This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 15 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 15 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Consider the following and decide, which economy (if any) is without scarcity A) American economy. B) Chinese Economy. C) Post independence Indian economy. D) None of the above. Show Answer Correct Answer: D) None of the above. 2. Which of the following is not a positive economic statement? A) Unemployment rate decreases with industrialization. B) Economics is a social science that studies human behaviour. C) Looking at the current condition of farmers, the government is expected to decrease the rate of interest on loan. D) India spends a huge amount of money on national defense. Show Answer Correct Answer: C) Looking at the current condition of farmers, the government is expected to decrease the rate of interest on loan. 3. Which of these is a service? A) School fees. B) Toothbrush. C) Clothes. D) Chocolate. Show Answer Correct Answer: A) School fees. 4. A curve that shows relation ship between quantity of goods that consumer are willing to buy and the price of the good. A) 1.supply curve. B) 2.demand curve. C) 3.elesticities of supply. D) 4. none of the above. Show Answer Correct Answer: B) 2.demand curve. 5. A study of how increases in the corporate income tax rate will affect the national unemployment rate is an example of A) Macro-Economics. B) Descriptive Economics. C) Micro-economics. D) Normative economics. Show Answer Correct Answer: A) Macro-Economics. 6. Business owned and run by one person A) Consumer cooperative. B) Partnership. C) Sole proprietorship. D) Corporation. Show Answer Correct Answer: C) Sole proprietorship. 7. Business owned and run by 1 person A) Partnership. B) Nonprofit organization. C) Sole proprietorship. D) Corporation. Show Answer Correct Answer: C) Sole proprietorship. 8. Two goods for which the marginal rate of substituion of one of the other is constant are called A) 1.perfect substitutes. B) 2.perfect complements. C) 3.perfect elastic. D) 4.none of the above. Show Answer Correct Answer: A) 1.perfect substitutes. 9. 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. 10. What business is a combination of the traditional business firms and the internet? These businesses not only specialize in traditional methods of distribution, but also ways using different technology. A) Hybrid Business. B) Merchandising Business. C) Limited Liability Company. D) Corporation. Show Answer Correct Answer: A) Hybrid Business. 11. Which of the following is most likely an example of a monopoly? A) A Starbucks across from Dunkin Donuts. B) A gas station in a town by itself. C) 3 fast food restaurants all on the same street. D) A Sainsbury's 4 miles away from a Tesco's. Show Answer Correct Answer: B) A gas station in a town by itself. 12. Who expressed the view that economics is neutral between ends? A) Adam Smith. B) Marshall. C) Samuelson. D) Robbins. Show Answer Correct Answer: D) Robbins. 13. A ..... is a business that is jointly owned by two or more persons. A) Proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: B) Partnership. 14. A combination of two or more businesses to form a single firm A) Merger. B) Net income. C) Depreciation. D) Multinational. E) Vertical merger. Show Answer Correct Answer: A) Merger. 15. Micro and macro are not two independent approaches to economic analysis but they are substitute to each other. A) True. B) False. C) PARTLY TRUE. D) PARTLY FALSE. Show Answer Correct Answer: B) False. 16. All of the following are basic economic questions except A) What to produce?. B) When to produce?. C) How to produce?. D) For whom to produce it for?. Show Answer Correct Answer: B) When to produce?. 17. What effect does rising interest rates have on consumer spending? A) Increases spending. B) Decreases spending. C) Neither increases or decreases spending. D) Both increases and decreases spending. Show Answer Correct Answer: B) Decreases spending. 18. The driving force in choosing to start a business is ..... A) Supply and demand. B) Market forces. C) Competition. D) Profit. Show Answer Correct Answer: D) Profit. 19. Match List I and II and choose the correct answer using the codes given below List I (Economist) List II (Definition) A. Adam Smith 1. Welfare B. Marshall 2. Wealth C. Robbins 3. Growth D. Samuelson 4. Scarcity A) A-2, B-1, C-4, D-3. B) A-2, B-3, C-1, D-4. C) A-1, B-2, C-3, D-4. D) A-4, B-3, C-2, D-1. Show Answer Correct Answer: A) A-2, B-1, C-4, D-3. 20. The Dow Jones industrial average swept past 12, 000 for the first time. Investors are increasingly optimistic about corporate earnings and the economy. This achievement MOST likely involved which type of business organization? A) Proprietorship. B) Partnership. C) Corporation. D) Conglomerate. Show Answer Correct Answer: C) Corporation. ← 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