This quiz works best with JavaScript enabled. Home > Finance > Economics > Business Economics > Business Economics – Quiz 36 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 36 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. When an oligopolit individually chooses its level of production to maximize its profits, it produces an output that is A) More than the level produced by a monopoly and less than the level produced by a competitive market. B) Less than the level produced by a monopoly and more than the level produced by a competitive market. C) Less than the level produced by a monopoly and more than the level produced by a competitive market. D) Less than the price charged by either a monopoly of a competitive market. Show Answer Correct Answer: B) Less than the level produced by a monopoly and more than the level produced by a competitive market. 2. We mainly study the following in Micro-Economics: ..... A) General price level. B) National income and output. C) Demand of industry. D) Employment and economic growth. Show Answer Correct Answer: C) Demand of industry. 3. In the monopoly, the firm's marginal revenue curve is ....., while in a perfectly competitive market, each firm's marginal revenue curve is ..... A) Horizontal; downward sloping. B) Downward sloping; upward sloping. C) Upward sloping; horizontal. D) Downward sloping; horizontal. Show Answer Correct Answer: D) Downward sloping; horizontal. 4. What is branding? A) How you bring in customers through advertising. B) A few short catchy words that encourage people to remember your business. C) Creating a clear image of your business through a theme, logo and slogan. D) How you design your logo. Show Answer Correct Answer: C) Creating a clear image of your business through a theme, logo and slogan. 5. FIPB was to look into FDI proposals worth ..... A) Exceeding 100 crores. B) Less than 100 crores. C) Less than 1000 crores. D) Exceeding 1000 crores. Show Answer Correct Answer: C) Less than 1000 crores. 6. ..... describes how responsive producers are to price changes in the marketplace. A) Change in supply. B) Elasticity of supply. C) Unit elastic. D) Law of supply. Show Answer Correct Answer: B) Elasticity of supply. 7. Which of the following falls under microeconomics? A) National income. B) General price level. C) Factor pricing. D) National saving and investment. Show Answer Correct Answer: C) Factor pricing. 8. Human Development Index is not related to ..... A) Education. B) Life Expectancy. C) Gross Domestic Product. D) To happen income. Show Answer Correct Answer: C) Gross Domestic Product. 9. A CAD system could help a sales manager learn what sales levels will likely result from various levels of advertising expenditures. A) True. B) False. Show Answer Correct Answer: B) False. 10. The product differentiation is also known as ..... A) Price discrimination. B) Economics of scale. C) Price competition. D) Non-price competition. Show Answer Correct Answer: D) Non-price competition. 11. "Earlier one receives the better it is" , it defines: A) Sunk Cost. B) Opportunity Cost. C) Time value of Money. D) Marginal Cost. Show Answer Correct Answer: C) Time value of Money. 12. If there is more supply than there is demand ..... what can happen? A) The price doubles. B) The product can become cheaper/less expensive. C) The product becomes harder to find in stores. D) The products/goods become more expensive!. Show Answer Correct Answer: B) The product can become cheaper/less expensive. 13. In increasing returns to factor total production A) Decreases. B) Increases. C) Increases with diminishing rate. D) Increases with increasing rate. Show Answer Correct Answer: D) Increases with increasing rate. 14. Any general business activity or commercial enterprise that can be isolated from others, such at tourist industry A) Social responsibility. B) Industrial good. C) Manufacturers. D) Trade Industries. Show Answer Correct Answer: D) Trade Industries. 15. Economies of scale mean increasing production with ..... per unit. A) Increase in marginal cost. B) No change in cost. C) Decrease in average cost. D) Increase in total cost. Show Answer Correct Answer: C) Decrease in average cost. 16. Fixed costs + variable costs = A) Marginal Cost. B) Fixed Costs. C) Total Cost. D) Average costs. Show Answer Correct Answer: C) Total Cost. 17. The demand of a commodity which is backed by purchasing power and willingness tospend money: A) Effective Demand. B) Budget Line. C) Indifference Curve. D) PPC. Show Answer Correct Answer: A) Effective Demand. 18. The law of diminishing returns only applies in cases where: A) There is increasing scarcity of factors of production. B) Capital is a variable input. C) The price of extra units of a factor is increasing. D) There is at least one fixed factor of production. Show Answer Correct Answer: D) There is at least one fixed factor of production. 19. India is which type of Economy? A) Underdeveloped. B) Developed. C) Developing. D) All. Show Answer Correct Answer: C) Developing. 20. One of the main functions of a country's monetary policy is to A) Supervise the banking system. B) Issue new currency. C) Monitor government spending. D) Regulate the economy. Show Answer Correct Answer: D) Regulate the economy. 21. Price Mechanism is the main feature of which economy? A) Capitalistic Economy. B) Mixed Economy. C) Socialist Economy. D) All of the above. Show Answer Correct Answer: A) Capitalistic Economy. 22. When price rises, quantity supplied A) Expands. B) Falls. C) Increases. D) Unchanged. Show Answer Correct Answer: A) Expands. 23. Which of the following is a normative economic statement? A) The minimum wage should be raised to ' 200/-per day. B) Unemployment rate decreases with industrialization. C) India spends a huge amount of money on national defence. D) Economics is a social science that studies human behaviour. Show Answer Correct Answer: A) The minimum wage should be raised to ' 200/-per day. 24. When demand increases, the equilibrium price and quantity supplied will both A) Increase. B) Decrease. C) Stay the same. D) None of above. Show Answer Correct Answer: A) Increase. 25. More than anything else, what did most Amerian settlers want from American Indians? A) For them to be religious. B) For them to dress like Europeans/white Americans. C) Their farming skills. D) Their land. Show Answer Correct Answer: D) Their land. 26. Define economics A) A place where people buy and sell goods. B) Where people deal with charts. C) A study of human and group related to work the use of resources to achieve sastification. D) A study of goods and services. Show Answer Correct Answer: C) A study of human and group related to work the use of resources to achieve sastification. 27. The kind of people who are on corporate board are all of the following EXCEPT A) Represent the government and its regulatory affairs over the firm. B) Regularly dwell in the upper echelon of class and income levels. C) Highly educated at prestigious universities. D) Responsible for the major deals made in the business world. Show Answer Correct Answer: A) Represent the government and its regulatory affairs over the firm. 28. When verbal expressions are expressed algebraic form we get A) Problems. B) Function. C) Equation. D) None of above. Show Answer Correct Answer: C) Equation. 29. Globalisation can be defined as ..... A) Economic transactions that are made between countries. B) The exchange of goods and services among individuals and businesses in multiple countries. C) The process of interaction and integration among people, companies, and governments worldwide. D) A change in global or regional climate patterns. Show Answer Correct Answer: C) The process of interaction and integration among people, companies, and governments worldwide. 30. What is the condition that exists when the supermarket runs out of 2% milk? A) Shortage. B) Scarcity. Show Answer Correct Answer: A) Shortage. ← 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