This quiz works best with JavaScript enabled. Home > Finance > Economics > Business Economics > Business Economics – Quiz 29 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 29 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The manager of a business organization is responsible for? A) Decision making. B) Educating people. C) Looking for markets. D) Earning social status. Show Answer Correct Answer: A) Decision making. 2. An example of an export is ..... A) Bananas grown in Australia and sold in China. B) A Tesla electric car made in China and sold in China. Show Answer Correct Answer: A) Bananas grown in Australia and sold in China. 3. Public utilities are an example. A) Monopolistic Competition. B) Oligopoly. C) Natural Monopoly. D) Perfect Competition. Show Answer Correct Answer: C) Natural Monopoly. 4. The demand curve for a perfectly competitive firm is: A) Perfectly inelastic. B) Relatively but not perfectly elastic. C) Perfectly elastic. D) Downward sloping. Show Answer Correct Answer: C) Perfectly elastic. 5. Employment in the service sector has ..... to the same extent as production. A) Increased. B) Not increased. C) Stabilized. D) None of above. Show Answer Correct Answer: B) Not increased. 6. Which one is not the nature of the competition market? A) The seller determines the price. B) There are a lot of buyers and sellers. C) Entering and leaving the market is free. D) Buyers and sellers are fully knowledgeable in the situation. Show Answer Correct Answer: A) The seller determines the price. 7. Minimum Support Price (MSP) guarantees the farmers with ..... A) High income. B) Floor price. C) Competitive Price. D) None of above. Show Answer Correct Answer: B) Floor price. 8. Patent right for invention leads to A) Legal monopoly. B) Fiscal monopoly. C) Technical monopoly. D) Natural monopoly. Show Answer Correct Answer: A) Legal monopoly. 9. "A market in which there are many buyers and sellers, the products are homogeneous and sellers can easily enter and exit from the market" . This statement refer to A) Oligopoly. B) Perfect competition. C) Monopoly. D) Monopolistic competition. Show Answer Correct Answer: B) Perfect competition. 10. Something necessary for life A) Need. B) Want. C) Consumer good. D) Service. Show Answer Correct Answer: A) Need. 11. Which economist said that money is the measuring rod of utility? A) A.C Pigou. B) Marshall. C) Adam Smith. D) Robbins. Show Answer Correct Answer: A) A.C Pigou. 12. What are services? A) Products created by businesses that you can physically touch and see. B) The contest between businesses to win over consumers. C) Work that businesses perform for consumers. D) The money businesses get to keep after paying off expenses. Show Answer Correct Answer: C) Work that businesses perform for consumers. 13. Which of the following ratios measures a firm's ability to meet its current debt obligations? A) Short-term solvency ratio. B) Long-term solvency ratio. C) Activity ratio. D) Profitability ratio. Show Answer Correct Answer: A) Short-term solvency ratio. 14. According to the ....., when price decreases, demand rises, and vice versa. A) Change in demand. B) Change in quantity demanded. C) Law of demand. D) Elasticity of demand. Show Answer Correct Answer: C) Law of demand. 15. The study of the economy with a large scope. Looking at regional, national and global units. A) Macro-Economics. B) Micro-Economics. C) Economics. D) Supply and Demand. Show Answer Correct Answer: A) Macro-Economics. 16. A business goal is to ..... A) Make customers unhappy. B) Grow. C) Fail. D) Sell bad products. Show Answer Correct Answer: B) Grow. 17. The main aim of Business Economics is A) Apply business procedures to economic theories. B) Achievement of goals by application of economic theories to business practices. C) Going in depth of the study. D) Doing business economically. Show Answer Correct Answer: B) Achievement of goals by application of economic theories to business practices. 18. Opportunity cost refers to value of A) Next Best alternative sacrificed. B) Best alternative chosen. C) Additional alternative chosen. D) All alternatives sacrificed. Show Answer Correct Answer: A) Next Best alternative sacrificed. 19. The type of government where the government or a central-planning committee regulates the amount, distribution, and price of everything produced. A) Command economy. B) Mixed economy. C) Market economy. D) None of above. Show Answer Correct Answer: A) Command economy. 20. Robbins definition is superior to the earlier definitions because(i) It is more scientific(ii) It Takes into account all types of human wants, material or non-material, as well as of all types of persons whether living in society or not.(iii) It widened the scope of economics(iv) It is a positive scienceof these A) I and ii are correct. B) Ii and iii are correct. C) Ii and iv are correct. D) All are correct. Show Answer Correct Answer: D) All are correct. 21. In the long run, in monopolistic competition, the producers will produce at a level of output ..... A) That is socially optimum. B) Where AC is at a minimum. C) Where MC=MR. D) None of above. Show Answer Correct Answer: C) Where MC=MR. 22. Under inductive method logic proceeds from: A) Positive to narrative. B) Particular to general. C) General to particular. D) Normative to positive. Show Answer Correct Answer: B) Particular to general. 23. Speculative demand for money is dependent on A) Income. B) Rate of interest. C) Demand. D) Supply. Show Answer Correct Answer: B) Rate of interest. 24. A small island in the pacific has one business that sells diving equpiment. A) Monopoly. B) Monopolistic competition. C) Perfect competition. D) Oligopoly. Show Answer Correct Answer: A) Monopoly. 25. Which of the following is a possible cause of diseconomies of scale? A) Similar businesses in the area. B) Easy access to suppliers. C) Greater distance between senior staff and shop floor workers. D) Abundance of skilled labour. Show Answer Correct Answer: C) Greater distance between senior staff and shop floor workers. 26. Having each worker focus on a particular facet of production is called ..... A) Specialization. B) Marginal Product. C) Law of Supply. D) Increasing Return. Show Answer Correct Answer: A) Specialization. 27. Consider the following and decide, which economy (if any) is without scarcity A) American economy. B) Indian economy between 1947-2000. C) Pre independent Indian economy. D) None of the above. Show Answer Correct Answer: D) None of the above. 28. Which of the following is the right equation for law of demand? A) D=a-bP. B) D= a+bP. C) P=a+bD. D) P=a-bD. Show Answer Correct Answer: A) D=a-bP. 29. Which of the following definitions of economics includes the economic concept of ' scale of preferences'? A) Wealth defintion. B) Welfare definition. C) Scarcity definition. D) None of the above. Show Answer Correct Answer: C) Scarcity definition. 30. A nation's transportation, communication, and utility systems. A) Interstate commerce. B) Factors of production. C) Privatization. D) Infrastructure. Show Answer Correct Answer: D) Infrastructure. ← 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