This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 16 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Tony Galati, owner of the Spud Shed, showed initiative and innovation by A) Creating a business that sourced products straight from local farmers. B) Creating a business that stored products in warehouses. C) Creating a business that made him a profit. D) Creating a business that destroyed the competitors. Show Answer Correct Answer: A) Creating a business that sourced products straight from local farmers. 2. What is a scam? A) A criminal. B) Fake scheme to steal money or goods. C) Making profit. D) Legally allowed due to law. Show Answer Correct Answer: B) Fake scheme to steal money or goods. 3. Supply represents ..... A) How much of a product or service the market has to offer. B) How much of a product that the customer wants to buy. C) How many goods are available for purchase. D) How much of a product or service that buyers want to sell. Show Answer Correct Answer: A) How much of a product or service the market has to offer. 4. "Economics is what economists do" was remarked by A) Marshall. B) Jacob Viner. C) Keynes. D) Adam Smith. Show Answer Correct Answer: B) Jacob Viner. 5. Persons or company who supplies goods and services. A) Consumer. B) Creditors. C) Government. D) Suppliers. Show Answer Correct Answer: D) Suppliers. 6. Which one of the following is an advantage for an entrepreneur for starting a business as a sole trader? A) Limited liability means that losses can be minimised. B) Owner has control of decision making. C) It is easier to raise finance than other types of business structure. D) Less risky than other types of business structure. Show Answer Correct Answer: B) Owner has control of decision making. 7. Give THREE reasons for the growth in international tourism A) Increase in disposable income. B) Equal. C) Cheaper flights. D) Improvement in the tourism infrastructure. Show Answer Correct Answer: A) Increase in disposable income. 8. ..... is the term for all activities involved in developing and exchanging products. A) Business. B) Entrepreneurship. C) Economics. D) Corporation. Show Answer Correct Answer: A) Business. 9. Which are important for their ability to move resources, products, and financial capital across national boundaries with relative ease? A) Corporations. B) Conglomerates. C) Mergers. D) Multinationals. Show Answer Correct Answer: D) Multinationals. 10. The law of Scarcity- A) Does not apply to developed and rich countries. B) Applies only to less developed countries. C) Implies that the consumers' want will be satisfied in a socialist economy. D) Implies that consumers' want will never be completely satisfied. Show Answer Correct Answer: D) Implies that consumers' want will never be completely satisfied. 11. How is a limited company different from a sole trader or partnership? A) A limited company has only one or two owners. B) A limited company is usually owned by one person. C) A limited company only operates online. D) The owners (share holders) have limited liability. Show Answer Correct Answer: D) The owners (share holders) have limited liability. 12. This is an assumption of law of demand A) 1.Price of the commodity should not change. B) 2.Quantity should not change. C) 3.Supply should not change. D) 4.Income of consumer should not change. Show Answer Correct Answer: D) 4.Income of consumer should not change. 13. Which of the following business practice REDUCES consumer sovereignty? A) Marketing. B) Misleading conduct. C) Planned Obsolescence. D) All of the above. Show Answer Correct Answer: D) All of the above. 14. Organization that promotes the collective interests of its members rather than seeking financial gain for its owners A) Limited life. B) Nonprofit organization. C) Proprietorship. D) Partnership. Show Answer Correct Answer: B) Nonprofit organization. 15. In the circular flow model, the real flow (not money) from households to producers is: A) Wages and salaries. B) Goods and services. C) Factors of production. D) Consumption expenditure. Show Answer Correct Answer: C) Factors of production. 16. An Economy in which resources are owned and controlled by the Government. A) Economic System. B) Command Economy. C) Market Economy. D) Market Price. Show Answer Correct Answer: B) Command Economy. 17. A term for all the activities involved inn developing and exchanging products. A) Service. B) Business. C) Profit. D) Market. Show Answer Correct Answer: B) Business. 18. When two goods are perfect complementary, the indifference curve is: A) A straight line. B) U shaped. C) L-shaped. D) Circular in shape. Show Answer Correct Answer: C) L-shaped. 19. Things required in-order to live. A) Market Price. B) Producers. C) Needs. D) Trade-off. Show Answer Correct Answer: C) Needs. 20. Which is not a study under micro economics? A) Consumer. B) Producer. C) Firm. D) General Employment. Show Answer Correct Answer: D) General Employment. ← 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