This quiz works best with JavaScript enabled. Home > Finance > Economics > Business Economics > Business Economics – Quiz 14 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 14 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. An item in its natural or semi-processed state used as an input to make into a finished good. A) Producer. B) Builders. C) Raw goods. D) Need. Show Answer Correct Answer: C) Raw goods. 2. The most important function in managerial economics A) Application of theory and concept. B) Decision making. C) Data Gathering. D) Economic Analyzation. Show Answer Correct Answer: B) Decision making. 3. Which business is owned by one person and in charge of all the aspects of their business? A) Partnership. B) LLC. C) Corporation. D) Sole Proprietorship. Show Answer Correct Answer: D) Sole Proprietorship. 4. An example of 'positive' economic analysis would be A) An analysis of the relationship between the price of food and the quantity purchased. B) Determining how much income each person should be guaranteed. C) Determining the 'fair' price for food. D) Deciding how to distribute the output of the economy. Show Answer Correct Answer: A) An analysis of the relationship between the price of food and the quantity purchased. 5. Household demand is ..... A) The amount of goods or services that consumers are willing and able to purchase at a point in time. B) The amount of products created throughout the production process that are available to the household sector. C) The amount of goods and services that businesses produce for the household sector at a point in time. D) The amount of goods required in the production process. Show Answer Correct Answer: A) The amount of goods or services that consumers are willing and able to purchase at a point in time. 6. When is high separation a bad thing? A) If employees that are leaving are in a pivotal talent pool. B) If these employees are in a nonpivotal talent pool. C) If the performances of the employees that are leaving are low. D) If the replacements are highly qualified. Show Answer Correct Answer: A) If employees that are leaving are in a pivotal talent pool. 7. Elasticity is the measure of ..... for demand of goods. A) Price. B) Responsiveness. C) Need. D) Change. Show Answer Correct Answer: B) Responsiveness. 8. Is an assembly line going to make work faster or slower A) Slower. B) Faster. Show Answer Correct Answer: B) Faster. 9. A production function assumes a given: A) Technology. B) Set of input prices. C) Ratio of input prices. D) Amount of capital and labor. E) Amount of output. Show Answer Correct Answer: A) Technology. 10. Which is not a study under micro economics? A) Consumer. B) Producer. C) Firm. D) General Employment. Show Answer Correct Answer: D) General Employment. 11. The fundamental economic problem faced by all societies is: A) Inequality. B) Scarcity. C) Unemployment. D) Poverty. Show Answer Correct Answer: B) Scarcity. 12. This type of business focuses on selling products to other businesses. A) Wholesale. B) Social. C) Retail. D) Green. Show Answer Correct Answer: A) Wholesale. 13. When the flexibility of the demand for the price of the product B is equal to-1.5, if the price of product B is reduced from 2.10 baht per unit to 1.90 baht per unit, how many percent of the product B will increase or decrease? A) Reduce 15%. B) Increase 50%. C) Reduced 1.5%. D) Increased by 5%. Show Answer Correct Answer: A) Reduce 15%. 14. Which is the most accurate definition of 'economics'? A) The study of how people spend money. B) The study of how people makes decisions given the scarce (limited) resources available to them. C) The study of how food is grown and sent to markets. D) None of above. Show Answer Correct Answer: B) The study of how people makes decisions given the scarce (limited) resources available to them. 15. Where is the headquarter of niti aayog? A) Moon. B) Surat. C) Kolkata. D) New Delhi. Show Answer Correct Answer: D) New Delhi. 16. The PESTEL analysis allows six types of factors to be differentiated: A) Political, economic, socio-cultural, technological, ecological and legal. B) Political, economic, cultural, technological, ecological and legal. C) Political, economic, socio-cultural, IT, environmental and legal. D) Political, economic, social, technological, environmental and legal. Show Answer Correct Answer: A) Political, economic, socio-cultural, technological, ecological and legal. 17. True or False? Putting money away each month is an example of spending. A) True. B) False. Show Answer Correct Answer: B) False. 18. The kind of underemployment is hidden in contrast to someone who does not have a job is clearly visible as unemployed. It is also called as ..... A) Structural Unemployment. B) Seasonal Unemployment. C) Disguised Unemployment. D) Frictional Unemployment. Show Answer Correct Answer: C) Disguised Unemployment. 19. The willingness and ability of a producer to make a product is referred to as A) Quantity supplied. B) Quantity demanded. C) Supply. D) Demand. Show Answer Correct Answer: C) Supply. 20. The market for search engines is an oligopoly A) True. B) False. Show Answer Correct Answer: B) False. 21. A ..... is a physical object that can be purchased, such as food, clothing, and furniture. A ..... is work that one person performs for another for payment. A) Cost; Benefit. B) Consumer; Producer. C) Good; Service. D) Producer; Consumer. E) Service; Good. Show Answer Correct Answer: C) Good; Service. 22. .Low price of a good generally keeps its price elasticity of demand as ..... A) High. B) Medium. C) Low. D) Normal. Show Answer Correct Answer: C) Low. 23. In the case of perfect elasticity, the demand curve is A) Flat. B) Vertical. C) Horizontal. D) Steep. Show Answer Correct Answer: C) Horizontal. 24. From the choices below, pick the best definition of the term fixed costs. A) Costs that are needed to acquire fixed profits. B) Costs that remain the same across all products. C) Costs that are unaffected by the number of goods sold by the firm. D) Costs that remain the same from year to year. Show Answer Correct Answer: C) Costs that are unaffected by the number of goods sold by the firm. 25. Variable cost per unit A) Varies with the volume of production. B) Varies with sales. C) Remains fixed. D) Varies with consumption. Show Answer Correct Answer: A) Varies with the volume of production. 26. If the flexibility of demand for the price of watermelon is equal to-2, it means A) When the price of watermelon dropped 1 percent, the amount of rambutan bought up 2 percent. B) When consumers' revenue decreases, 1 percent will cause the amount of watermelon to buy.Increased by 2 percent. C) When the price of watermelon drops down, 1 percent will cause the amount of water to buy watermelon up by 2 percent. D) When consumers' revenue decreased by 1 percentWill cause the amount of water to buy watermelon down 2 percent. Show Answer Correct Answer: C) When the price of watermelon drops down, 1 percent will cause the amount of water to buy watermelon up by 2 percent. 27. The shape of TFC curve is A) Downward. B) Horizontal line. C) Upward sloping. D) Sloping U shaped. Show Answer Correct Answer: B) Horizontal line. 28. A firm's financial accounting system is only concerned with external users of information. A) False. B) True. Show Answer Correct Answer: B) True. 29. Linear graphs are A) Wavelike shaped. B) Straight line. C) Bell shaped. D) U shaped. Show Answer Correct Answer: B) Straight line. 30. Normative aspect of Economics is given by: A) Marshall. B) Robbins. C) Adam Smith. D) Samuelson. Show Answer Correct Answer: A) Marshall. ← PreviousNext →Related QuizzesEconomics QuizzesFinance QuizzesBusiness Economics Quiz 1Business Economics Quiz 2Business Economics Quiz 3Business Economics Quiz 4Business Economics Quiz 5Business Economics Quiz 6Business Economics Quiz 7Business Economics Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books