This quiz works best with JavaScript enabled. Home > Finance > Economics > Business Economics > Business Economics – Quiz 34 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 34 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The people at the very top of the organizational chart are the owners of the corporations, the A) Partners. B) Bondholders. C) Shareholders. D) Sole proprietors. Show Answer Correct Answer: C) Shareholders. 2. The study of behavior of consumers in the market and the effect of changes in the determinants of demand is called as A) Demand analysis. B) Demand forecasting. C) Cost analysis. D) Market analysis. Show Answer Correct Answer: A) Demand analysis. 3. Which of the following describes a monopoly firm? A) No barrier to entry. B) Many sellers. C) Many substitutes. D) Single seller. Show Answer Correct Answer: D) Single seller. 4. What do macroeconomic factors relate to? A) The behaviour of consumers in the market. B) The structure of the market and pricing policies. C) The overall economic environment and government policies. D) The best course of action for resource allocation. Show Answer Correct Answer: C) The overall economic environment and government policies. 5. It studies the actions of individual consumers and firms A) Microeconomics. B) Macroeconomics. C) Consumer demand. D) Supply of goods. Show Answer Correct Answer: A) Microeconomics. 6. Which of these is a fiscal policy tool? A) Interest rates. B) Exchange rate. C) Taxation. D) Money supply. Show Answer Correct Answer: C) Taxation. 7. "Economics is the oldest of the arts, newest of the sciences, indeed the Queen WsociaJ sciences" . This is remarked by A) Hicks. B) News. C) Samuelson. D) Jacob Viner. Show Answer Correct Answer: C) Samuelson. 8. What are all societies forced to do because of scarcity? A) Charge large amount of money for available resources. B) Limit resource use. C) Conserve resources. D) Make production decisions. Show Answer Correct Answer: D) Make production decisions. 9. . The main characteristic of monopoly market structure is ..... A) Many buyers. B) Single buyer. C) Many sellers. D) Single seller. Show Answer Correct Answer: D) Single seller. 10. If a good is a necessity, it has ..... substitutes and its demand is ..... A) Many; elastic. B) Many; inelastic. C) Few; elastic. D) Few; inelastic. Show Answer Correct Answer: D) Few; inelastic. 11. Which is a capital resource? A) Trees. B) Cotton. C) Tractor. D) None of above. Show Answer Correct Answer: C) Tractor. 12. A decrease in taxation is an example of a decision made by which sector: A) Government. B) Financial. C) Overseas. D) Business. E) Household. Show Answer Correct Answer: A) Government. 13. ..... is the situation that exists because wants are unlimited and resources are limited. A) Scarcity. B) Water-Diamond Paradox. C) Economics. D) PPC. Show Answer Correct Answer: A) Scarcity. 14. The concept of choice would become irrelevant if A) Scarcity were eliminated. B) We were dealing with a very simple, one-person economy. C) Poverty were eliminated. D) Capital were eliminated. Show Answer Correct Answer: A) Scarcity were eliminated. 15. In which market structure does a firm have greatest control over its product's price? A) Oligopoly. B) Monopolistic competition. C) Perfect competition. D) Monopoly. Show Answer Correct Answer: D) Monopoly. 16. If I produce meat but, the government has to check to make sure I can put this product on the market, what economic system is this? A) Mixed. B) Traditional. C) Market. D) Command. Show Answer Correct Answer: A) Mixed. 17. Which of the following is not a benefit of FDI? A) Transfer of technology. B) Sectorial Development. C) Employment of creation. D) Dependency. Show Answer Correct Answer: D) Dependency. 18. These are companies that provide raw materials and/or services to a given sector. A) Freeriders. B) Entrepreneurs. C) Suppliers. D) Clusters. Show Answer Correct Answer: C) Suppliers. 19. Macroeconomics is also called ..... economics A) Applied. B) Aggregate. C) Experimental. D) None of the above. Show Answer Correct Answer: B) Aggregate. 20. A person who buys goods or services for personal use is called a ..... Someone who makes goods or provides services is called a ..... A) Consumer; Producer. B) Producer; Consumer. C) Good; Service. D) Service; Good. E) Cost; Benefit. Show Answer Correct Answer: A) Consumer; Producer. 21. The controller is a company's chief accounting officer. A) True. B) False. Show Answer Correct Answer: A) True. 22. A market in which only two firms exists A) Duopoly. B) Oligopoly. C) Duopsons. D) Oligopoly. Show Answer Correct Answer: A) Duopoly. 23. Consider the following and decide which, if any, economy is without scarcity A) The pre-independent Indian economy, where most people were farmers. B) A mythical economy where everybody is a billionaire. C) Any economy where income is distributed equally among its people. D) None of the above. Show Answer Correct Answer: D) None of the above. 24. Suppose a type of product price6% increases, resulting in the demand for that product to be reduced by 6%, the flexibility of the demand for the price of the said product is equal. A) 0. B) -1. C) -6. D) -3. Show Answer Correct Answer: B) -1. 25. When you walk a neighbor's dog for pay, you are ..... A) A consumer. B) A government employee. C) A producer selling goods. D) A producer providing a service. Show Answer Correct Answer: D) A producer providing a service. 26. Which factor does not affect the demand for labour? A) Demand for a product. B) Productivity of labour. C) Migration. D) Availability of substitutes. Show Answer Correct Answer: C) Migration. 27. Emotions, memory are the types of ..... factor of consumer buying behavior A) External. B) Internal. C) Others. D) None of the above. Show Answer Correct Answer: B) Internal. 28. Economic Company LimitedManufacture of products with an average cost of 400 baht, an average income of 300 baht and the average variable cost of 150 baht. Which company is in the following situation? A) Have normal profits. B) Loss but continue to produce. C) Loss and need to close the business. D) At the closing point of the business. Show Answer Correct Answer: B) Loss but continue to produce. 29. What is an Economy? A) It is the study of how people choose to use resources. B) Land, labor, and capital. C) The wealth and resources of a country or region. D) A market-based economic system. Show Answer Correct Answer: C) The wealth and resources of a country or region. 30. A service is..... A) Are the products offered by businesses. B) Are companies that offer business to consumers. C) Are physical, tangible items that can be seen and touched. D) The actions that are done by businesses for consumers. Show Answer Correct Answer: D) The actions that are done by businesses for consumers. ← 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