This quiz works best with JavaScript enabled. Home > Finance > Economics > Business Economics > Business Economics – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 16 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. ..... shows the set of isoquant curves. A) Price line. B) Isoquant line. C) Isoquant map. D) Cost line. Show Answer Correct Answer: C) Isoquant map. 2. Which of the following terms refers to the monetary amount added to a product's cost to the seller in order to sell it at a target profit? A) Breakeven cost. B) Profit margin. C) Markup. D) Revenue margin. Show Answer Correct Answer: C) Markup. 3. Which of the following is not within the scope of economics A) Resource allocation. B) Scarcity. C) Building a successful business. D) What production should take place. Show Answer Correct Answer: C) Building a successful business. 4. In Economics, Trade-off and Opportunity Cost mean the same thing. A) True!. B) False!. Show Answer Correct Answer: B) False!. 5. According to the law of demand, what happens when the price of a product goes up? A) People buy more. B) People buy less. C) People buy the same amount. D) None of above. Show Answer Correct Answer: B) People buy less. 6. . Law of demand shows ..... relationship between price and quantity demanded. A) Positive. B) Negative. C) Direct. D) None of the above. Show Answer Correct Answer: B) Negative. 7. Demand for salt is ..... A) Inelastic. B) Elastic. Show Answer Correct Answer: A) Inelastic. 8. What is the French phrase meaning "leave things alone", in which the idea of Capitalism is founded? A) Let. B) Way way Mon Ami!. C) Rebellion. D) Let the good times roll. Show Answer Correct Answer: A) Let. 9. Revenue generated by producing one additional unit of product. A) Average Revenue. B) Marginal Profit. C) Total Revenue. D) Marginal Revenue. Show Answer Correct Answer: D) Marginal Revenue. 10. Why will scarcity continue to be a problem in the future? A) Prices will rise. B) Resources will always be finite. C) Needs will decrease in the future. D) World population will fall. Show Answer Correct Answer: B) Resources will always be finite. 11. The vision of make in India campaign was to make India a ..... A) Global tourism Hub. B) Global manufacturing Hub. C) Both a and b. D) None of the above. Show Answer Correct Answer: B) Global manufacturing Hub. 12. ..... is a residue after the payment of rent, wages, interest A) Income. B) Tax. C) Profit. D) All the above. Show Answer Correct Answer: C) Profit. 13. Demand curve slopes downwards because of A) The law of diminishing marginal utility. B) The income effect. C) Substitution effect. D) All of the above. Show Answer Correct Answer: D) All of the above. 14. What does inventory management involve? A) Determining the best pricing strategy. B) Maximizing profits by minimizing costs. C) Forecasting future demand accurately. D) Minimizing costs associated with maintaining inventory. Show Answer Correct Answer: D) Minimizing costs associated with maintaining inventory. 15. In this type of economy, the people decide the supply, demand, and price. A) Market. B) Traditional. C) Command. D) Mixed. Show Answer Correct Answer: A) Market. 16. The basis of Indonesian cooperatives is ..... A) Cut Royong. B) The family. C) The well-being. D) Social Society. E) Justice. Show Answer Correct Answer: A) Cut Royong. 17. "Economics is an inquiry into the nature and causes of wealth of nations" was defined by ..... A) Alfred Marshall. B) H.J. Davenport. C) Adam Smith. D) John Stuart Mill. Show Answer Correct Answer: C) Adam Smith. 18. Why Study Economics? A) I have to do it. B) I want to learn about the stock market. C) To learn how to deal with scarcity. D) None of above. Show Answer Correct Answer: C) To learn how to deal with scarcity. 19. Services are???? A) Tangible. B) Perishable. C) Separable. D) All of the Above. Show Answer Correct Answer: B) Perishable. 20. The relation that the law of demand defines is. A) Income and price of a commodity. B) Price and quantity of a commodity. C) Income and quantity demanded. D) Quantity demanded and quantity supplied. Show Answer Correct Answer: B) Price and quantity of a commodity. 21. Micro economics theory studies how a free enterprise economy determines: A) The price of goods. B) The price of services. C) The price of economy resources. D) All of the above. Show Answer Correct Answer: D) All of the above. 22. If are collecting information from consumers directly by considering each and every consumers then it is called A) Complete enumeration. B) Sample survey. C) Survey. D) None of these. Show Answer Correct Answer: A) Complete enumeration. 23. Micro Economics Studies..... A) Group Variables. B) Individual Variables. C) Aggregate Variables. D) All of the above. Show Answer Correct Answer: B) Individual Variables. 24. Activity ratios allow investors to compare the relative efficiencies of similar companies. For instance the company's sales as related to inventory. A) True. B) False. Show Answer Correct Answer: A) True. 25. A feature that is NOT apart of a traditional economy A) Unchanged methods of farming. B) Hand made things. C) Low production levels and quality. D) People moving to cities for work. Show Answer Correct Answer: D) People moving to cities for work. 26. Economics deals with the production of abundant resources A) True. B) False. Show Answer Correct Answer: B) False. 27. When you drive a a sedan, station wagon, hatch or 4WD, the annual car registration fee in the metropolitan area in Victoria is A) $ 1045.90. B) $ 864.40. C) $ 245.90. D) $ 545.90. Show Answer Correct Answer: B) $ 864.40. 28. True or False? Having to pay more for fruits and vegetables becasue of a drought is an example of scarcity. A) False. B) True. Show Answer Correct Answer: B) True. 29. If oligopolists engagein collusion and successfully form a cartel, the market outcome is A) Known as Nash equilibrium. B) The same as if it were served by competitive firms. C) The same as if it were served by a monopoly. D) The same as if it were served by competitive firms. Show Answer Correct Answer: C) The same as if it were served by a monopoly. 30. The full form of NPA is ..... A) Non-Performing Assets. B) Non-Profiting Assets. C) New Performing Allocations. D) New Profitable Allowances. Show Answer Correct Answer: A) Non-Performing Assets. ← 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