This quiz works best with JavaScript enabled. Home > Finance > Economics > Business Economics > Business Economics – Quiz 43 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 43 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Credit cards and installment plans increase ..... by making products easier to get for some customers. A) Possession utility. B) Information utility. C) Place utility. D) Form utility. Show Answer Correct Answer: A) Possession utility. 2. In the circular flow model, the real flow (not money) from households to producers is: A) Wages and salaries. B) Goods and services. C) Factors of production. D) Consumption expenditure. Show Answer Correct Answer: C) Factors of production. 3. Who was the prime minister of india in 2013? A) Narendra Modi. B) Rajiv Gandhi. C) Manmohan Singh. D) Jawaharlal Nehru. Show Answer Correct Answer: C) Manmohan Singh. 4. Which of the following statement is true in context with economic problem of ' for whom to produce' A) Higher the income, higher will be the buying capacity and higher will be his demand for goods in general. B) Higher the income, lower will be the buying capacity and higher will be his demand for goods in general. C) Goods will be produced for those who do not have buying capacity. D) Income one will be able to make depends only on the amount of work he does. Show Answer Correct Answer: A) Higher the income, higher will be the buying capacity and higher will be his demand for goods in general. 5. Firma is a business entity that is the company ..... A) Ir consists of two people who are juridical and economical unity of the factors of production and aimed at making a profit. B) CrIped three people who are juridical and economic unity of the factors of production and aimed at making a profit. C) Which is a juridical and economical unity of the factors of production whose capital owners are four people. D) Which is a juridical and economical unity of the factors of production whose capital owners are two or more people and aims to make a profit. E) Which is a juridical and economical unity of the factors of production whose capital owners are five people and aims to provide services to the community. Show Answer Correct Answer: D) Which is a juridical and economical unity of the factors of production whose capital owners are two or more people and aims to make a profit. 6. The degree of responsiveness of supply to changes in the price of a good A) Elasticity of demand. B) Elasticity of supply. C) Both (a) & (b). D) Cross elasticity. Show Answer Correct Answer: B) Elasticity of supply. 7. Production function shows the technological relationship between ..... A) Owner and Manager. B) Owner and Labor. C) Manager and Labor. D) Inputs and Output. Show Answer Correct Answer: D) Inputs and Output. 8. Micro economics s concerned with A) The study of individual economic behaviour. B) Different sectors of economics. C) The economic as a whole. D) None of the above. Show Answer Correct Answer: C) The economic as a whole. 9. This market structure has the least competition A) Thermopoly. B) Monopoly. C) Hetermopoly. D) Oligopoly. Show Answer Correct Answer: B) Monopoly. 10. Application of economic theories and laws to business practices is called A) Business economics. B) Managerial economics. C) Both a and b. D) None of the above. Show Answer Correct Answer: C) Both a and b. 11. If the supply increases, but the demand decreases, then the price will ..... A) Decrease. B) Increase. C) Stay the same. D) None of above. Show Answer Correct Answer: A) Decrease. 12. Which of the following is concerned with micro economics A) The size of national output. B) The level of employment. C) Change in the general level of prices. D) None of the above. Show Answer Correct Answer: D) None of the above. 13. Mr. Satish hired a business consultant to guide him for growth of his business. The consultant visited his factory and suggested some changes with respect to staff appointment, loan availability and so on. Which approach is that consultant using? A) Macro Economics. B) Micro Economics. C) Both A & B. D) None of the above. Show Answer Correct Answer: B) Micro Economics. 14. Inter-bank money market is another name for ..... A) Certificate of Deposit. B) Commercial Papers. C) Treasury Bill Market. D) Call and Notice Money Market. Show Answer Correct Answer: D) Call and Notice Money Market. 15. There are ..... foreign banks operating in India. A) 20. B) 36. C) 25. D) 30. Show Answer Correct Answer: B) 36. 16. The process that involves linking countries and integrating the world markets, resulting in an exchange of views, ideas, products and culture is known as ..... ? A) Imports tagsTrade. B) Globalisation. C) Trade. D) Urbanisation. Show Answer Correct Answer: B) Globalisation. 17. The government uses some of the tax money it collects from individuals and businesses to support public welfare programs. What is the benefit of these welfare programs to businesses in a private enterprise economy? A) Funds received by recipients are spent in businesses. B) Businesses must budget more money for taxes. C) Government has control of how the recipients spend their money. D) Recipients don't have to work. Show Answer Correct Answer: A) Funds received by recipients are spent in businesses. 18. The average income of the people of a country in a particular year is ..... A) To happen income. B) Net national product. C) National income. D) Personal income. Show Answer Correct Answer: C) National income. 19. Central Planned Economy is on the basis of A) Maximizing social welfare. B) Supply and Demand forces in the market. C) Both A and B. D) Other. Show Answer Correct Answer: A) Maximizing social welfare. 20. Which of the following statement is true? A) Human wants are infinite. B) Resources are limited. C) Scarcity problem gives birth to choice. D) All of these. Show Answer Correct Answer: C) Scarcity problem gives birth to choice. 21. Why are the three economic questions important? A) It show the study of how people choose to use resources. B) Where economic decisions are made by individuals and are based on exchange or trade. C) Because economic resources are limited. D) The wealth and resources of a country or region. Show Answer Correct Answer: C) Because economic resources are limited. 22. Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. This was defined by ..... A) Mr.Adkola. B) John Stuart Mill. C) Alfred Marshall. D) None of the above. Show Answer Correct Answer: D) None of the above. 23. This relates directly to the study of economic efficiency and income distribution, as well as how these two factors affect the overall well-being of people in the economy. It is A) Welfare economics. B) Growth economics. C) Scarcity economics. D) Wealth economics. Show Answer Correct Answer: A) Welfare economics. 24. If the income and substitution effect of a price increase works in the same direction the good whose price has changed is a A) Inferior goods. B) Giffen goods. C) Normal goods. D) Superior one of these. Show Answer Correct Answer: C) Normal goods. 25. Which four elements are considered when calculating employee separation costs? A) -Exit interviews-Lost productivity-Administrative function related to termination-Unemployment tax. B) -Unemployment tax-Separation pay-Administrative function related to termination-Exit interviews. C) -Lost productivity-Cost of lost customers, sales and profit due to departure-Separation pay-Exit interviews. D) -Exit interviews-Separation pay-Cost of additional temporary help-Unemployment tax. Show Answer Correct Answer: B) -Unemployment tax-Separation pay-Administrative function related to termination-Exit interviews. 26. How is the cost of cost concepts of economics? A) To be used as a tool to consider whether consumers get the most benefit. B) To be used as an alternative tool for the production of one type of product. C) To be used as a tool for considering the most effective production factors. D) To be used as a tool to consider the maximum profit of the manufacturer. E) To be used as a tool to consider the lowest cost. Show Answer Correct Answer: B) To be used as an alternative tool for the production of one type of product. 27. Sustainable Development comes into effect on ..... A) Sept-2015. B) Jan-2016. C) Jul-2000. D) Jan-1991. Show Answer Correct Answer: B) Jan-2016. 28. Exploitation and inequality are minimal under: A) Socialism. B) Capitalism. C) Mixed economy. D) None of the above. Show Answer Correct Answer: A) Socialism. 29. Marginal utility is a ..... Concept. A) Cardinal. B) Ordinal. C) Both. D) None. Show Answer Correct Answer: A) Cardinal. 30. A capitalist economy uses ..... as the principal means of allocationresources. A) Demand. B) Supply. C) Efficiency. D) Prices. Show Answer Correct Answer: D) Prices. ← 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