This quiz works best with JavaScript enabled. Home > Finance > Economics > Business Economics > Business Economics – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 17 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is a non-financial goal? A) A goal that seeks financial gain. B) A goal that seek to improve the business not based around financial gain. C) A way to assess your businesses success. D) Who you compete against. Show Answer Correct Answer: B) A goal that seek to improve the business not based around financial gain. 2. The goods having income elasticity equal to zero: A) Necessity Goods. B) Superior Goods. C) Inferior Goods. D) Luxury Goods. Show Answer Correct Answer: A) Necessity Goods. 3. Subway is an example of a ..... A) Franchise. B) Subscription Business. C) Non-profit business. D) FreemiumBusiness. Show Answer Correct Answer: A) Franchise. 4. The company's environment is made up of: A) Human resources. B) The facilities. C) All factors external to the company. D) None of the answers are correct. Show Answer Correct Answer: C) All factors external to the company. 5. For an unregulated monopolist, the profit-maximizing quantity will always be: A) In the elastic region of the demand curve. B) Where marginal revenue equals price. C) Where price equals average total cost. D) Where the marginal cost curve intersects the demand curve. Show Answer Correct Answer: A) In the elastic region of the demand curve. 6. When a percentage in price results in equal change in quantity supplied, it is called, A) Unitary elastic supply. B) Elastic supply. C) Elasticity of supply. D) Perfectly inelastic. Show Answer Correct Answer: A) Unitary elastic supply. 7. Globalisation has been of advantage to A) All the people. B) The poorer section of the society. C) The richer section of the society. D) None of the above. Show Answer Correct Answer: C) The richer section of the society. 8. What is the fundamental economic problem faced by all countries? A) Inflation. B) Scarcity. C) Economic recession. D) Unemployment. Show Answer Correct Answer: B) Scarcity. 9. One of the advantages of individual efforts is ..... A) Modal business relatively small. B) Simple Organizational System. C) Ahasia Company Guaranteed. D) Abing falls into the hands of one person. E) The age of the company depends on the state of the owner. Show Answer Correct Answer: D) Abing falls into the hands of one person. 10. Find the correct match: A) An inquiry into the nature and causes of the wealth of the nation:A.C.Pigou. B) Science which deals with wealth:Alfred Marshall. C) Economics is the science which studies human behavior as a relationship between end and scarce means which have alternative uses:Robins. D) The range of our inquiry becomes restricted to that part of social welfare that can be brought directly or indirectly into relation with the measuring rode of money:Adam Smith. Show Answer Correct Answer: C) Economics is the science which studies human behavior as a relationship between end and scarce means which have alternative uses:Robins. 11. Dependent variables are also called ..... variables. A) Endogenous. B) Independent. C) Exogenous. D) Functional. Show Answer Correct Answer: A) Endogenous. 12. Capital planning is the interaction A) This helps make an ace financial plan for the association. B) By which the firm concludes which long-haul ventures to make. C) Embraced to investigate how to make accessible extra money to the business. D) By which the firm chooses how much cash flow to put resources into business. Show Answer Correct Answer: B) By which the firm concludes which long-haul ventures to make. 13. Following represents cost per unit A) Marginal Cost. B) Average cost. C) Total cost. D) None of above. Show Answer Correct Answer: B) Average cost. 14. A general environment is one where all businesses are not equally affected by that context A) True. B) False. Show Answer Correct Answer: B) False. 15. Fixed costs ..... A) Do not change in relation to the volume of production. B) Labour costs overtime. C) Fuel costs delivery van. D) Rise less than proportional to. Show Answer Correct Answer: A) Do not change in relation to the volume of production. 16. In a free market economy the allocation of resources is determined by A) A central planning authority. B) Voting done by consumers. C) Consumer preferences. D) The level of profits of firms. Show Answer Correct Answer: C) Consumer preferences. 17. The general environment is influenced by various factors: A) Economic, socio-cultural, political-legal, environmental. B) Economic, sociocultural, political-legal, technological, environmental. C) Economic, political-legal, technological. D) Economic, socio-cultural, political-legal. Show Answer Correct Answer: B) Economic, sociocultural, political-legal, technological, environmental. 18. ..... of a commodity is the additional utility derived by a consumer, by consuming one more unit of that commodity. A) Average utility. B) Total utility. C) Marginal utility. D) Maximum utility (A). Show Answer Correct Answer: C) Marginal utility. 19. The father of Economics is A) Adam Smith. B) Marshall. C) Lionel Robbins. D) Hicks. Show Answer Correct Answer: A) Adam Smith. 20. Which one of the following is not true? A) Micro economics is the study of the allocation of scarce resources. B) Economists use models to make testable predictions. C) Individuals, governments, and firms use micro economic models and predictions in decision making. D) Micro economics is often called income theory to emphasize the important role that prices play. Show Answer Correct Answer: D) Micro economics is often called income theory to emphasize the important role that prices play. 21. The demand has three essentials-Desire, Purchasing power and ..... A) Cash. B) Willingness to purchase. C) Supply. D) Quantity. Show Answer Correct Answer: B) Willingness to purchase. 22. What implication(s) does resource scarcity have for the satisfaction of wants? A) Not all wants can be satisfied. B) We will never be faced with the need to make choices. C) We must develop ways to decrease our individual wants. D) The discovery of new natural resources is necessary to increase our ability to satisfy wants. Show Answer Correct Answer: A) Not all wants can be satisfied. 23. The specific environment is that where the factors act in the same sector where the company's activity takes place A) False. B) True. Show Answer Correct Answer: B) True. 24. Individual or organization that determines what products and services will be available for sale A) Wholesaler. B) Social responsibility. C) Producer. D) Service. Show Answer Correct Answer: C) Producer. 25. The ..... is all the economic interactions that cross international boundaries. A) Global economy. B) Globalization. C) International trade. D) Mixed economic system. Show Answer Correct Answer: A) Global economy. 26. ASEAN means ..... A) Association of Southeast Asian Nations. B) Association of Southeast Asian Nationals. C) Association of Southeast Asean Nations. D) Association of South Asian Nations. Show Answer Correct Answer: A) Association of Southeast Asian Nations. 27. The slope of indifference curve is equal to A) Price ratio. B) Marginal opportunity cost. C) Marginal rate of substitution. D) All of these. Show Answer Correct Answer: C) Marginal rate of substitution. 28. Equilibrium price is the price at which the quantity of a product demanded by consumers and the quantity supplied by producers A) Are different. B) Are equal. C) Is higher for the product demanded. D) Is higher for the product supplied. Show Answer Correct Answer: B) Are equal. 29. Bank rate, CRR, SLR are A) Fiscal Measures. B) Other Measures. C) Demand Measures. D) Monetary Measures. Show Answer Correct Answer: D) Monetary Measures. 30. An economy where there is a blend between government involvement in business and private ownership. A) Command economy. B) Market economy. C) Mixed economy. D) None of above. Show Answer Correct Answer: C) Mixed economy. ← 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