This quiz works best with JavaScript enabled. Home > Economics > Business Economics > Business Economics – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 8 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. When the demand curve is a rectangular hyperbola, it represents: A) Perfectly elastic demand. B) Unitary elastic demand. C) Perfectly inelastic demand. D) Relatively elastic demand. Show Answer Correct Answer: B) Unitary elastic demand. 2. Internal economies is related to. A) Marketing economies. B) Financial economies. C) Labour economies. D) All of the above. Show Answer Correct Answer: D) All of the above. 3. Business Economics is all about the application of Economic theory in business Practices? A) True. B) False. Show Answer Correct Answer: A) True. 4. Moody's is a..... A) Bank Rating Agency. B) Stock Rating Agency. C) Global Rating Agency. D) National Rating Agency. Show Answer Correct Answer: C) Global Rating Agency. 5. An oligopoly is defined as a type of market structure where ..... firms havemarket control A) One. B) Many. C) Three or more. D) Two or more. Show Answer Correct Answer: D) Two or more. 6. . Relationship between price and supply is ..... A) Positive. B) Negative. C) Direct. D) None of the above. Show Answer Correct Answer: A) Positive. 7. Few sellers is the feature of A) Monopoly. B) Oligopoly. C) Perfect competition. D) Monopolistic competition. Show Answer Correct Answer: B) Oligopoly. 8. The most important function of an entrepreneur is to ..... A) Innovate. B) Bear the sense of responsibility. C) Finance. D) Earn profit. Show Answer Correct Answer: A) Innovate. 9. Activity of making a profit by producing goods and services in exchange for money. A) Economics. B) Business. C) Economic activity. D) Consumers. Show Answer Correct Answer: B) Business. 10. Australia's biggest export in 2017 was ..... A) Iron ore. B) Wheat. C) Natural gas. D) Coal. Show Answer Correct Answer: A) Iron ore. 11. ..... are business costs that vary as the level of production output changes ..... are expenses that the owners of a business must incur whether they produce nothing, a little, or a lot. A) Fixed costs; Normal costs. B) Variable costs; Fixed costs. C) Variable costs; Normal costs. D) Normal costs; Necessary costs. E) Variable costs; Marginal costs. Show Answer Correct Answer: B) Variable costs; Fixed costs. 12. Micro economics does not cover A) Consumer behaviour. B) Factor pricing. C) General price level. D) Product pricing. Show Answer Correct Answer: C) General price level. 13. In which type of economy gives do consumers and producers make their choices baseon the market forces of demand and supply? A) Open economy. B) Controlled economy. C) Command economy. D) Market economy. Show Answer Correct Answer: D) Market economy. 14. Land refers to ..... A) All the raw materials that mined and used in difference resources to create goods and services for the consumer. B) All the raw materials and other natural resources that go into the production of goods and services. C) All the raw materials that are offered to producers as goods and services for the consumer. D) All the raw materials that are mined in minecraft. Show Answer Correct Answer: B) All the raw materials and other natural resources that go into the production of goods and services. 15. Under the new economic policy import licensing was abolished except in case of ..... A) Textile Industries. B) Consumer's goods industries. C) Hazardous chemicals industries. D) IT Industries. Show Answer Correct Answer: C) Hazardous chemicals industries. 16. Which of the following is always true with regard to the net present value (NPV) approach? A) The NPV and the IRR approaches will always rank projects in the same order. B) The NPV and Payback approaches will always rank projects in the same approaches. C) If a project is found to be acceptable under the NPV approach, it would also be acceptable under the internal rate of return (IRR) approach. D) If a project is found to be acceptable under the NPV approach, it would also be acceptable under the payback approach. Show Answer Correct Answer: C) If a project is found to be acceptable under the NPV approach, it would also be acceptable under the internal rate of return (IRR) approach. 17. The difference between positive and normative Economics is A) Positive Economics explains the performance of the economy while normative Economics finds out the reasons for poor performance. B) Positive Economics describes the facts of the economy while normative Economics involves evaluating whether some of these are good or bad for the welfare of the people. C) Normative Economics describes the facts of the economy while positive Economics involves evaluating whether some of these are good or bad for the welfare of the people. D) Positive Economics prescribes while normative Economics describes. Show Answer Correct Answer: B) Positive Economics describes the facts of the economy while normative Economics involves evaluating whether some of these are good or bad for the welfare of the people. 18. Impact of one unit change in one variable on another is measured using A) Marginal concept. B) Incremental concept. C) Opportunity cost. D) Fixed cost. Show Answer Correct Answer: A) Marginal concept. 19. Which is the primary objective of economic planning in India? A) Reducing Inequalities of income. B) Abolition of poverty. C) Growth with social justice. D) Removing unemployment. Show Answer Correct Answer: C) Growth with social justice. 20. Which of there is not a SDG for India? A) Ending Poverty. B) Ending Hunger. C) Building Infrastructure. D) Economic Prosperity. Show Answer Correct Answer: D) Economic Prosperity. ← 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 9Business Economics Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books