This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 11 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Of the following which is an ADVANTAGE of increased competition? A) Higher prices. B) Increased variety. C) Declining customer service. D) Lower quality. Show Answer Correct Answer: B) Increased variety. 2. What words describes too much of a product in the market? A) Scarcity. B) Surplus. C) Shortage. D) Supersized. Show Answer Correct Answer: B) Surplus. 3. A significant decline in general economic activity in a designated region is called A) Expansion. B) Economic growth. C) Recession. D) Gross domestic product. Show Answer Correct Answer: C) Recession. 4. Can exist indefinitely A) Partnership. B) Sole Proprietorship. C) Corporation. D) Partnership and Corporation. Show Answer Correct Answer: C) Corporation. 5. The people who bring all the factors together to create something are practicing A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: D) Entrepreneurship. 6. What freedom did Adam Smith believe was essential for an economy? A) The freedom to not wear a mask in a pandemic. B) The freedom to own land and property and keep profits. C) The freedom of speech. D) The freedom to practice your religion. Show Answer Correct Answer: B) The freedom to own land and property and keep profits. 7. When demand for a product becomes greater than available supply, a(n) ..... develops. A) Surplus. B) Shortage. C) Equilibruim. D) Competition. Show Answer Correct Answer: B) Shortage. 8. What do we call a person who is willing to take the risks of starting a business in order to make a profit? A) Proprieter. B) Partner. C) Entrepreneur. D) Incorporater. Show Answer Correct Answer: C) Entrepreneur. 9. A corporation is A) A business owned by the government. B) A corporate business. C) A business owned by shareholders. D) A business owned by corps. Show Answer Correct Answer: C) A business owned by shareholders. 10. A medium business/enterprise would have ..... A) 10-49 persons employed. B) 250 or more persons employed. C) 50-249 persons employed. D) Less than 10 persons employed. Show Answer Correct Answer: C) 50-249 persons employed. 11. A merger of corporations involved in different steps of manufacturing or marketing is known as a A) Multinational merger. B) Horizontal merger. C) Vertical merger. D) Conglomerate. Show Answer Correct Answer: C) Vertical merger. 12. The point at which supply and demand cross. A) Inflation point. B) Supply point. C) Market price. D) Crosspoint. Show Answer Correct Answer: C) Market price. 13. Which factor might cause an increase in the supply of a product? A) A decrease in productivity. B) Fewer sellers in the marketplace. C) A decrease in government regulations. D) An increase in the cost of raw materials. Show Answer Correct Answer: C) A decrease in government regulations. 14. Which of the following is not within the scope of Business Economics? A) Capital Budgeting. B) Risk Analysis. C) Business Cycles. D) Accounting Standards. Show Answer Correct Answer: D) Accounting Standards. 15. Stock of finished goods and parts in reserve A) Principal. B) Depreciation. C) Labor union. D) Inventory. Show Answer Correct Answer: D) Inventory. 16. Disadvantage of a central planned economy? A) Social justice. B) Limited choice of product and services. C) Public goods. D) Profit. Show Answer Correct Answer: B) Limited choice of product and services. 17. What do points inside the PPF indicate? A) The combination of goods that employ goods efficiently. B) The combination of goods that employ resources fully. C) The combination of goods that do not employ resources fully. D) None of above. Show Answer Correct Answer: C) The combination of goods that do not employ resources fully. 18. Macroeconomics is also called ..... economics A) Applied. B) Aggregate. C) Experimental. D) None of the above Macroeconomics is also called economics. Show Answer Correct Answer: B) Aggregate. 19. Given that Qd =30-3p, Qs =9p-18, determine the equilibrium quantity. A) 20. B) 25. C) 27. D) 18. E) 18. Show Answer Correct Answer: D) 18. 20. In Mixed economy, private sector- A) Are absolutely free to make any type of decisions. B) Works only for social objectives. C) Are regulated directly and / or indirectly by government. D) Does not exists at all. Show Answer Correct Answer: C) Are regulated directly and / or indirectly by government. ← PreviousNext →Related QuizzesEconomy QuizzesBusiness Economics Quiz 1Business Economics Quiz 2Business Economics Quiz 3Business Economics Quiz 4Business Economics Quiz 5Business Economics Quiz 6Business Economics Quiz 7Business Economics Quiz 8Business Economics Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books