This quiz works best with JavaScript enabled. Home > Finance > Economics > Business Economics > Business Economics – Quiz 22 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 22 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. This type of entrepreneur has a passion for something and wants to let others know about it. A) Serial. B) Lifestyle. C) Business. D) Social. Show Answer Correct Answer: B) Lifestyle. 2. 'Revenue' means ..... A) The costs business incur (must pay) in order to operate. B) Money paid to the government that is based on your income or the cost of goods or services you have bought. C) He total money that a business makes by selling its goods or services. D) None of above. Show Answer Correct Answer: C) He total money that a business makes by selling its goods or services. 3. Australia's biggest trading partner is ..... A) China. B) Mongolia. C) Japan. D) USA. Show Answer Correct Answer: A) China. 4. Figuring out how much of a product or service you need to sell in order to neither lose nor make money is known as: A) Strategizing. B) Equal Analysis. C) Smart Business Management. D) Break-Even Analysis. Show Answer Correct Answer: D) Break-Even Analysis. 5. Assets are categorized by the capacity in which they benefit the company. A) False. B) True. Show Answer Correct Answer: B) True. 6. The local government for a community must decide what to do with the sales tax collected. They could build a new skate park or they could buy more computers for the public library. The officials decide to build a skate park. What is the opportunity cost of their decision? A) More computers. B) New skate park. Show Answer Correct Answer: A) More computers. 7. What is inflation? A) Rise in all prices. B) Rise in most prices. C) Rise in some prices. D) Rise in general prices. Show Answer Correct Answer: D) Rise in general prices. 8. India is the world ..... largest economy in present. A) Seventh. B) Third. C) Sixth. D) Tenth. Show Answer Correct Answer: C) Sixth. 9. Which of the following businesses operate in the secondary sector? A) Santander. B) Qatar Airways. C) Ford Motor Company. D) McDonald's. Show Answer Correct Answer: C) Ford Motor Company. 10. What is the goal of forecasting? (Chose the BEST answer) A) To help plan. B) To underutilize facilities. C) To predetermine number of mangers. D) To plan for new storage options. Show Answer Correct Answer: A) To help plan. 11. The institutional market is made up of businesses that buy goods to be converted into other products or that are used up during production. A) True. B) False. Show Answer Correct Answer: B) False. 12. Competitors are defined as all companies using the same technology and sharing a similar market A) False. B) True. Show Answer Correct Answer: B) True. 13. Which form of business has many owners but when the owners change, the company does not dissolve. A) Sole Proprietorship. B) LLC. C) Partnership. D) Corporation. Show Answer Correct Answer: D) Corporation. 14. Business Economics is economics applied in decision making A) True. B) False. Show Answer Correct Answer: A) True. 15. Larger production of goods would lead to higher production in future. A) Public goods. B) Consumer goods. C) Capital goods. D) Agricultural goods. Show Answer Correct Answer: C) Capital goods. 16. Agricultural prices in India are ..... A) Very certain. B) Uncertain. C) Very remunerative. D) None of above. Show Answer Correct Answer: B) Uncertain. 17. Which of the following Pricing Strategies describes when you take the cost of producing a good and add on a percentage of profit to arrive at the selling price? A) Promotional Pricing. B) Low pricing. C) Cost-plus pricing. D) High pricing. Show Answer Correct Answer: C) Cost-plus pricing. 18. An increase in competition would have what effect on price? A) Price stays the same. B) Price goes up. C) It explodes. D) Price goes down. Show Answer Correct Answer: D) Price goes down. 19. This type of business focuses on producing the products they sell. A) Service. B) Wholesale. C) Retail. D) Manufacturing. Show Answer Correct Answer: D) Manufacturing. 20. Business is done for not only profits but also A) Customer satisfaction. B) Improvement in profits. C) Market leadership. D) All of the above. Show Answer Correct Answer: D) All of the above. 21. If a firm does not produce any output, its total cost in the short run is equal to A) Zero. B) Its variable costs. C) Its fixed costs. D) Its marginal cost. Show Answer Correct Answer: C) Its fixed costs. 22. The person who is buying the products in the marketplace. A) Opportunity Cost. B) Producer. C) Scarcity. D) Consumer. Show Answer Correct Answer: D) Consumer. 23. Justin is trying to decide whether he wants to spend a $ 50 birthday check on a new DVD player or tickets to a concert. If he chooses the DVD player, what is the opportunity cost of this decision? A) $ 50. B) Birthday check. C) Concert tickets. D) DVD player. Show Answer Correct Answer: C) Concert tickets. 24. The PESTEL analysis consists of the delimitation, description, evaluation and ranking of opportunities, threats A) False. B) True. Show Answer Correct Answer: B) True. 25. ..... is an economic system in which families, clans, or tribes make economic decisions based on customs and beliefs that have been handed down from generation to generation. A) Command Economy. B) Mixed Economy. C) Stable Economy. D) Traditional Economy. Show Answer Correct Answer: D) Traditional Economy. 26. Breakfast point means A) The point where the income increases the value as the center. B) The point where the revenue increases is equal to the additional cost. C) The total point of income has the highest value and the total cost is the lowest. D) The point where the total income is equal to the total cost. Show Answer Correct Answer: D) The point where the total income is equal to the total cost. 27. Which one of these is NOT an assumption of the monopolistic competition? A) There are many firms. B) The firms are relatively small. C) The products the firms supply are indistinguishable. D) None of above. Show Answer Correct Answer: C) The products the firms supply are indistinguishable. 28. Labor unions make employers increase workers' pay is what type of inflation? A) Cost-push inflation. B) Demand-pull inflation. Show Answer Correct Answer: A) Cost-push inflation. 29. If the income elasticity of demand is that one, the good is a A) Luxury. B) Necessity. C) Complement. D) Substitute. Show Answer Correct Answer: A) Luxury. 30. Scarcity definition of Economics is given by- A) Alfred Marshall. B) Samuelson. C) Robinson. D) Adam Smith. Show Answer Correct Answer: C) Robinson. ← 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