This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 17 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Match list I and list II and choose the correct answer using the codes given belowList I (Economist) List II (Book)A. Adam Smith 1. EconomicsB. Marshall 2. Wealth of nationsC. Robbins 3. Nature and Significance of Economic ScienceD. Samuelson 4. Principles of Economics A) A-2, B-1, C-4, D-3. B) A-2, B-4, C-3, D-1. C) A-1, B-2, C-3, D-4. D) A-4, B-3, C-2, D-1. Show Answer Correct Answer: B) A-2, B-4, C-3, D-1. 2. A person in which of the following fields would most likely use economics? A) Business. B) Medical. C) Education. D) Construction. Show Answer Correct Answer: A) Business. 3. ..... is the tendency in a free market for the price to change until market clears. A) 1.shortage. B) 2.market mechanism. C) 3.surplus. D) 4.none of the above. Show Answer Correct Answer: B) 2.market mechanism. 4. Amount borrowed when getting a loan or issuing a bond A) Inventory. B) Depreciation. C) Principal. D) Unlimited liability. Show Answer Correct Answer: C) Principal. 5. The World's richest entrepreneur is: A) Bill Gates-Microsoft. B) Gina Rhinehardt-Rio Tinto. C) Jeff Bezos-Amazon. D) Queen Elizabeth II. Show Answer Correct Answer: C) Jeff Bezos-Amazon. 6. A curve that shows relationship between quantity of good that producers are willing to sell and the price of the good is called A) 1.supply curve. B) 2.demand curve. C) 3.elesticities of supply. D) 4.none of the above. Show Answer Correct Answer: A) 1.supply curve. 7. A graph containing a set of indefference curves showing the market basket among which a consumer is indefferent is called A) 1.indeffrence map. B) 2.indefference curve. C) 3. both 1 & 2. D) 4.none of the above. Show Answer Correct Answer: A) 1.indeffrence map. 8. A ..... economy is one in which economic decisions are based on a values, culture, and customs. A) Command. B) Market. C) Traditional. D) Mixed. Show Answer Correct Answer: C) Traditional. 9. External economies of scale are cost savings available to the whole ..... as a result of its ..... A) Industry, Location. B) Business, Location. C) Industry, Size. D) Business, Size. Show Answer Correct Answer: A) Industry, Location. 10. The definition of Scarcity is ..... A) An unlimited amount of resources to meet limited wants and needs. B) A limited amount of resources to meet unlimited wants and needs. C) When people use time and energy to create events. D) A city where individuals commit themselves to unlimited wants and needs. Show Answer Correct Answer: B) A limited amount of resources to meet unlimited wants and needs. 11. Which of the following may be an example of a need? A) A Ferrari. B) Medication. C) Netflix. D) An iPhone. Show Answer Correct Answer: B) Medication. 12. Economy that is based on supply and demand where individual companies and consumers make the decisions about what, how and for whom items will be produced. A) Command economy. B) Market economy. C) Mixed economy. D) None of above. Show Answer Correct Answer: B) Market economy. 13. Tourism, hospitals and banking are all examples of which industry? A) Tertiary. B) Primary. C) Secondary. D) None of above. Show Answer Correct Answer: A) Tertiary. 14. Which of the following is a variable cost for a business? A) Manager salary. B) Wages. C) Electric bill for security lights. D) Payment for a license to operate. Show Answer Correct Answer: B) Wages. 15. Business that is jointly owned by two or more persons A) Stock. B) Partnership. C) Depreciation. D) Dividend. Show Answer Correct Answer: B) Partnership. 16. Why are firms in markets that have perfect competition described as "price takers" ? A) Due to competition you can't charge whatever you want. B) Due to barriers to entry prices need to be high. C) Due to lack of competition you can charge whatever you want. D) Due to few businesses providing a product, prices change dramatically. Show Answer Correct Answer: A) Due to competition you can't charge whatever you want. 17. A budget constraints line is a result of: A) Market price of commodity X. B) Market price of commodity Y. C) Income of the consumer. D) All of these. Show Answer Correct Answer: D) All of these. 18. The distinction between variable cost and fixed cost is relevant only in A) Long period. B) Short period. C) Medium term. D) Mixed period. Show Answer Correct Answer: B) Short period. 19. Business income is considered personal income A) Partnership. B) Corporation. C) Sole Proprietorship. D) Partnership and Sole Proprietorship. Show Answer Correct Answer: D) Partnership and Sole Proprietorship. 20. State the correct answer:The law of scarcity: A) Does not apply to rich, developed countries. B) Applies only to the less developed countries. C) Implies that consumers wants will be satisfied in a socialistic system. D) Implies that consumers wants will never be completely satisfied. Show Answer Correct Answer: D) Implies that consumers wants will never be completely satisfied. ← 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