This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 62 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 62 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The Foreign Investment promotion Board was setup in ..... A) Early 1990. B) 2014. C) 2000. D) 1991. Show Answer Correct Answer: A) Early 1990. 2. ..... shows various combinations of two products that give same amount of satisfaction: A) ISO cost curve. B) Indifference curve. C) Marginal utility curve. D) ISO quant. Show Answer Correct Answer: B) Indifference curve. 3. If demand is perfectly elastic than demand curve would be A) Horizontal. B) Vertical. C) Rectangular hyperbola. D) None of these. Show Answer Correct Answer: A) Horizontal. 4. Opportunity costs are result of ..... A) Scarcity. B) Overproduction. C) Technology obsolescence. D) Abundance of resources. Show Answer Correct Answer: A) Scarcity. 5. Which of the following would help to increase the labour supply in a country? A) Reduce the retirement age. B) Raise the school leaving age. C) Encourage more people to stay on in higher education. D) Raise the retirement age. Show Answer Correct Answer: D) Raise the retirement age. 6. A supply chain is ..... A) The transport of goods by sea or some other means. B) The sequence of processes involved in the production and distribution of a product or service. C) The commercial activity of transporting goods to customers. D) The amount of a commodity, product, or service available and the desire of buyers for it. Show Answer Correct Answer: B) The sequence of processes involved in the production and distribution of a product or service. 7. The techniques of optimization include ..... A) Marginal analysis. B) Calculus. C) Linear programming. D) All of the above. Show Answer Correct Answer: D) All of the above. 8. The formula for calculating total cost is A) Fixed cost + total cost. B) Fixed cost + variable cost. C) Fixed cost-variable cost. D) Fixed cost * variable cost. Show Answer Correct Answer: B) Fixed cost + variable cost. 9. ....deals with the behavior of individual decision makings units such as consumers, resource owners and so on. A) Macro economics. B) Micro economics. C) Mini economics. D) None of these. Show Answer Correct Answer: B) Micro economics. 10. The cost of a choice that you make. A) Opportunity Cost. B) Producer. C) Consumer. D) Scarcity. Show Answer Correct Answer: A) Opportunity Cost. 11. Which of the following is the first order conditions to profit maximization? A) TR-TC. B) MR=MC. C) MR cuts MC from below. D) Slope of MC curve must be higher than that of MR curve. Show Answer Correct Answer: B) MR=MC. 12. It is not the actual utility, but perceived utility, forms basis for demand for a commodity A) True. B) False. Show Answer Correct Answer: A) True. 13. ..... is the forgone benefit that would have been derived by an option not chosen. To properly evaluate opportunity costs, the costs and benefits of every option available must be considered and weighed against the others. A) Marginal Cost. B) Production cost. C) Opportunity cost. D) None of above. Show Answer Correct Answer: C) Opportunity cost. 14. This type of entrepreneur has multiple businesses and many new ideas to try. A) Business. B) Social. C) Serial. D) Lifestyle. Show Answer Correct Answer: C) Serial. 15. A movie theater sells its tickets at lower prices to students and seniors. This is an example of: A) Prompt payment. B) Price discrimination. C) Price skimming. D) Stability pricing. Show Answer Correct Answer: B) Price discrimination. 16. There are many definitions of Economics, but for modern economists, it is: A) An inquiry into the nature and causes of the wealth of nations. B) A social science. C) The study of how man allocates scarce resources, which have alternative uses, to achieve given goals. D) A practical science of the production and distribution of wealth. Show Answer Correct Answer: C) The study of how man allocates scarce resources, which have alternative uses, to achieve given goals. 17. The gap between limited resources and unlimited wants is known as ..... A) Demand. B) Scarcity. C) Supply. D) Surplus. Show Answer Correct Answer: B) Scarcity. 18. A normative economics statement is A) Economic is a social science that studies human behavior. B) Economics is not a social science that studies human behavior. C) The federal minimum wages should be raised to $ 4.50 per hour. D) The united states spends a $ 1 trillion on national defence. Show Answer Correct Answer: C) The federal minimum wages should be raised to $ 4.50 per hour. 19. What does Business Economics integrate with? A) Mathematics, Statistics, and Econometrics. B) Physics, Chemistry, and Biology. C) History, Geography, and Sociology. D) Literature, Art, and Music. Show Answer Correct Answer: A) Mathematics, Statistics, and Econometrics. 20. The relationship between the quantity of inputs used to make a good and the quantity of output produced. A) Diminishing Marginal Utility. B) Production Function. C) Conjunction Junction. D) Economies of Scale. Show Answer Correct Answer: B) Production Function. ← 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