This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 66 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 66 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Application of economic theories and laws to business practices is called A) Business economics. B) Managerial economics. C) Both a and b. D) None of the above. Show Answer Correct Answer: C) Both a and b. 2. If the supply increases, but the demand decreases, then the price will ..... A) Decrease. B) Increase. C) Stay the same. D) None of above. Show Answer Correct Answer: A) Decrease. 3. Which of the following is concerned with micro economics A) The size of national output. B) The level of employment. C) Change in the general level of prices. D) None of the above. Show Answer Correct Answer: D) None of the above. 4. Mr. Satish hired a business consultant to guide him for growth of his business. The consultant visited his factory and suggested some changes with respect to staff appointment, loan availability and so on. Which approach is that consultant using? A) Macro Economics. B) Micro Economics. C) Both A & B. D) None of the above. Show Answer Correct Answer: B) Micro Economics. 5. Inter-bank money market is another name for ..... A) Certificate of Deposit. B) Commercial Papers. C) Treasury Bill Market. D) Call and Notice Money Market. Show Answer Correct Answer: D) Call and Notice Money Market. 6. There are ..... foreign banks operating in India. A) 25. B) 20. C) 36. D) 30. Show Answer Correct Answer: C) 36. 7. The process that involves linking countries and integrating the world markets, resulting in an exchange of views, ideas, products and culture is known as ..... ? A) Trade. B) Urbanisation. C) Globalisation. D) Imports tagsTrade. Show Answer Correct Answer: C) Globalisation. 8. . Relatively elastic demand is ..... A) E p = 0. B) E p > 1. C) E p <1. D) E p = 1. Show Answer Correct Answer: C) E p <1. 9. The government uses some of the tax money it collects from individuals and businesses to support public welfare programs. What is the benefit of these welfare programs to businesses in a private enterprise economy? A) Recipients don't have to work. B) Businesses must budget more money for taxes. C) Funds received by recipients are spent in businesses. D) Government has control of how the recipients spend their money. Show Answer Correct Answer: C) Funds received by recipients are spent in businesses. 10. The average income of the people of a country in a particular year is ..... A) Net national product. B) National income. C) To happen income. D) Personal income. Show Answer Correct Answer: B) National income. 11. Central Planned Economy is on the basis of A) Maximizing social welfare. B) Supply and Demand forces in the market. C) Both A and B. D) Other. Show Answer Correct Answer: A) Maximizing social welfare. 12. Which of the following statement is true? A) Human wants are infinite. B) Resources are limited. C) Scarcity problem gives birth to choice. D) All of these. Show Answer Correct Answer: C) Scarcity problem gives birth to choice. 13. Why are the three economic questions important? A) It show the study of how people choose to use resources. B) Where economic decisions are made by individuals and are based on exchange or trade. C) Because economic resources are limited. D) The wealth and resources of a country or region. Show Answer Correct Answer: C) Because economic resources are limited. 14. Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. This was defined by ..... A) Mr.Adkola. B) John Stuart Mill. C) Alfred Marshall. D) None of the above. Show Answer Correct Answer: D) None of the above. 15. This relates directly to the study of economic efficiency and income distribution, as well as how these two factors affect the overall well-being of people in the economy. It is A) Wealth economics. B) Welfare economics. C) Scarcity economics. D) Growth economics. Show Answer Correct Answer: B) Welfare economics. 16. If the income and substitution effect of a price increase works in the same direction the good whose price has changed is a A) Giffen goods. B) Inferior goods. C) Normal goods. D) Superior one of these. Show Answer Correct Answer: C) Normal goods. 17. Which four elements are considered when calculating employee separation costs? A) -Exit interviews-Lost productivity-Administrative function related to termination-Unemployment tax. B) -Unemployment tax-Separation pay-Administrative function related to termination-Exit interviews. C) -Lost productivity-Cost of lost customers, sales and profit due to departure-Separation pay-Exit interviews. D) -Exit interviews-Separation pay-Cost of additional temporary help-Unemployment tax. Show Answer Correct Answer: B) -Unemployment tax-Separation pay-Administrative function related to termination-Exit interviews. 18. How is the cost of cost concepts of economics? A) To be used as a tool to consider the lowest cost. B) To be used as a tool to consider the maximum profit of the manufacturer. C) To be used as a tool to consider whether consumers get the most benefit. D) To be used as a tool for considering the most effective production factors. E) To be used as an alternative tool for the production of one type of product. Show Answer Correct Answer: E) To be used as an alternative tool for the production of one type of product. 19. Sustainable Development comes into effect on ..... A) Jan-2016. B) Jul-2000. C) Sept-2015. D) Jan-1991. Show Answer Correct Answer: A) Jan-2016. 20. Exploitation and inequality are minimal under: A) Socialism. B) Capitalism. C) Mixed economy. D) None of the above. Show Answer Correct Answer: A) Socialism. ← 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