This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 64 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 64 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Revenue maximization level of output is at A) MC = MR. B) MC = AR. C) MC = 0. D) MC = AC. Show Answer Correct Answer: C) MC = 0. 2. Capital intensive technique would get chosen in ..... A) Capital surplus economy. B) Labour surplus economy. C) Developed economy. D) Developing economy. Show Answer Correct Answer: A) Capital surplus economy. 3. Perfect competition involves: A) Sellers working together to set prices. B) A large number of buyers & sellers. C) Difficulty entering & exiting the market. D) Little information is available to buyers. Show Answer Correct Answer: B) A large number of buyers & sellers. 4. Statement1:In a boom high consumer demand which is greater than supply creates excess demand which leads to inflation ..... Statement2:Interest rates are set by the monetary Policy Committee (MPC) at the Bank of England. A) Statement1 True:Statement 2 True. B) Statement1 True:Statement2 False. C) Statement 1 False:Statement2 True. D) Statement1 False:Statement 2 False. Show Answer Correct Answer: A) Statement1 True:Statement 2 True. 5. This concept is very useful in explaining what is happening in the market and economy A) Demand Analysis and Forecasting. B) Demand and Supply. C) Law of Demand. D) Law of Supply. Show Answer Correct Answer: B) Demand and Supply. 6. The total cost of a business organization is? A) Sum of explicit costs. B) Sum of implicit costs. C) Sum of explicit and implicit costs. D) Difference of explicit and implicit costs. Show Answer Correct Answer: C) Sum of explicit and implicit costs. 7. The Business Cycle measures ..... over time. A) Wealth. B) Inflation. C) Economic growth. D) None of above. Show Answer Correct Answer: C) Economic growth. 8. Microeconomics is the study of the economic system as a whole such as national income, trade cycle, unemployment rate, inflation and general price level A) True. B) False. Show Answer Correct Answer: B) False. 9. What is the definition of a consumer? A) An individual who buys goods and services from businesses. B) Products created by businesses that you can physically touch and see. C) The contest between businesses to win over consumers. D) The money businesses get to keep after paying off expenses. Show Answer Correct Answer: A) An individual who buys goods and services from businesses. 10. Economics is considered a ..... science. A) Philosophy. B) Social. C) Historical. D) Astronomy. Show Answer Correct Answer: B) Social. 11. Apple Care offers customer support through chat and a phone hotline to all customers. This is an exame of ..... A) Form Utility. B) Time Utility. C) Place Utility. D) Information Utility. Show Answer Correct Answer: D) Information Utility. 12. Competition act replaced which act??? A) MTRP. B) MRTP. C) MPTR. D) Mariton. Show Answer Correct Answer: B) MRTP. 13. Precautionary demand for money is ..... function of income. A) Increasing. B) Decreasing. C) Constant. D) Stagnant. Show Answer Correct Answer: A) Increasing. 14. If the elasticity of supply is greater than one, the supply curve would be ..... A) Touching y-axis. B) Passing through the origin. C) Vertical. D) Horizontal. Show Answer Correct Answer: A) Touching y-axis. 15. ..... are goods that consumers demand more of when their incomes rise; ..... are goods that consumers demand less of when their incomes rise. A) Normal goods; inferior goods. B) Consumer goods; product goods. C) Inferior goods; normal goods. D) Elastic goods; inelastic goods. E) Inelastic goods; elastic goods. Show Answer Correct Answer: A) Normal goods; inferior goods. 16. Which of the following people is acting like a consumer? A) Day-care worker. B) A person eating lunch at the food court in a mall. C) A nurse. D) A car assembly worker. Show Answer Correct Answer: B) A person eating lunch at the food court in a mall. 17. I ordered from Wish and they sent me a package from China. A) It was an import. B) It was an export. C) It was neither. D) None of above. Show Answer Correct Answer: A) It was an import. 18. The analyses of the correlation of costs, sales and profit to production and sales volume is known as A) The contribution margin. B) Variable costs. C) Break even analysis. D) Linearity between production and sales. Show Answer Correct Answer: C) Break even analysis. 19. This factor of production are the raw materials that come from the earth. A) Human Resources. B) Natural Resources. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: B) Natural Resources. 20. What is the contribution margin? A) The difference between the selling price and the cost of sold goods. B) It represents the incremental money generated for each product sold after deducting the variable costs. C) The difference between the purchase price and the selling price. D) The difference between the selling price and the cost of sales. Show Answer Correct Answer: B) It represents the incremental money generated for each product sold after deducting the variable costs. ← 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