Robbins. C) Robertson. D) Marshall. Show Answer Correct Answer: B) Lionel Robbins. 2. The amount a firm receives after all costs have been paid. A) Revenue. B) Marginal Profit. C) Profit. D) Marginal Revenue. Show Answer Correct Answer: C) Profit. 3. Increase in demand will result in new demand curve being formed A) Same demand curve. B) Above the original curve. C) Below the original curve. D) None of above. Show Answer Correct Answer: B) Above the original curve. 4. The field in applied economics in which quantitative methods and economic theory to analyze business enterprises A) Micro Economics. B) Macro Economics. C) Business Economics. D) Scarcity. Show Answer Correct Answer: C) Business Economics. 5. Which one of the following is a main feature of an oligopoly? A) Rising fixed costs. B) No barriers to entry. C) Large firms dominate the market. D) Specialises in the public sector. Show Answer Correct Answer: C) Large firms dominate the market. 6. In every economy resources are ..... A) Scarce. B) Plenty. C) Available. D) Limited. Show Answer Correct Answer: A) Scarce. 7. Combining raw materials and processed goods into finished products A) Manufacturer. B) Wholesaler. C) Retailer. D) Service. Show Answer Correct Answer: A) Manufacturer. 8. A time period when at least one factor of production is held constant is called A) Market period. B) Very short period. C) Short run. D) Long run. Show Answer Correct Answer: C) Short run. 9. Economic problem arises due to: A) (a) limited wants. B) (b) scarce means. C) (c) alternative uses. D) Both (b) and (c). Show Answer Correct Answer: D) Both (b) and (c). 10. Market share is ..... A) The portion of a market controlled by a particular company or product. B) How many shares someone owns in the market. C) The amount of people a company shares its profits with in the market. D) All of the above. tagsEconomics. Show Answer Correct Answer: A) The portion of a market controlled by a particular company or product. 11. Too much money in our economy leads to A) Inflation. B) Recession. Show Answer Correct Answer: A) Inflation. 12. To ..... is to make decisions according to what you believe is the best combination of costs and benefits. A) Cost-Benefit Analysis. B) Diversify. C) Economize. D) Watchfully. Show Answer Correct Answer: C) Economize. 13. In the short run, in monopolistic competition, the producers produce at a level of output that is ..... A) Productively efficient. B) Allocatively efficient. C) Profit maximizing. D) None of above. Show Answer Correct Answer: C) Profit maximizing. 14. The top business executives of the most successful companies can earn an average of ..... a year. A) $ 10. B) $ 10, 000. C) $ 10, 000, 000. D) $ 10, 000, 000, 000. Show Answer Correct Answer: C) $ 10, 000, 000. 15. Geographic variables describe populations by identifying traits, such as age, income, gender, ethnic background, marital status, race, religion, and social class. A) True. B) False. Show Answer Correct Answer: B) False. 16. The study of economic behavior of an individual firm or industry in national economy is called as ..... A) Micro Economics. B) Macro Economics. C) Business Economics. D) Behavioral Economics. Show Answer Correct Answer: A) Micro Economics. 17. When the amount of a factor increases the total output A) Decreases. B) Is maximum. C) Increases. D) Becomes zero. Show Answer Correct Answer: C) Increases. 18. Which of the following is not included in land reforms? A) Use of high yielding variety of seeds. B) Abolition of intermediaries. C) The change in ownership of landholdings. D) Land ceiling. Show Answer Correct Answer: A) Use of high yielding variety of seeds. 19. Demand in the flexibility of demand for priceWhat is the type of Elasticity Demand? A) Products used together. B) Compensation products. C) Necessary product. D) Luxury goods. Show Answer Correct Answer: D) Luxury goods. 20. Economics is..... paper. A) Core. B) Allied . Show Answer Correct Answer: B) Allied . ← 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