This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 12 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. "The worth of a thing is what it will bring" -What economic term is this quote related to in the article? A) Currency. B) Investment. C) Merchandise. D) Supply & demand. Show Answer Correct Answer: D) Supply & demand. 2. ..... is the practice of buying at a low price in one location and selling at a higher price in Another A) 1. Barter System. B) 2. Arbitrage. C) 3. Free Trade. D) 4. International Trade. Show Answer Correct Answer: B) 2. Arbitrage. 3. Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is: A) 1. 1%. B) 2.5%. C) 3. 3. D) 4. 1. Show Answer Correct Answer: C) 3. 3. 4. Friendship would be considered a(n) ..... want. A) Economic. B) Limited. C) Noneconomic. D) Unlimited. Show Answer Correct Answer: C) Noneconomic. 5. Customers who purchase goods and services for their own use are called ..... Groups A) Individuals. B) Consumer. C) Purchasers. D) Groups. Show Answer Correct Answer: B) Consumer. 6. Susie is having a hard time deciding whether to purchase a new backpack for school or a new purse that she can use daily. She finally decides to buy the purse. What is Susie's opportunity cost? A) The money spent on the purse. B) The backpack. C) Nothing, since she got her preferred choice. D) None of above. Show Answer Correct Answer: B) The backpack. 7. Market structure characterized by a single firm dominating the market. A) Oligopoly. B) Purely Competitive. C) Monopoly. D) Monopolistic competition. Show Answer Correct Answer: C) Monopoly. 8. Exploitation and inequality are minimal under: A) Socialism. B) Mixed economy. C) Capitalism. D) All of the above. Show Answer Correct Answer: A) Socialism. 9. "Teach a person to start a fish farm, and he or she will be able to ..... a village for a lifetime." A) Feed. B) Help. C) Support. D) Teach. Show Answer Correct Answer: A) Feed. 10. Which one from the above is not the main cause of unemployment? A) Decrease in Population. B) Slow Economic Growth. C) Fall of Cottage and Small industries:. D) Slow Growth of Industrialisations. Show Answer Correct Answer: A) Decrease in Population. 11. Micro economic approach is A) Total. B) Individualistic. C) Aggregative. D) None of the above. Show Answer Correct Answer: B) Individualistic. 12. Utility describes the characteristics of a product that satisfy A) Scarcity. B) Needs and wants. C) Opportunity costs. D) Supply and demand. Show Answer Correct Answer: B) Needs and wants. 13. Advantages include full control, ease of start up, and no double taxation. A) Sole Propriotorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: A) Sole Propriotorship. 14. A service is ..... A) Are the products offered by businesses. B) Are companies that offer business to consumers. C) Are physical, tangible items that can be seen and touched. D) The actions that are done by businesses for consumers. Show Answer Correct Answer: D) The actions that are done by businesses for consumers. 15. A consumer can be defined as A) The final user of goods and services. B) Someone who loves to eat. C) Someone who makes goods and services. D) Someone who consumes a lot. Show Answer Correct Answer: A) The final user of goods and services. 16. To get the best from you SWOT analysis you must first identify what? A) How much time you have. B) The aim. C) What your Job role is. D) How much money you have. Show Answer Correct Answer: B) The aim. 17. The term "economies of scale" refers to ..... A) The average costs of production decreasing as a firm expands. B) The average costs of production rising as a firm expands. C) The average costs of production remaining the same as a firm expands. D) The average costs of production at first decreasing, then increasing, as a firm expands. Show Answer Correct Answer: A) The average costs of production decreasing as a firm expands. 18. A micro 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: D) Less than 10 persons employed. 19. Business combination involving firms that producethe same kind of product A) Horizontal merger. B) Net income. C) Depreciation. D) Multinational. E) Vertical merger. Show Answer Correct Answer: A) Horizontal merger. 20. 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. ← 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