This quiz works best with JavaScript enabled. Home > Finance > Economics > Business Economics > Business Economics – Quiz 27 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 27 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A business that carries out activities that are consumed by its consumers A) Retailers. B) Service business. C) Manufacturers. D) Wholesalers. Show Answer Correct Answer: B) Service business. 2. ..... is the study of the economy as a whole where the systems of production, consumption, savings, and investment interact and what this interaction may mean for the economy as a whole. A) Macro economics. B) Micro economics. C) Diverse economics. D) None of the above. Show Answer Correct Answer: A) Macro economics. 3. According to the law of diminishing returns: A) The total product of an input will eventually be negative. B) The marginal product of an input will eventually be negative. C) The marginal product of an input will eventually decline. D) The total product of an input will eventually decline. E) None of the above. Show Answer Correct Answer: C) The marginal product of an input will eventually decline. 4. A bank will NOT provide ..... A) Savings accounts. B) Overdrafts. C) Packaged holidays. D) Personal loans. Show Answer Correct Answer: C) Packaged holidays. 5. Discounts, price cutting, Advertisements, etc in capitalist economy are- A) Types of government regulation. B) Effects of consumer sovereignty. C) Method of handling competition. D) None of the above. Show Answer Correct Answer: C) Method of handling competition. 6. A school begins offering tutoring hours to meet the needs of their working students who are seeking tutoring. This is example of ..... A) Information Utility. B) Place Utility. C) Time Utility. D) Form Utility. Show Answer Correct Answer: C) Time Utility. 7. Perfectly elastic demand curve is a ..... curve A) Horizontal. B) Vertical. C) L shaped. D) U shaped. Show Answer Correct Answer: A) Horizontal. 8. If a company's assets exceed its liabilities, owners' equity is negative. A) True. B) False. Show Answer Correct Answer: B) False. 9. Which of the following is the factor that affects demand? "The popularity of a good or service has a strong effect on the demand for it." A) Consumer Tastes. B) Market Size. C) Consumer Expectations. D) Complement. Show Answer Correct Answer: A) Consumer Tastes. 10. What happens when DEMAND INCREASES (people want more), but SUPPLY DECREASES (the maker puts out less of the product)? A) Prices go up. B) Prices go down. C) Prices stay the same. D) None of above. Show Answer Correct Answer: A) Prices go up. 11. What was the time duration of Three Annual Year Plans in India? A) 1990-1992. B) 1966-1969. C) 1978-1980. D) 1951-1954. Show Answer Correct Answer: B) 1966-1969. 12. The dynamism of the environment depends on the speed of changes in environmental factors and their depth A) True. B) False. Show Answer Correct Answer: A) True. 13. Which is the first book of Economics named as ..... A) Nations of Wealth. B) Economics. C) The Wealth of Nations. D) Political Economy. Show Answer Correct Answer: C) The Wealth of Nations. 14. A system by which people get a living and satisfy their want is ..... A) Factor of Production. B) Economy. C) Human wants. D) Goods. Show Answer Correct Answer: B) Economy. 15. Who was the first chairman of planning commission of India? A) Rajendra Prasad. B) Narendra Modi. C) Sonia Gandhi. D) Pandit Jawaharlal Nehru. Show Answer Correct Answer: D) Pandit Jawaharlal Nehru. 16. It includes a reward for the riskiness of investments: A) Revenue. B) Risk. C) Profit. D) Loss. Show Answer Correct Answer: C) Profit. 17. True or False. All Australian companies are listed on the Australian Stock Exchange (ASX)? A) False tagsBusiness Structures. B) True. Show Answer Correct Answer: A) False tagsBusiness Structures. 18. A GARBAGE TRUCK DRIVER IS AN EXAMPLE OF WHICH FACTOR OF PRODUCTION? A) Labour. B) Land. C) Entrepreneurship. D) Capital. Show Answer Correct Answer: A) Labour. 19. Identify the need in this list A) Water. B) Carbonated Water. C) Pure Oxygen. D) Day Spas. Show Answer Correct Answer: A) Water. 20. What factor of production's function is to make decisions and take risks? A) Capital. B) Enterprise. C) Land. D) Labour. Show Answer Correct Answer: B) Enterprise. 21. Fixed Cost divided by the quantity of output. A) Marginal Cost. B) Average Variable Cost. C) Average Fixed Cost. D) Marginal Fixed Cost. Show Answer Correct Answer: C) Average Fixed Cost. 22. A ..... proportion of labourers in India are working in the Unorganised sector. A) Large. B) Small. Show Answer Correct Answer: A) Large. 23. Which one statement below is not a role of business? A) Provide value to customers quicker than competitors. B) Provide jobs for people. C) Charge customers high prices so the company can make more money than it needs. D) Make lives of people better. Show Answer Correct Answer: C) Charge customers high prices so the company can make more money than it needs. 24. How many sellers are in a monopoly A) ZERO. B) MORE THAT ONE. C) NOT COUNTABLE. D) ONE. Show Answer Correct Answer: D) ONE. 25. There's a sale at your favorite store. One item costs $ 50 but now the price is 2 for $ 60. You don't need two but you buy it anyways. This is an example of ..... A) Law of Demand. B) Complementary Goods. C) Substitution Effect. D) Income Effect. Show Answer Correct Answer: D) Income Effect. 26. Sarva Shiksha Abhiyan was launched in the year ..... A) 2001-02. B) 2003-04. C) 1991-92. D) 1995-96. Show Answer Correct Answer: B) 2003-04. 27. Managerial economics is A) Normative in nature. B) Positive in nature. Show Answer Correct Answer: A) Normative in nature. 28. In Economics, we use the term scarcity to mean; A) Absolute scarcity and lack of resources in less developed countries. B) Scarcity during times of business failure and natural calamities. C) Scarcity caused on account of excessive consumption by the rich. D) Relative scarcity i.e. scarcity in relation to the wants of the society. Show Answer Correct Answer: D) Relative scarcity i.e. scarcity in relation to the wants of the society. 29. ..... Defined Business Economics in reference with the wealth? A) J.B Say. B) Alfred Marshall. C) Walker. D) Joel Dean. Show Answer Correct Answer: A) J.B Say. 30. Which one is a natural resource? A) Trees. B) Paint. C) Plastic. D) None of above. Show Answer Correct Answer: A) Trees. ← 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