This quiz works best with JavaScript enabled. Home > Finance > Economics > Business Economics > Business Economics – Quiz 23 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 23 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Micro economics deals primarily with A) Comparative statics, general equilibrium and positive economics. B) Comparative statics, partial equilibrium and normative economics. C) Dynamics, partial equilibrium and positive economics. D) Comparative statics, partial equilibrium and positive economics. Show Answer Correct Answer: D) Comparative statics, partial equilibrium and positive economics. 2. LLC is a form of business for people who want to protect ..... A) Their Employees. B) Their customers. C) Their personal assets. D) Their family. Show Answer Correct Answer: C) Their personal assets. 3. Which of the following is an example of a want? A) Food. B) Medicine. C) Clothing. D) Entertainment. Show Answer Correct Answer: D) Entertainment. 4. Acting in ways consistent with what society and individuals typically think are good values A) Integrity. B) Entrepreneurship. C) Inspiration. D) Ethics. Show Answer Correct Answer: D) Ethics. 5. When contraction (recession) begins in a business cycle-the economy will experience A) Higher unemployment. B) Lower inflation (deflation). C) Both a & b. D) None of above. Show Answer Correct Answer: C) Both a & b. 6. The relationship between price and demand is ..... A) Inverse. B) Straight. C) Direct. D) Positive. Show Answer Correct Answer: A) Inverse. 7. Which product is the following?When discounting the selling priceWill result in increased revenue (T) of the seller A) Nectar. B) Perfume. C) Fish sauce. D) Polaris bottle water. Show Answer Correct Answer: B) Perfume. 8. Items bought to be used in a business to help create other goods or services A) Industrial Good/Capital Good. B) Service. C) Raw Good. D) Consumer Good. Show Answer Correct Answer: A) Industrial Good/Capital Good. 9. What is the meaning of Economics? A) The study of how resources are allocated to satisfy unlimited wants. B) The study of how businesses make decisions. C) The study of how governments control the economy. D) The study of how individuals make financial decisions. Show Answer Correct Answer: A) The study of how resources are allocated to satisfy unlimited wants. 10. When you give up something to buy another thing, the thing you give up is your ..... A) The benefit. B) The opportunity cost. C) Scarcity. D) None of above. Show Answer Correct Answer: B) The opportunity cost. 11. 4 spheres of economics A) Personal, home, government, global. B) Land, labor, capital, Enterprise. C) Primary, secondary, tertiary, quaternary. D) None of above. Show Answer Correct Answer: A) Personal, home, government, global. 12. ..... demand forecasting is related to the business conditions prevailing in the economy as a whole A) Macro level. B) Industry level. C) Firm level. D) None of these. Show Answer Correct Answer: A) Macro level. 13. . Macroeconomics is the theory of ..... A) Income and employment. B) Price Theory. C) Demand Theory. D) Cost Theory. Show Answer Correct Answer: B) Price Theory. 14. Adam Smith is known for his book: A) The Wealth of States. B) The Wealth of Nations. C) The Wealth of Government. D) None of above. Show Answer Correct Answer: B) The Wealth of Nations. 15. Which of the following would reduce the power of trade unions? A) A decrease in trade union subscriptions. B) Favourable media coverage of trade union activity. C) Low wages. D) An increase in anti-trade union legislation. Show Answer Correct Answer: D) An increase in anti-trade union legislation. 16. Which of the following is not considered with production A) Construction of canal by laborers. B) Painting a picture for sale. C) Singing song with friends. D) Tilling of soil by farmers. Show Answer Correct Answer: C) Singing song with friends. 17. The point where supply and demand coincide is called: A) Deadpoint. B) Optimal point. C) Stabilization point. D) Equilibrium point. Show Answer Correct Answer: D) Equilibrium point. 18. Want satisfying power of a commodity is ..... A) Value. B) Human wants. C) Utility. D) Goods. Show Answer Correct Answer: C) Utility. 19. When output Is 0, total cost = 100, when output = 5 and total cost = 500, fixed cost equals? A) 50. B) 500. C) 100. D) 400. Show Answer Correct Answer: C) 100. 20. Cross elasticity of demand between tea and sugar is: A) Positive. B) Negative. C) Infinity. D) Zero. Show Answer Correct Answer: B) Negative. 21. Under perfect competition, each firm is a A) Price maker. B) Price taker. C) Neither a and b. D) Both a and b. Show Answer Correct Answer: B) Price taker. 22. A market is defined as A) A physical place where people buy only goods. B) A physical place where people buy both goods and services. C) A store where people buy physical goods. D) Any arrangements that brings buyers and sellers together. Show Answer Correct Answer: D) Any arrangements that brings buyers and sellers together. 23. The benefit of economic study is- A) It ensure that all problems will be appropriately tackled. B) It helps in identifying problems. C) It enable to examine a problem in its right perspective. D) It gives exact solutions to every problem. Show Answer Correct Answer: C) It enable to examine a problem in its right perspective. 24. Perfect competition is characterized by A) Large number of buyers and sellers. B) Homogeneous product. C) Free entry and exit of firms. D) All the above. Show Answer Correct Answer: D) All the above. 25. "An economic system where all the economic decisions are made by the government or a central authority" refer to A) Socialism. B) Capitalism. C) Mixed economy. D) None of above. Show Answer Correct Answer: A) Socialism. 26. Which of the following could attract new firm to join an industry? A) Normal profits. B) Economic losses. C) Economic profits. D) Accounting profits. Show Answer Correct Answer: C) Economic profits. 27. A trade in which the parties involved anticipate that the benefits will outweigh the cost is called ..... A) Market trades. B) Consumer sovereignty. C) Profit. D) Voluntary exchange. Show Answer Correct Answer: D) Voluntary exchange. 28. The four sectors in the economy are ..... A) The household sector, tax sector, business sector, & government sector. B) The business sector, tax sector, household sector & financial sector. C) The household sector, financial sector, business sector & government sector. D) The financial sector, government sector, corporate sector, & household sector. Show Answer Correct Answer: C) The household sector, financial sector, business sector & government sector. 29. Freedom of choice is the advantage of A) Socialism. B) Capitalism. C) Communism. D) None of the above. Show Answer Correct Answer: B) Capitalism. 30. GDP, or gross domestic product, measures ..... A) The value of all final goods and services produced. B) An increase in the general price level. C) The percentage of people looking for work that can't find it. D) The economic freedom an economy offers. Show Answer Correct Answer: A) The value of all final goods and services produced. ← 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