This quiz works best with JavaScript enabled. Home > Finance > Economics > Business Economics > Business Economics – Quiz 30 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 30 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is the cause of central economic problem? A) Scarcity of recourses. B) Unlimited wants. C) Alternative use. D) All of the above. Show Answer Correct Answer: D) All of the above. 2. Under the cross elasticity of demand between two substitutes product A) If the price of the product increases, the demand for the other product will decreases. B) If the price of one product decreases, the demand for the other product will decreases. C) If the price of one product decreases, the demand for other product will increases. D) None of the above. Show Answer Correct Answer: B) If the price of one product decreases, the demand for the other product will decreases. 3. Indian banking sector consists of ..... public sector banks. A) 25. B) 26. C) 27. D) 28. Show Answer Correct Answer: C) 27. 4. The flexibility of demand for priceWill always be negativeDue to the change of price and purchase demandWhat are the following characteristics? A) Have different ratio. B) Have the same ratio. C) In the same way. D) In the opposite direction. Show Answer Correct Answer: D) In the opposite direction. 5. Rapid integration and connection between countries is known as A) Interrelation. B) Investment. C) Liberalisation. D) Globalisation. Show Answer Correct Answer: D) Globalisation. 6. In case a factory has idle capacity, the company can use following analysis to accept or reject an order A) Marginal Analysis. B) Incremental Analysis. C) Opportunity cost analysis. D) None of above. Show Answer Correct Answer: B) Incremental Analysis. 7. The term production in economics means- A) Creation of economic utilities. B) Rendering of a service only. C) Creation of a physical product only. D) None of the above. Show Answer Correct Answer: A) Creation of economic utilities. 8. Which one in the following is not correct: A) Means are scarce. B) Economics is science. C) There are limited wants. D) Resources have alternative uses. Show Answer Correct Answer: C) There are limited wants. 9. From the supply side, an industrial sector is made up of all the companies that cover similar needs ..... A) False. B) True. Show Answer Correct Answer: B) True. 10. Which of the following is related to the problem 'how to produce'? A) Factoral distribution of income. B) The choice of technique. C) The choice of product. D) None of these. Show Answer Correct Answer: B) The choice of technique. 11. Which of the followingNot a fixed factor A) Building and house. B) Land. C) Machinery and tools. D) Raw materials used in the production of products. Show Answer Correct Answer: D) Raw materials used in the production of products. 12. What are the factors of production? A) Land, Technology, Dirt, Resources. B) Land, Labor, Capital, Entrepreneurship. C) Land, Labor, Entrepreneurship. D) Resources used in the production of only services. Show Answer Correct Answer: B) Land, Labor, Capital, Entrepreneurship. 13. Which one of the following is correctly matched? A) Wealth of Nations-Marshall. B) Principles of Economics-Crowther. C) Ten Great Economists-J. A. Schumpeter. D) An Outline of Money-J.M. Keynes. Show Answer Correct Answer: C) Ten Great Economists-J. A. Schumpeter. 14. Following is the role of a business entity. A) The Federation of firms. B) State-Owned Business Agency. C) Multipurpose Operation. D) Private-Owned Business Agency. E) Limited semerano. Show Answer Correct Answer: D) Private-Owned Business Agency. 15. The study of how people and nations make choices aboutusing scarce resources to meet their needs and wants is known as ..... A) POLITICS. B) FEUDALISM. C) ECONOMICS. D) FEDERALISM. Show Answer Correct Answer: C) ECONOMICS. 16. Which of the statements below best describe the solvency category of ratios? A) Provides information about a company's ability to meet its short term financial obligations. B) Measures the extent of a company's financial leverage. C) Denotes a company's ability to meet its long-term financial obligations. D) Closely related to sales, important condition for a firm's continuity. Show Answer Correct Answer: C) Denotes a company's ability to meet its long-term financial obligations. 17. Who was the first woman president of India? A) Pratibha Patil. B) Indira Gandhi. C) Sirimavo Bandaranaike. D) Sucheta Kripalani. Show Answer Correct Answer: A) Pratibha Patil. 18. Which of the following represents a good time for a country's government to use its fiscal policy to increase taxes: A) While the economy is expanding. B) When a recession lasts too long. C) When inflation is too high. D) While the economy is contracting. Show Answer Correct Answer: C) When inflation is too high. 19. How do we find the average cost? A) Total cost x quantity produced. B) Quantity produced-total cost. C) Quantity produced/ total cost. D) Total cost/ quantity produced. Show Answer Correct Answer: D) Total cost/ quantity produced. 20. Mr. Dam raised a chicken for trade on his own land.Which used to rent 5, 000 baht/month, and he withdrew the deposit that had received interest of 3, 000 baht per month/month to invest in this chickenIf Mr Dam is actually costing all the chicken raising 1, 000 baht per month/month, which is the following is the most correct? A) Economic cost = 9000 baht/month. B) Cost of opportunity cost = 9000 baht/month. C) Accounting costs = 9000 baht/month. D) Economic cost = 8000 baht/month. Show Answer Correct Answer: A) Economic cost = 9000 baht/month. 21. What does demand analysis and forecasting pertain to? A) Consumer behaviour. B) Production and cost analysis. C) Market structure and pricing policies. D) Resource allocation. Show Answer Correct Answer: A) Consumer behaviour. 22. Central problem of an economy arise, because: A) Many goods are sold in market. B) Government makes decisions. C) Shortage of labour. D) Multiplicity of wants and Scarcity of resources. Show Answer Correct Answer: D) Multiplicity of wants and Scarcity of resources. 23. This type of business focuses on organic products. A) Social. B) Green. C) Wholesale. D) Retail. Show Answer Correct Answer: B) Green. 24. In economics cost control means ..... A) Determining cost. B) Decision of production. C) Prepare plan for products. D) None of above. Show Answer Correct Answer: A) Determining cost. 25. Which of the following is an example of an anti-competitive practice? A) Advertising. B) Paying high wages to workers. C) Price fixing. D) Product differentiation. Show Answer Correct Answer: C) Price fixing. 26. What do we call it when people want to buy a certain thing? A) Demand. B) Interest. C) Curiosity. D) Economics. Show Answer Correct Answer: A) Demand. 27. What does production and cost analysis enable the firm to do? A) Determine the best pricing strategy. B) Maximize profits by minimizing costs. C) Forecast future demand accurately. D) Optimize inventory management. Show Answer Correct Answer: B) Maximize profits by minimizing costs. 28. Which of the following describes assets such as land, building, and equipment? A) Intangible assets. B) Liquid assets. C) Fixed assets. D) Current assets. Show Answer Correct Answer: C) Fixed assets. 29. Economic profit refers to ..... minus all relevant costs, both explicit and implicit. A) Profit. B) Cost. C) Expenses. D) Revenues. Show Answer Correct Answer: D) Revenues. 30. When the price of a product is increased, less will be demanded and when the price is decreased, more will be demanded. This statement illustrates the ..... A) Law of Demand. B) Law of Economics. C) Law of Supply. D) Law of Pricing. Show Answer Correct Answer: A) Law of Demand. ← 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