This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 63 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 63 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Increased tax rates is are a A) Strength. B) Weakness. C) Opportunity. D) Threat. Show Answer Correct Answer: D) Threat. 2. The limited resources available to satisfy the unlimited needs and wants of people. A) Economics. B) Scarcity. C) A problem. D) Inflation. Show Answer Correct Answer: B) Scarcity. 3. Which of the following is NOT an example of a good? A) A pack of gum. B) A car. C) A teacher. D) An X-Box. Show Answer Correct Answer: C) A teacher. 4. When a business "breaks even" they have done what? A) Have more revenue than expenses. B) Have more expenses than revenue. C) Have the same amount of revenue and expenses. D) None of above. Show Answer Correct Answer: C) Have the same amount of revenue and expenses. 5. The problem studied in economics is A) Unlimited wants. B) Unlimited means. C) Scarcity. D) Strategy to meet all our wants. Show Answer Correct Answer: C) Scarcity. 6. In the case of a Giffen good, a fall in its price tends to A) Demand remain constant. B) Demand increases. C) Reduce the demand. D) Abnormal change in demand. Show Answer Correct Answer: C) Reduce the demand. 7. What is business economics A) Business + economics. B) Application of business process to economic theory. C) Economical business. D) Application of economic theories to business practices. Show Answer Correct Answer: D) Application of economic theories to business practices. 8. A monopolistically competitive firm advertises in order to: A) Shift the demand curve for its product to the left. B) Make its product more similar to its competitors'. C) Reduce the industry' s barriers to entry. D) Make the demand for its product less price elastic. Show Answer Correct Answer: D) Make the demand for its product less price elastic. 9. Economic Profit of the business organization is obtained by? A) Adding average revenue. B) Subtracting costs. C) Adding costs. D) Finding gap between TR and TC. Show Answer Correct Answer: D) Finding gap between TR and TC. 10. Computer-aided design (CAD) can increase the productivity of knowledge workers. A) True. B) False. Show Answer Correct Answer: A) True. 11. The micro-environment is common to all enterprises working in a common social, economic, political and technological field. A) True. B) False. Show Answer Correct Answer: B) False. 12. Market demand curves are obtained by A) Determining the price each consumer is willing to pay for the good & summing those prices across all consumers. B) Observing the prices and quantities sold in a market over time and plotting those price-quantity combinations in a graph. C) Summing the quantities every consumer is willing to buy at each different price. D) Observing the behavior of an individual consumer in a market. Show Answer Correct Answer: C) Summing the quantities every consumer is willing to buy at each different price. 13. Labour is ..... A) The human process of manufacturing goods and services. B) The human skills and effort required in the production process. C) The human skills required to acquire raw materials. D) The human skills and effort required to manufacture goods and services. Show Answer Correct Answer: B) The human skills and effort required in the production process. 14. If there is more demand than there is supply, what will happen? A) The product/goods becomes more expensive. B) Things for free!. C) The prices come down!. D) Buy-one-get-one-free!. Show Answer Correct Answer: A) The product/goods becomes more expensive. 15. The Problem of 'What to Produce' covers the issue relating to- A) What goods are to be produced?. B) What quantities of goods are to be produced?. C) Both (1) and (2). D) Neither (1) Nor (2). Show Answer Correct Answer: C) Both (1) and (2). 16. Indifference curves never intersect each other due to: A) Different levels of satisfaction. B) Same levels of satisfaction. C) Convex to origin. D) Concave to origin. Show Answer Correct Answer: A) Different levels of satisfaction. 17. Administered price refer to: A) Price determined by the forces of demand and supply. B) Prices determined by an external authority which is usually the government. C) Prices determined by sellers in the market. D) None of the above. Show Answer Correct Answer: B) Prices determined by an external authority which is usually the government. 18. Market situation where there is single seller. There is no close substitute and no free entry and exist. is refer as A) Perfect Competition. B) Monopoly. C) Oligopoly. D) Monopolistic Competition. Show Answer Correct Answer: B) Monopoly. 19. Extension and contraction of demand for a good occurs as a result of A) Change in the quality of good. B) Change in the price of a good. C) Availability of cheaper substitutes. D) Increases in Income. Show Answer Correct Answer: B) Change in the price of a good. 20. Many companies selling similar (not identical) products A) Natural Monopoly. B) Proprietorship. C) Government Cooperative. D) Monopolistic Competition. Show Answer Correct Answer: D) Monopolistic Competition. ← 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