This quiz works best with JavaScript enabled. Home > Finance > Economics > Business Economics > Business Economics – Quiz 15 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 15 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. It includes all other costs incurred in production but donot become part of the product. A) Manufacturing overhead. B) Direct labor. C) Direct materials. D) All of the above. Show Answer Correct Answer: A) Manufacturing overhead. 2. All wants of an individual are not of: A) Equal importance. B) Immediate importance. C) Fixed importance. D) All of the above. Show Answer Correct Answer: A) Equal importance. 3. Which of the following is an example of paradigm innovation: A) The latest model of the Honda Civic. B) Windows computer operating system. C) Energy-saving light bulbs. D) Rechargeable batteries. Show Answer Correct Answer: B) Windows computer operating system. 4. Which of the following is not one of the features of capitalism economy? A) Right of private property. B) Freedom of choice by the consumers. C) Competition. D) No profit, No Loss motive. Show Answer Correct Answer: D) No profit, No Loss motive. 5. The model of the five competitive forces of the: A) Peter. B) Patrick. C) Porter. D) Paul. Show Answer Correct Answer: C) Porter. 6. ..... is a way of describing and explaining economics as it is, not as it should be ..... is a way of describing and explaining what economic behavior ought to be, not what it actually is. A) Normative Economics; Positive Economics. B) Microeconomics; Macroeconomics. C) Positive Economics; Normative Economics. D) Macroeconomics; Microeconomics. Show Answer Correct Answer: C) Positive Economics; Normative Economics. 7. In monopolistic competition, the demand curve for a firm is ..... A) Relatively elastic. B) Relatively inelastic. C) Unit elastic. D) None of above. Show Answer Correct Answer: A) Relatively elastic. 8. Which of the following pricing strategies is used by many e-tailers in order to provide flexibility between buyers and sellers in setting a price? A) Psychological pricing. B) Dynamic pricing. C) Fixed pricing. D) Breakeven pricing. Show Answer Correct Answer: B) Dynamic pricing. 9. What is bulk buying What is bulk buying? A) Buying goods in large quantities, which is usually cheaper than buying in small quantities. B) Buying goods in small quantities, which is usually more expensive than buying in big quantities. C) Getting large loans are lower prices. D) Buying a large quantity of goods and reselling at a higher price. Show Answer Correct Answer: A) Buying goods in large quantities, which is usually cheaper than buying in small quantities. 10. Expert Opinion method is also known as A) Delphi Method. B) Marshall Method. C) Tausing Method. D) None of above. Show Answer Correct Answer: A) Delphi Method. 11. Opportunity cost is also called A) Alternative cost. B) Incremental cost. C) Fixed cost. D) Marginal cost. Show Answer Correct Answer: A) Alternative cost. 12. ..... meaning large or aggregate A) Micro. B) Macros. C) None of the above. D) None of above. Show Answer Correct Answer: B) Macros. 13. Administered prices refer to: A) Prices determined by forces of demand and supply. B) Prices determined by sellers in the market. C) Prices determined by an external authority which is usually the government. D) None of the above. Show Answer Correct Answer: C) Prices determined by an external authority which is usually the government. 14. Which of the following actions would government take to increase economic growth: A) Increase taxes. B) Decrease government subsidies. C) Decrease exports. D) Increase government spending. Show Answer Correct Answer: D) Increase government spending. 15. Which of the following is NOT a factor that determines elasticity? A) Proportion of Income. B) Complements. C) Substitute Goods or Services. D) Necessities Versus Luxuries. Show Answer Correct Answer: B) Complements. 16. Which of the following best describes depreciation? A) The process of distributing the cost of liabilities equally over time. B) The process of the decreasing value of fixed assets due to use. C) The process of reducing the value of fixed assets equally over time. D) The process of deducting operating expenses from the value of fixed assets. Show Answer Correct Answer: C) The process of reducing the value of fixed assets equally over time. 17. For what type of Organization would keeping track of absenteeism still be relevant / required A) IT company. B) Production company. C) Law Firm. D) For none of the given organizations it would be relevant . Show Answer Correct Answer: B) Production company. 18. What is the main role of government intervention in the economy? A) To discourage enterprise and reduce foreign investment. B) To protect the workforce and the environment and to promote competition. C) To ensure that business is conducted in such a way that local businesses always win. D) To prevent consumers from accessing what the economy produces. Show Answer Correct Answer: B) To protect the workforce and the environment and to promote competition. 19. ..... cost equals to explicit cost and implicit cost A) Money cost. B) Accounting cost. C) Input cost. D) Economic cost. Show Answer Correct Answer: D) Economic cost. 20. Employing a specialist cost accountant in a growing business is an example of which type of economy? A) Risk-bearing economy. B) Technical economy. C) Managerial economy. D) Marketing economy. Show Answer Correct Answer: C) Managerial economy. 21. The point at which supply and demand cross. A) Inflation point. B) Crosspoint. C) Market price. D) Supply point. Show Answer Correct Answer: C) Market price. 22. The total amount of a specific good or service that is available to consumers A) Market. B) Demand. C) Microeconomic. D) Supply. Show Answer Correct Answer: D) Supply. 23. The term Economics is derived from a A) Latin Word. B) Indian Word. C) Greek Word. D) Russian Word. Show Answer Correct Answer: C) Greek Word. 24. Which of the following is likely to be a benefit to the economy of competitive markets? A) Higher interest rates. B) Better resource allocation because there is less waste. C) Factors of production are more mobile. D) Lower unemployment. Show Answer Correct Answer: B) Better resource allocation because there is less waste. 25. What is the fundamental problem in Economics-it is what forces all of us into making choices? A) Too many resources for the demand. B) Limited wants. C) Unlimited resources. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 26. The business sector can be described as ..... A) Producers that provide goods and services to satisfy the needs and wants of households. B) Consumers that are working in the business sector to earn money. C) Consumers that purchase goods and services for the business sector. D) Producers that provide goods and services to consumers in order to make a profit. Show Answer Correct Answer: A) Producers that provide goods and services to satisfy the needs and wants of households. 27. Managerial economics makes use of modern tools of mathematics, statistics, Operations research, finance, marketing, production. So it can be regarded as? A) Uses macro economics. B) Pragmatic. C) Multidisciplinary. D) Management oriented. Show Answer Correct Answer: C) Multidisciplinary. 28. In Business economics 'Means' refers to ..... A) Human wants. B) Resources. C) Both (1) and (2). D) Neither (1) nor (2). Show Answer Correct Answer: B) Resources. 29. If profits of a company are dependent on cost, which of the following functional form is correct? A) P=f(C). B) C=f(p). C) C=f(P). D) P=f(c). Show Answer Correct Answer: A) P=f(C). 30. A cost that is included in economic profit A) Implicit Cost. B) Economic Cost. C) Average Cost. D) Marginal Cost. Show Answer Correct Answer: A) Implicit Cost. ← 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