This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 65 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 65 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is macroeconomics A) The branch of economics concerned with large-scale or general economic factors, such as interest rates and national productivity. B) The branch of economics concerned with medium-scale economic factors, such as cryptocurrency. C) The part of economics concerned with single factors and the effects of individual decisions. D) The part of economics concerned with single factors and the effects of group decisions. Show Answer Correct Answer: A) The branch of economics concerned with large-scale or general economic factors, such as interest rates and national productivity. 2. In case of perfectly inelastic supply the supply curve will be A) Rising. B) Vertical. C) Horizontal. D) Falling. Show Answer Correct Answer: B) Vertical. 3. When MP is zero A) TP is maximum. B) TP starts falling. C) AP becomes negative. D) TP is zero. Show Answer Correct Answer: A) TP is maximum. 4. Which Economist divided Economics in two branches of micro and macro on the basis of economic activity? A) Marshall. B) Ricardo. C) Ragnar Frisch. D) None of these. Show Answer Correct Answer: D) None of these. 5. Which market has no competition? A) Perfect competition. B) Oligopoly. C) Imperfect competition. D) Monopolistic competition. Show Answer Correct Answer: C) Imperfect competition. 6. ..... is the way a society uses its scarce resources to satisfy its people's unlimited wants. A) Economic System. B) Scarcity. C) Command Economy. D) Factor Market. Show Answer Correct Answer: A) Economic System. 7. Exports are..... A) Goods and services that are purchased from overseas businesses. B) Goods and services that are exported to overseas governments. C) Goods and services that are sold domestically to the household sector. D) Goods and services sold by local businesses to overseas consumers. Show Answer Correct Answer: D) Goods and services sold by local businesses to overseas consumers. 8. Which of the following is a feature of monopoly? A) Consumers have lots of choice. B) All firms are price takers. C) A large number of sellers in the market. D) Barriers to entry. Show Answer Correct Answer: D) Barriers to entry. 9. Whish of the following is a reason why specialist workers might get bored? A) The training is lengthy. B) Tasks can be very repetitive. C) The pay is too low. D) There is no opportunity for social interaction at work. Show Answer Correct Answer: B) Tasks can be very repetitive. 10. Which of the statements below is not a reason why unscheduled absence tends to be the most disruptive and costly for an organization? A) Potential Machine downtime if this is an operator (decreased productivity). B) Replacements tends to be less productive on such a short notice. C) Absent employee still needs to be paid. D) All three are correct reasons . Show Answer Correct Answer: C) Absent employee still needs to be paid. 11. Credit cards and installment plans increase ..... by making products easier to get for some customers. A) Information utility. B) Possession utility. C) Form utility. D) Place utility. Show Answer Correct Answer: B) Possession utility. 12. In the circular flow model, the real flow (not money) from households to producers is: A) Wages and salaries. B) Goods and services. C) Factors of production. D) Consumption expenditure. Show Answer Correct Answer: C) Factors of production. 13. Who was the prime minister of india in 2013? A) Narendra Modi. B) Rajiv Gandhi. C) Manmohan Singh. D) Jawaharlal Nehru. Show Answer Correct Answer: C) Manmohan Singh. 14. Which of the following statement is true in context with economic problem of ' for whom to produce' A) Higher the income, higher will be the buying capacity and higher will be his demand for goods in general. B) Higher the income, lower will be the buying capacity and higher will be his demand for goods in general. C) Goods will be produced for those who do not have buying capacity. D) Income one will be able to make depends only on the amount of work he does. Show Answer Correct Answer: A) Higher the income, higher will be the buying capacity and higher will be his demand for goods in general. 15. Firma is a business entity that is the company ..... A) Ir consists of two people who are juridical and economical unity of the factors of production and aimed at making a profit. B) CrIped three people who are juridical and economic unity of the factors of production and aimed at making a profit. C) Which is a juridical and economical unity of the factors of production whose capital owners are four people. D) Which is a juridical and economical unity of the factors of production whose capital owners are two or more people and aims to make a profit. E) Which is a juridical and economical unity of the factors of production whose capital owners are five people and aims to provide services to the community. Show Answer Correct Answer: D) Which is a juridical and economical unity of the factors of production whose capital owners are two or more people and aims to make a profit. 16. What are goods? A) The money businesses get to keep after paying off expenses. B) Work that businesses perform for consumers. C) The contest between businesses to win over consumers. D) Products created by businesses that you can physically touch and see. Show Answer Correct Answer: D) Products created by businesses that you can physically touch and see. 17. The degree of responsiveness of supply to changes in the price of a good A) Elasticity of demand. B) Elasticity of supply. C) Both (a) & (b). D) Cross elasticity. Show Answer Correct Answer: B) Elasticity of supply. 18. Production function shows the technological relationship between ..... A) Owner and Manager. B) Owner and Labor. C) Manager and Labor. D) Inputs and Output. Show Answer Correct Answer: D) Inputs and Output. 19. Micro economics s concerned with A) The study of individual economic behaviour. B) Different sectors of economics. C) The economic as a whole. D) None of the above. Show Answer Correct Answer: C) The economic as a whole. 20. This market structure has the least competition A) Oligopoly. B) Monopoly. C) Thermopoly. D) Hetermopoly. Show Answer Correct Answer: B) Monopoly. ← 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