This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 14 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 14 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which is NOT a feature of Utility A) Subjective. B) Measurable. C) Relative. D) No moral or legal connotations. Show Answer Correct Answer: B) Measurable. 2. The economic problems of relative scarcity refers to ..... A) Consumers purchasing goods and services from businesses. B) Consumers not being able to afford different goods and services. C) Consumers making purchasing decisions in relation to their needs and wants. D) Consumers making purchasing decisions in relations to goods and services. Show Answer Correct Answer: C) Consumers making purchasing decisions in relation to their needs and wants. 3. The cottage industry system involved manufacturing- A) Of hand made luxury goods. B) In the home. C) Steam engines and other cottage-sized macines. D) Cheese and pastries. Show Answer Correct Answer: B) In the home. 4. What is "spam" ? A) A form of hacking. B) A form of firewall. C) Intellectual property. D) Junk e-mail. Show Answer Correct Answer: D) Junk e-mail. 5. Whose ideas led to Socialism? A) Adam Smith. B) Karl Marx. C) Vladimir Putin. D) None of above. Show Answer Correct Answer: B) Karl Marx. 6. Which economic activity would i such as thinking, research and developing new ideas fall under? A) Primary. B) Secondary. C) Tertiary. D) Quaternary. Show Answer Correct Answer: D) Quaternary. 7. A FULL LARGE MARKET A) MONOPOLY. B) OLIGOPOLY. C) MONEY. D) PERFECT. Show Answer Correct Answer: D) PERFECT. 8. Gives the owner the legal right to make or sell an invention? A) Copyright. B) Trademark. C) Patent. D) Design patent. Show Answer Correct Answer: C) Patent. 9. In which economic system is trade and barter most common? A) Mixed. B) Command. C) Market. D) Traditional. Show Answer Correct Answer: D) Traditional. 10. Something we would like to have but can survive without A) Want. B) Need. C) Producer good. D) Public good. Show Answer Correct Answer: A) Want. 11. What is an import quota? A) The number of imports in Australia. B) The number of taxes placed on a product. C) A restriction of the amount of imports. D) A restriction on the amount of exports. Show Answer Correct Answer: C) A restriction of the amount of imports. 12. What is a planned economy? A) An economy directed to basic subsistence rather then to the market. B) An economic system in which private individuals or businesses own capital goods. C) Type of economic system where investment, production and the allocation of capital goods take place. D) None of above. Show Answer Correct Answer: C) Type of economic system where investment, production and the allocation of capital goods take place. 13. Who is the queen of the Social sciences A) Adam Smith. B) Alfred Marshall. C) No of the above. D) None of above. Show Answer Correct Answer: C) No of the above. 14. Which of the following is considered as a disadvantage of allocating resources using the market system? A) Income will tend to be unevenly distributed. B) People do not get goods of their choice. C) Men of Initiative and enterprise are not rewarded. D) Profits will tend to be low. Show Answer Correct Answer: A) Income will tend to be unevenly distributed. 15. Total utility maximum when: A) Marginal utility is maximum. B) Marginal utility is Zero. C) Average utility is maximum. D) Average utility is Zero. Show Answer Correct Answer: B) Marginal utility is Zero. 16. "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. 17. What is the relationship between quantity supplied and price? A) A. They are not related. B) A. They are directly related. C) They are inversely related. D) They are related through demand. Show Answer Correct Answer: B) A. They are directly related. 18. Activities provided for the satisfaction of others that are consumed the time they are produced. A) Services. B) Mixed Economy. C) Wants. D) Trade-off. Show Answer Correct Answer: A) Services. 19. What does the Circular Flow show? A) Consumers and Producers. B) Business and Households. C) Goods & services. D) How consumers and producers are interdependent. Show Answer Correct Answer: D) How consumers and producers are interdependent. 20. Which of the following does NOT illustrate opportunity cost? A) I should buy a book rather than a food. B) If I buy a computer, I must do without a 35" television. C) If I spend a lot now means I will spend more in the future. D) If I study today, I must give up going to the football game. Show Answer Correct Answer: C) If I spend a lot now means I will spend more in the future. ← 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