This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 20 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 20 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In economics, resources are: A) Anything used to create something else. B) The environment in general. C) Specifically lumber and water. D) Capital only. Show Answer Correct Answer: A) Anything used to create something else. 2. Decreased government spending may result in ..... taxes. A) Higher. B) More. C) Lower. D) None of above. Show Answer Correct Answer: C) Lower. 3. What is any word, name, or symbol used to identify a company? A) Copyright. B) Trademark. C) Utility Patent. D) Design patent. Show Answer Correct Answer: B) Trademark. 4. Things available to be used to produce goods and services. A) Capitalism. B) Economic Resources. C) Mixed Economy. D) Demand. Show Answer Correct Answer: B) Economic Resources. 5. This type of business organization makes it easier to secure financing because more than one person may apply for credit. A) Sole proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: B) Partnership. 6. What is a tariff? A) GST. B) A tax on exported goods. C) A tax on imported goods. D) A tax on the final good. Show Answer Correct Answer: C) A tax on imported goods. 7. The theory Stock Company can be a private company whose minimum membership isA. 2B. 5C. 7D. 10 A) A. B) B. C) C. D) D. E) A. Show Answer Correct Answer: A) A. 8. Which of the following is the best reason for studying economics: A) To determine which occupations interest you. B) To find the best use for resources and supplies. C) To prepare for effective decision-making and responsible citizenship. D) To learn how to invest money and express social responsibility. Show Answer Correct Answer: C) To prepare for effective decision-making and responsible citizenship. 9. Who is the current CEO of the Niti Aayog? A) Rajeev Kumar. B) Arvind Subramanyam. C) Amitabh Kant. D) Narendra Modi. Show Answer Correct Answer: C) Amitabh Kant. 10. What three questions must all economic systems answer? A) When will it happen? will it happen? why will it happen?. B) -what goods and services will be produced? -how will the goods and services be produced? -who will receive the goods and services produced?. C) Who will do it? how will it happen? does it actually happen?. D) None of above. Show Answer Correct Answer: B) -what goods and services will be produced? -how will the goods and services be produced? -who will receive the goods and services produced?. 11. This is the other term for environmental analysis. A) SWOT analysis. B) PESTEL analysis. C) Industry analysis. D) Business analysis. Show Answer Correct Answer: B) PESTEL analysis. 12. "the world is constantly changing" what does this mean? A) More and more jobs are being available or fulfilled or are becoming distant from society. B) There are no more jobs available and they are all taken and done. C) There are heaps of options in society for everyone. D) Everyone has to work as the same job all day everyday. Show Answer Correct Answer: A) More and more jobs are being available or fulfilled or are becoming distant from society. 13. Milling lumber into plywood is an example of what economic activity? A) Primary. B) Secondary. C) Tertiary. D) Quaternary. Show Answer Correct Answer: B) Secondary. 14. Mario owns his own frozen yogurt shop but he is required by law to pay his workers a minimum wage and he must provide health insurance to his full-time employees. What type of economic system does Mario live in? A) Market System. B) Mixed System. C) Traditional System. D) Command System. Show Answer Correct Answer: B) Mixed System. 15. Who was nominated to the full time membership of Niti Aayog? A) Varun Agrawal. B) Ramesh Chand. C) Raghuram Rajan. D) None of the above. Show Answer Correct Answer: B) Ramesh Chand. 16. The financial sector can be described as ..... A) Banks that use the deposits collected in order to help businesses grow. B) Financial intermediaries that collect deposits and invest in the growth of businesses. C) Financial intermediaries that allow consumers to open savings accounts. D) Banks that charge interest on loans that are offered to consumers. Show Answer Correct Answer: B) Financial intermediaries that collect deposits and invest in the growth of businesses. 17. Good whose demand curve slopes upwards because the income effect is larger than the substituition effect is called A) 1.giffen good. B) 2.complementary goods. C) 3.precious goods. D) 4.none of the above. Show Answer Correct Answer: A) 1.giffen good. 18. What type of policy is the use of interest rates to control the economy? A) Demand side policy. B) Fiscal policy. C) Insurance policy. D) Monetary policy. Show Answer Correct Answer: D) Monetary policy. 19. A disadvantage of a sole proprietorship is A) Difficulty starting the business. B) Unlimited liability. C) That the owner must share profits with others. D) Double taxation of earnings. Show Answer Correct Answer: B) Unlimited liability. 20. Which is NOT an example of UNETHICAL decision making by firms? A) Volkswagen cheated fuel emission tests, mislead consumers. B) Qantas give passengers option to pay for the CO2 emissions. C) Business exploiting cheap labour in developing countries. D) Firm exploiting poor environmental laws in developing country. Show Answer Correct Answer: B) Qantas give passengers option to pay for the CO2 emissions. ← 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