This quiz works best with JavaScript enabled. Home > Finance > Economics > Business Economics > Business Economics – Quiz 40 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 40 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The market's way of rationing limited resources, goods, and services to consumers in a market economy is through A) Commissions. B) Prices. C) Incentives. D) Profits. Show Answer Correct Answer: B) Prices. 2. Which of the following is not a variable input. A) Labour. B) Equipment. C) Power. D) Raw material. Show Answer Correct Answer: B) Equipment. 3. "Economics is the Science which studies human behaviour as a relationship between ends and scarce means which have alternative uses" -These lines are attributed to A) Samuelson. B) Lionel Robbins. C) Robertson. D) Marshall. Show Answer Correct Answer: B) Lionel Robbins. 4. The amount a firm receives after all costs have been paid. A) Profit. B) Marginal Revenue. C) Marginal Profit. D) Revenue. Show Answer Correct Answer: A) Profit. 5. Increase in demand will result in new demand curve being formed A) Same demand curve. B) Above the original curve. C) Below the original curve. D) None of above. Show Answer Correct Answer: B) Above the original curve. 6. The field in applied economics in which quantitative methods and economic theory to analyze business enterprises A) Micro Economics. B) Business Economics. C) Macro Economics. D) Scarcity. Show Answer Correct Answer: B) Business Economics. 7. Which one of the following is a main feature of an oligopoly? A) Specialises in the public sector. B) Large firms dominate the market. C) No barriers to entry. D) Rising fixed costs. Show Answer Correct Answer: B) Large firms dominate the market. 8. In every economy resources are ..... A) Scarce. B) Limited. C) Available. D) Plenty. Show Answer Correct Answer: A) Scarce. 9. Combining raw materials and processed goods into finished products A) Wholesaler. B) Service. C) Manufacturer. D) Retailer. Show Answer Correct Answer: C) Manufacturer. 10. A time period when at least one factor of production is held constant is called A) Short run. B) Market period. C) Very short period. D) Long run. Show Answer Correct Answer: A) Short run. 11. Economic problem arises due to: A) (a) limited wants. B) (b) scarce means. C) (c) alternative uses. D) Both (b) and (c). Show Answer Correct Answer: D) Both (b) and (c). 12. Market share is ..... A) The portion of a market controlled by a particular company or product. B) How many shares someone owns in the market. C) The amount of people a company shares its profits with in the market. D) All of the above. tagsEconomics. Show Answer Correct Answer: A) The portion of a market controlled by a particular company or product. 13. Too much money in our economy leads to A) Inflation. B) Recession. Show Answer Correct Answer: A) Inflation. 14. To ..... is to make decisions according to what you believe is the best combination of costs and benefits. A) Diversify. B) Cost-Benefit Analysis. C) Watchfully. D) Economize. Show Answer Correct Answer: D) Economize. 15. In the short run, in monopolistic competition, the producers produce at a level of output that is ..... A) Productively efficient. B) Allocatively efficient. C) Profit maximizing. D) None of above. Show Answer Correct Answer: C) Profit maximizing. 16. The top business executives of the most successful companies can earn an average of ..... a year. A) $ 10, 000, 000, 000. B) $ 10, 000, 000. C) $ 10. D) $ 10, 000. Show Answer Correct Answer: B) $ 10, 000, 000. 17. Geographic variables describe populations by identifying traits, such as age, income, gender, ethnic background, marital status, race, religion, and social class. A) True. B) False. Show Answer Correct Answer: B) False. 18. The study of economic behavior of an individual firm or industry in national economy is called as ..... A) Behavioral Economics. B) Macro Economics. C) Business Economics. D) Micro Economics. Show Answer Correct Answer: D) Micro Economics. 19. When the amount of a factor increases the total output A) Increases. B) Becomes zero. C) Is maximum. D) Decreases. Show Answer Correct Answer: A) Increases. 20. Which of the following is not included in land reforms? A) Use of high yielding variety of seeds. B) Abolition of intermediaries. C) The change in ownership of landholdings. D) Land ceiling. Show Answer Correct Answer: A) Use of high yielding variety of seeds. 21. Demand in the flexibility of demand for priceWhat is the type of Elasticity Demand? A) Luxury goods. B) Compensation products. C) Products used together. D) Necessary product. Show Answer Correct Answer: A) Luxury goods. 22. Economics is..... paper. A) Core. B) Allied . Show Answer Correct Answer: B) Allied . 23. The Foreign Investment promotion Board was setup in ..... A) 2000. B) 2014. C) Early 1990. D) 1991. Show Answer Correct Answer: C) Early 1990. 24. ..... shows various combinations of two products that give same amount of satisfaction: A) Marginal utility curve. B) ISO cost curve. C) Indifference curve. D) ISO quant. Show Answer Correct Answer: C) Indifference curve. 25. If demand is perfectly elastic than demand curve would be A) Horizontal. B) Vertical. C) Rectangular hyperbola. D) None of these. Show Answer Correct Answer: A) Horizontal. 26. Opportunity costs are result of ..... A) Overproduction. B) Technology obsolescence. C) Scarcity. D) Abundance of resources. Show Answer Correct Answer: C) Scarcity. 27. Which of the following would help to increase the labour supply in a country? A) Raise the school leaving age. B) Encourage more people to stay on in higher education. C) Reduce the retirement age. D) Raise the retirement age. Show Answer Correct Answer: D) Raise the retirement age. 28. A supply chain is ..... A) The transport of goods by sea or some other means. B) The sequence of processes involved in the production and distribution of a product or service. C) The commercial activity of transporting goods to customers. D) The amount of a commodity, product, or service available and the desire of buyers for it. Show Answer Correct Answer: B) The sequence of processes involved in the production and distribution of a product or service. 29. The techniques of optimization include ..... A) Marginal analysis. B) Calculus. C) Linear programming. D) All of the above. Show Answer Correct Answer: D) All of the above. 30. The formula for calculating total cost is A) Fixed cost + total cost. B) Fixed cost + variable cost. C) Fixed cost * variable cost. D) Fixed cost-variable cost. Show Answer Correct Answer: B) Fixed cost + variable cost. ← 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