This quiz works best with JavaScript enabled. Home > Finance > Economics > Business Economics > Business Economics – Quiz 18 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 18 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The group in charge of the overall direction of the large business firm is the A) The corporate officers. B) Federal Trade Commission. C) The professional consultants. D) The board of directors. Show Answer Correct Answer: D) The board of directors. 2. If there is no competition in your market, how would that impact your business? A) You would charge less for your product. B) You would hire more employees. C) You could charge more for your product. D) You would make more. Show Answer Correct Answer: C) You could charge more for your product. 3. In a client-server network, the client is typically a customer or supplier. A) False. B) True. Show Answer Correct Answer: A) False. 4. ..... is the study of the behavior of individual players in an economy, such as individuals, families, and businesses ..... is the study of the behavior of the economy as whole and involves topics such as inflation, unemployment, aggregate demand, and aggregate supply. A) Positive Economics; Normative Economics. B) Macroeconomics; Microeconomics. C) Normative Economics; Positive Economics. D) Microeconomics; Macroeconomics. Show Answer Correct Answer: D) Microeconomics; Macroeconomics. 5. Proportional costs ..... A) Directly proportional to the volume of production. B) Discount on raw materials. C) Increase more than proportional to production increase. D) Rise less than proportional to production increase. Show Answer Correct Answer: A) Directly proportional to the volume of production. 6. In demand, at higher price ..... A) Less quantity is demanded and therefore is decreasing. B) More quantity is demanded and therefore is decreasing. C) Less quantity is demanded and therefore is growing. D) More quantity is demanded and therefore is growing. Show Answer Correct Answer: A) Less quantity is demanded and therefore is decreasing. 7. In the function D=f(P), D is ..... variable. A) Dependent. B) Voluntary. C) Price. D) Independent. Show Answer Correct Answer: A) Dependent. 8. Our wants are always greater than our resources. A) False. B) True. Show Answer Correct Answer: B) True. 9. If the price elasticity of demand for a good is 0.5, then the demand for that good is A) Inelastic. B) Elastic. C) Unitary elastic. D) None of the above. Show Answer Correct Answer: B) Elastic. 10. Price ceilings are a ....., and result in ..... of the product produced. A) Maximum price / surplus. B) Minimum price / shortage. C) Maximum price / shortage tagsprice ceilingprice controls. D) Minimum price / surplus. Show Answer Correct Answer: C) Maximum price / shortage tagsprice ceilingprice controls. 11. The amount of demand for product A increases from 1, 000 units to 1, 500 units. When the product price A decreases from 1.50 baht per unit to 1.00 baht per unit from the above data, the Price Elasticity of Demand of the product A is equal to. A) -0.16. B) 1.0. C) -1.5. D) 4.0. Show Answer Correct Answer: C) -1.5. 12. Macro Economics is the study of ..... A) All aspects of scarcity. B) The national economy and the global economy as a whole. C) Big business. D) The decisions of individual businesses and people. Show Answer Correct Answer: B) The national economy and the global economy as a whole. 13. Sydney grows sunflowers to sell to the people in her community. Is she a producer or a consumer? A) Producer. B) Consumer. Show Answer Correct Answer: A) Producer. 14. Under perfect competition, price is determined at ..... A) Equilibrium price of the industry. B) Equilibrium price of the firm. C) When MC = MR. D) All of these. Show Answer Correct Answer: A) Equilibrium price of the industry. 15. Which of the accompanying address how much time it takes for a capital budgeting undertaking to recuperate it's underlying expense? A) Maturity period. B) Redemption period. C) Investment period. D) Payback period. Show Answer Correct Answer: D) Payback period. 16. What was the share of industrial sector in GDP (2015-16)? A) 61%. B) 25%. C) 50%. D) 14%. Show Answer Correct Answer: B) 25%. 17. Under the Inductive method, the logic proceeds from: A) Under the Inductive method, the logic proceeds from:. B) Particular to general. C) Both (a) and (b). D) None. Show Answer Correct Answer: B) Particular to general. 18. The study of aggregate income and expenditures and the Per Capita income of one country A) Micro Economics. B) Macro Economics. C) Government Budget. D) Capital Management. Show Answer Correct Answer: B) Macro Economics. 19. Nowadays, consumers are becoming more interested in health.How will it affect the demand of green tea, which is a healthy food? A) The demand line does not change. B) Demand line slides to the right of the original line. C) Demand lines are scrolled to the left of the original line. D) The amount of demand decreased. Show Answer Correct Answer: B) Demand line slides to the right of the original line. 20. A buyer's willingness and ability to pay a price for a specific quantity of a good or service. A) Demand. B) Supply. C) Market. D) Inflation. Show Answer Correct Answer: A) Demand. 21. Which of the following best describes the relationship between trade offs and opportunity cost? A) Trade offs lower the opportunity cost of an economic decision. B) Trade offs occur when there are no opportunity costs. C) Opportunity costs happen because of trade offs. D) Opportunity costs are the opposite of trade offs. Show Answer Correct Answer: C) Opportunity costs happen because of trade offs. 22. "At the higher price levelThe price of demand for priceWill be higherThe price of demand for priceAt the price level that is always lower. "The following text is correct or wrong. A) False. B) True. Show Answer Correct Answer: B) True. 23. Father of Economics A) Marshall. B) Smith. C) Schumpeter. D) Keynes . Show Answer Correct Answer: B) Smith. 24. Which is the characteristics of an underdeveloped economy? A) General poverty. B) Significance of industrial sector. C) Low growth of population. D) Use of higher production techniques and skills. Show Answer Correct Answer: A) General poverty. 25. The first order derivative of total cost is ..... ? A) Average variable cost. B) Marginal cost. C) Average fixed cost. D) Average cost. Show Answer Correct Answer: B) Marginal cost. 26. Which of the following does not characterise business activity? A) Production of goods. B) Salary or wages. C) Sale or exchange. D) Presence of risk. Show Answer Correct Answer: B) Salary or wages. 27. Rashtriya Madhyamic Shiksha Abhiyan was to improve access to A) Elementary Education. B) Secondary Education. C) Tertiary Education. D) All of the above. Show Answer Correct Answer: C) Tertiary Education. 28. A business is a person or group of people who sell a good or service. A) False. B) True. Show Answer Correct Answer: B) True. 29. Most countries try to maintain an inflation rate of ..... per year. A) Six to seven percent. B) Two to three percent. C) Four to five percent. D) One percent or less. Show Answer Correct Answer: B) Two to three percent. 30. What happens when there is too much money and too few goods/products? A) Recession. B) Inflation. C) Prices go lower?. D) Economics. Show Answer Correct Answer: B) Inflation. ← 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