This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 13 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Find the number of units X produces the minimum average cost per unitC= 1.25x2 +25x +8000 A) 60. B) 70. C) 80. D) 90. Show Answer Correct Answer: C) 80. 2. Which of the following is not the feature of capitalist economy: A) Right to private property. B) Freedom of economic choice. C) Collective ownership. D) Consumer Sovereignty. Show Answer Correct Answer: C) Collective ownership. 3. A check that transfers a portion of the corporate earnings to a stockholder A) Dividend. B) Partnership. C) Cash flow. D) Net income. Show Answer Correct Answer: A) Dividend. 4. The capability of a system to expand its total output under an increased volume of work when resources are added. A) Autonomy. B) Big Idea. C) Profitability. D) Scalability. Show Answer Correct Answer: D) Scalability. 5. Organization of workers formed to represent its members' interests in various employment matters A) Principal. B) Labor union. C) Multinational. D) Corporation. Show Answer Correct Answer: B) Labor union. 6. In Business economics 'Means' refers to ..... A) Human wants. B) Resources. C) Both (1) and (2). D) Neither (1) nor (2). Show Answer Correct Answer: B) Resources. 7. What is the role of the entrepreneur in the modern economy? A) To preserve natural resources. B) To create jobs. C) To generate wealth. D) To take big risks. Show Answer Correct Answer: C) To generate wealth. 8. This type of partnership is less risky because this partner is only responsible for the contribution he/she has made to the partnership A) Sole proprietorship. B) General Partnership. C) Corporation. D) Limited partnership. Show Answer Correct Answer: D) Limited partnership. 9. This type of business is owned by two or more people. A) Sole Trader. B) Partnership. C) Limited Company. D) Franchise. Show Answer Correct Answer: B) Partnership. 10. (A) There is similarity between Robbins's definition and Samuelson's definition(B) Samuelson's definition is not only dynamic in content; it is also wider in scope.Of these A) A is true, but B is false. B) A is false, but B is true. C) Both A and B are true. D) Both A and B are false. Show Answer Correct Answer: C) Both A and B are true. 11. The most prominent members of the Neo-classical school of economics is A) Adam Smith. B) Milton Friedman. C) Lucas. D) Alfred Marshall. Show Answer Correct Answer: D) Alfred Marshall. 12. What are Needs? A) These are goods and services which human beings desire but can live without. B) All the above. C) These are goods and services which human beings cannot live without. D) None of above. Show Answer Correct Answer: C) These are goods and services which human beings cannot live without. 13. ..... is a condition in which the average level of prices is actually falling. A) Disinflation. B) Deflation. C) Stagflation. D) Uniflation. Show Answer Correct Answer: B) Deflation. 14. Which of the following is best described as what you are willing to give up to have your first choice? A) Trade-off. B) Scarcity. C) Economic Decision-Making. D) Opportunity Cost. Show Answer Correct Answer: D) Opportunity Cost. 15. Economists regard decision making as important because: A) The resources required to satisfy our unlimited wants and needs are finite, or scarce. B) It is critical to understand how we can best allocate our scarce resources to satisfy society's unlimited wants and needs. C) Resources have alternative uses. D) All of the above. Show Answer Correct Answer: D) All of the above. 16. Which statement is NOT TRUE for consumer sovereignty? A) Consumer has the power to decide what goods to be produced. B) Consumers send signals to producers through their demand. C) Business decides what they want to produce. D) Producers produce g/s they think has highest demand. Show Answer Correct Answer: C) Business decides what they want to produce. 17. An example of 'positive' economic analysis would be A) An analysis of the relationship between the price of food and the quantity purchased. B) Determining how much income each person should be guaranteed. C) Determining the 'fair' price for food. D) Deciding how to distribute the output of the economy. Show Answer Correct Answer: A) An analysis of the relationship between the price of food and the quantity purchased. 18. The heart of economics is A) Wants. B) Resources. C) Trade-offs. D) Decision-making. Show Answer Correct Answer: D) Decision-making. 19. Which of the following business organizations is likely to experience disagreements between management and shareholders? A.Co-operative societies B.Sole traderC.Partnerships D.Joint-stock company A) A. B) B. C) C. D) D. E) D. Show Answer Correct Answer: D) D. 20. The economists who presented the growth oriented definition of economics A) Adam Smith. B) Samuelson. C) Marshall. D) Karl Marx. Show Answer Correct Answer: B) Samuelson. ← 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