This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 18 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 18 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following does not improve the quality / productivity of land? A) Migration. B) Drainage. C) Genetically-modified crops. D) Reclamation. Show Answer Correct Answer: A) Migration. 2. Economics has been called a 'Science of Choice ' because A) The human wants are unlimited, so choice making is essential. B) Economics is a Social science. C) Economics is a Study of material welfare. D) Economics is a Study of man and choice. Show Answer Correct Answer: A) The human wants are unlimited, so choice making is essential. 3. What is resource development? A) A government agency. B) My least favorite subject. C) The study of how to increase resources. D) None of above. Show Answer Correct Answer: C) The study of how to increase resources. 4. "Real" GDP more accurately measures changes in production than Nominal GDP because it accounts for ..... A) Changes in price. B) Phases of the business cycle. C) Increases in unemployment. D) Decreases in exports. Show Answer Correct Answer: A) Changes in price. 5. Perfect competition is characterized by A) Large number of buyers and sellers. B) Homogeneous product. C) Free entry and exit of firms. D) All the above. Show Answer Correct Answer: D) All the above. 6. Initiative and Innovation help businesses gain the competitive advantage by A) Finding a market where you can sell things. B) Finding a niche. C) Finding a niche in the market and gaining more consumer support. D) Finding more consumers. Show Answer Correct Answer: C) Finding a niche in the market and gaining more consumer support. 7. The third step in the decision making process is A) Define the problem. B) Evaluate the alternatives. C) Identify the alternatives. D) Make a choice. Show Answer Correct Answer: B) Evaluate the alternatives. 8. Which of the following is NOT a function of business? A) Capitalism. B) Marketing. C) Finance. D) Production. Show Answer Correct Answer: A) Capitalism. 9. What is a company called that sells stock to raise money? A) Partnership. B) Corporation. C) Sole Proprietorship. D) Limited Partnership. Show Answer Correct Answer: B) Corporation. 10. What is the term that describes when the amount of goods produced is about the same as the number of consumers who are willing to buy the product? A) Risk. B) Supply. C) Demand. D) Equilibrium point/market point. Show Answer Correct Answer: D) Equilibrium point/market point. 11. Ind the price per unit P that produces the maximum profitC= 100+30 x Demand function P=90-x A) 60 $. B) 60$. C) 80$. D) 90$. Show Answer Correct Answer: A) 60 $. 12. Which of the following groups of words best describes wants: A) Limited, changing, and compensating. B) Limited, unchanging, and competing. C) Unlimited, unchanging, and compensating. D) Unlimited, changing, and competing. Show Answer Correct Answer: D) Unlimited, changing, and competing. 13. Individuals who will buy the products and services in the market. A) Consumers. B) Creditors. C) Government. D) Suppliers. Show Answer Correct Answer: A) Consumers. 14. A gap between unlimited wants and limited resources creates A) Scarcity. B) Economics. C) Wants. D) Resources. Show Answer Correct Answer: A) Scarcity. 15. One way to measure economic growth is to A) Count the number of businesses in a country. B) Compare GDP. C) Measure the number of imported goods coming into a country. D) Compare interest rates. Show Answer Correct Answer: B) Compare GDP. 16. Printed and online promotion is needed in starting your business. A) Advertisement. B) Big ideas. C) Sustainability. D) Growth. Show Answer Correct Answer: A) Advertisement. 17. The main economic problem faced by all society is A) Unemployment. B) Inequality. C) Poverty. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 18. Advantages of this type of business include:easy to start, and you can rely on a good company name and expertise with help to set up and run the business. A) Sole Trader. B) Partnership. C) Limited Company. D) Franchise. Show Answer Correct Answer: D) Franchise. 19. What is a major reason for conglomerate mergers? A) Diversification. B) Multinationals. C) Unlimited life. D) Conglomeration. Show Answer Correct Answer: A) Diversification. 20. In Business economics 'ends' refers to- A) Human wants. B) Resources. C) Both (1) and (2). D) Neither (1) nor (2). Show Answer Correct Answer: A) Human wants. ← 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