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Business Economics Quiz 4 (25 MCQs)

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1. Capital intensive technique would get chosen in a
2. Which of these is a disadvantage of monopoly from a consumers perspective
3. Forward planning goes hand in hand with
4. The income elasticity of demand is negative for a
5. Human activities directed towards acquisition of wealth are called economic activities.
6. The combination of unlimited needs and wants with limited resources results in:
7. Which of the following is true of a monopolistically competitive firm in long-run equilibrium?
8. Business is exchange of
9. Which of these jobs is involved in production?
10. Since micro economics splits up the entire economy into smaller parts for the purpose of intensive study, it is also known as
11. Which type of economy has the government making all decisions?
12. _____ is a loan taken by the government from its own people as well as from foreign countries.
13. A business which is a separate legal entity, who's management is usually separate from its owners, is which business structure?
14. Which factors in the followingUsed to consider whether the production is a short or long-term production.
15. Micro and macro economics are _____ of economics.
16. Which of the following is not a central economic problem?
17. The central problem of any economy arises because
18. If variable cost is £10 per unit and fixed costs are £400, 000, what is the total cost of producing 50, 000 units?
19. Which one is not a property of isoquant
20. An increase in the average prices of goods and services in a country.
21. Which of the following actions would the Federal Reserve System take to expand monetary policy
22. Let's say that the latest mobile phone demand line, F-Phone brand has the flexibility to the price equal to-2.0. The amount of demand for this mobile phone will increase by 10 percent.Show that the price of this mobile phone must
23. _____ defined economics as a study of mankind in the ordinary business of life
24. Profit earning is basic feature of
25. Which factor of production is the least mobile?
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