This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 67 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 67 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Marginal utility is a ..... Concept. A) Cardinal. B) Ordinal. C) Both. D) None. Show Answer Correct Answer: A) Cardinal. 2. A capitalist economy uses ..... as the principal means of allocationresources. A) Demand. B) Supply. C) Efficiency. D) Prices. Show Answer Correct Answer: D) Prices. 3. In economics 'Ends' refers to A) Human wants. B) Scarcity. C) Surplus. D) Alternative uses. Show Answer Correct Answer: A) Human wants. 4. There thousands of farms that sell corn to thousands of buyers A) Oligopoly. B) Monopoly. C) Monopolistic competition. D) Perfect competition. Show Answer Correct Answer: D) Perfect competition. 5. Which of the following best describes an oligopistic market? A) Many sellers with identical barriers to entry. B) Many sellers, each with a clearly differentiated product, and no barriers to entry. C) A few competing sellers with similar products and high barriers to entry. D) A few competing sellers of identical products and no barriers to entry. E) No competition among sellers and high barriers to entry. Show Answer Correct Answer: C) A few competing sellers with similar products and high barriers to entry. 6. Economic theories are ..... A) Hypothetical. B) Accurate. C) Both (1) and (2). D) Neither (1) Nor (2). Show Answer Correct Answer: A) Hypothetical. 7. In Business economics 'ends' refers to- A) Human wants. B) Resources. C) Both (1) and (2). D) Neither (1) nor (2). Show Answer Correct Answer: A) Human wants. 8. The total demand for goods and services in an economy is known as; A) Aggregate demand. B) National demand. C) Gross national product. D) Economy-wide demand. Show Answer Correct Answer: A) Aggregate demand. 9. The law of diminishing returns applies in cases where A) There is increasing scarcity of factors of production. B) The price of extra units of a factor increasing. C) There is at least one fixed factor of production. D) Capital is a variable input. Show Answer Correct Answer: C) There is at least one fixed factor of production. 10. Amendment A) A document issues by a judge that says exactly who and when will be searched. B) The act of being a member of a country. C) A formal change to the Constitution. D) None of above. Show Answer Correct Answer: C) A formal change to the Constitution. 11. Government securities market is also called ..... A) Industrial Securities Market. B) Secondary Market. C) Gilt-edged Market. D) New Issue Market. Show Answer Correct Answer: C) Gilt-edged Market. 12. The more you buy of an item, the less satisfaction you receive from it. For instance, Mr. C buys Chick-Fil-A every day for 10 days. By the eighth day, he starts to not enjoy it as much ..... This is an example of ..... A) Elasticity. B) Law of demand. C) Substitution effect. D) Law of diminishing marginal utility. Show Answer Correct Answer: D) Law of diminishing marginal utility. 13. If a monopoly firm practices price discrimination the firm will ..... A) Earn smaller profit. B) Produce lower quantity than before price discrimination. C) Charge a higher price when demand is inelastic and a lower price when demand is elastic. D) Charge a higher price when demand is elastic and a lower price when demand is inelastic. Show Answer Correct Answer: C) Charge a higher price when demand is inelastic and a lower price when demand is elastic. 14. A Capitalist Economy follows the policy of: A) Let. B) Regulated markets. C) Promoting public sector. D) None of the above. Show Answer Correct Answer: A) Let. 15. Which of the following is also called broad money? A) M1. B) What. C) With. D) Mh. Show Answer Correct Answer: C) With. 16. Law of demand shows the functional relationship between ..... and quantity demanded A) Supply. B) Cost. C) Price. D) Requirements. Show Answer Correct Answer: C) Price. 17. LIC stands for..... A) Lively Insurance Company. B) Listed Insurance Company. C) Life Insurance Center. D) Life Insurance Corporation. Show Answer Correct Answer: D) Life Insurance Corporation. 18. In monopolistic competition ..... A) Allocative efficiency is reached. B) Productive efficiency is reached. C) Profit is maximized. D) All of the answers are correct. Show Answer Correct Answer: C) Profit is maximized. 19. A subsidiary is..... A) A company that is mostly owned by another company. B) A company that is at least half-owned by a bigger company. C) A company that is combined with another company to make a conglomerate. D) A company of which less than 25% is owned by another company. Show Answer Correct Answer: B) A company that is at least half-owned by a bigger company. 20. What kind of cost of production is lost, such as products A means what? A) All the costs that manufacturers need to pay for the production of products A can occur. B) The lowest cost is possible to produce products A. C) The highest income that is lost due to the use of resources to produce products A. D) All profits received from the production of products A. Show Answer Correct Answer: C) The highest income that is lost due to the use of resources to produce products A. ← 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