This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 19 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 19 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Ownership certificates in a firm A) Collective barganing. B) Charter. C) Stock. D) Dividend. Show Answer Correct Answer: C) Stock. 2. The most recognizable form of non-price competition is? A) More Locations. B) Better Customer Service. C) Advertising. D) Low Price. Show Answer Correct Answer: C) Advertising. 3. ..... analyses cause and effect relationship but does not pass any value judgment. A) Positive or pure science. B) Normative science. C) None of the above. D) All of above. Show Answer Correct Answer: A) Positive or pure science. 4. Nike, Google and Apple are examples of ..... A) Sole Proprietorships. B) Partnerships. C) Corporations. D) Franchises. Show Answer Correct Answer: C) Corporations. 5. An action or task that is performed, usually for a fee. A) Service. B) Profit. C) Customer. D) Economics. Show Answer Correct Answer: A) Service. 6. What can a Government do to increase standards of living? A) Increase the cost of living. B) Reduce spending on services. C) Nothing. D) Boost economic growth. Show Answer Correct Answer: D) Boost economic growth. 7. The law of ..... says that the price of a product is determined by the relationship of the supply of a product and the demand for the product. A) Supply and demand. B) Physics. C) Consumer behavior. D) Business. Show Answer Correct Answer: A) Supply and demand. 8. Indefference curves are normally A) 1.downward sloping and can not intersect. B) 2.upward sloping. C) 3.indeffrent. D) 4.none of the above. Show Answer Correct Answer: A) 1.downward sloping and can not intersect. 9. Disadvantages of this business type include:needs a partnership agreement, partners might not get along, owners share profits, unlimited liability. A) Sole Trader. B) Partnership. C) Limited Company. D) Franchise. Show Answer Correct Answer: B) Partnership. 10. Which one of the following is not true? A) Micro economics is the study of the allocation of scarce resources. B) Economists use models to make testable predictions. C) Individuals, governments, and firms use micro economic models and predictions in decision making. D) Micro economics is often called income theory to emphasize the important role that prices play. Show Answer Correct Answer: D) Micro economics is often called income theory to emphasize the important role that prices play. 11. This economy of scale is where advertising budgets can be spread across multiple products for lower average costs. A) Managerial. B) Marketing. C) Financial. D) Purchasing. Show Answer Correct Answer: B) Marketing. 12. What usually happens to inflation during a recession? A) It stays the same. B) It decreases. C) It increases. D) It is zero. Show Answer Correct Answer: B) It decreases. 13. What is a car an example of? A) A Cost. B) A serviceA Service. C) A Product/Good. D) None of above. Show Answer Correct Answer: C) A Product/Good. 14. An oligopoly is a market that is characterized by: A) One firm that totally dominates the supply of the product. B) A large number of small firms all producing very similar products. C) A few large sellers who dominate the market. D) Several small firms that compete primarily by differentiating their products. Show Answer Correct Answer: C) A few large sellers who dominate the market. 15. It is an assessment of how easy it is for the buyers to drive prices down. A) Power of Wholesaler. B) Power of Retailer. C) Power of Seller. D) Power of Consumer. Show Answer Correct Answer: D) Power of Consumer. 16. Which one of the following is not an advantage of being a sole trader? A) Easy to set up and run. B) All the profits go to the owner. C) Cannot be continued when the owner dies. D) The owner has full control of the business. Show Answer Correct Answer: C) Cannot be continued when the owner dies. 17. Which of the following is not an advantage of a command economy? A) Can ensure stability. B) Serves people collectively by focusing on equality. C) Products produced fulfill needs. D) Lack of incentive for innovation. Show Answer Correct Answer: D) Lack of incentive for innovation. 18. Individuals and organizations that determine what products and services will be available for sale. A) Consumer. B) Economic Decision Making. C) Producers. D) Wants. Show Answer Correct Answer: C) Producers. 19. The most attractive alternative given up when a choice is made, is the A) Scarcity choice. B) Favorite choice. C) Economics cost. D) Opportunity cost. Show Answer Correct Answer: D) Opportunity cost. 20. Micro economics is a ..... equilibrium A) Partial. B) General. C) Total. D) Multi-Variable. Show Answer Correct Answer: A) Partial. ← 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