This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 21 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 21 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The point where supply and demand are equal. A) Market Price. B) Trade-off. C) Services. D) Scarcity. Show Answer Correct Answer: A) Market Price. 2. Which type of economy has the government making all decisions? A) Market. B) Mixed. C) Traditional. D) Command. Show Answer Correct Answer: D) Command. 3. Factors that make it difficult for new firms to enter a market are called A) Barriers to entry. B) Factors of production. C) Limited supply. D) Monopolistic Outlook. Show Answer Correct Answer: A) Barriers to entry. 4. Ownership and management are separate A) Sole Proprietorship. B) Partnership. C) Partnership and Corporation. D) Corporation. Show Answer Correct Answer: D) Corporation. 5. Which government tax provides free healthcare to Australians? A) Health tax. B) Medibank. C) HBF. D) Medicare. Show Answer Correct Answer: D) Medicare. 6. GDP, or gross domestic product, measures ..... A) The value of all final goods and services produced. B) An increase in the general price level. C) The percentage of people looking for work that can't find it. D) The economic freedom an economy offers. Show Answer Correct Answer: A) The value of all final goods and services produced. 7. Which type of economy lets the government & private businesses work together in order to make decisions? A) Market. B) Mixed. C) Command. D) Traditional. Show Answer Correct Answer: B) Mixed. 8. When comparing the four main types of business organizations, which protects owners the MOST from personal financial liability due to being sued by a customer? A) Sole Proprietorship. B) Partnership. C) Franchise. D) Corporation. Show Answer Correct Answer: D) Corporation. 9. Disadvantages include double taxation and more government regulation A) Sole Propriotorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: C) Corporation. 10. Of the four factors of production, which of these are not a factor of production? A) Land. B) Capital. C) Development. D) Labour. Show Answer Correct Answer: C) Development. 11. Which of the following is NOT an advantage of starting a business as a partnership? A) More finance can be raised. B) Partners can specialise according to their experience. C) The workload is reduced since it is shared amongst partners. D) Partners may disagree and fall out with each other. Show Answer Correct Answer: D) Partners may disagree and fall out with each other. 12. Anywhere a business exchange takes place. A) Economics. B) Product. C) Market. D) Service. Show Answer Correct Answer: C) Market. 13. What are the factors of production? A) Wants, needs, happiness. B) Resources people use to produce goods and services. C) The factors that go into proudction. D) The way shops are run in order to be successful. Show Answer Correct Answer: B) Resources people use to produce goods and services. 14. Commercial enterprise that dedicates itself to buying already made products and reselling them to make profit? A) Merchandising Business. B) Limited Liability Company. C) Partnership. D) Service Business. Show Answer Correct Answer: A) Merchandising Business. 15. ..... Defined Business Economics in reference with preparation of policies? A) J.B Say. B) Alfred Marshall. C) Walker. D) Joel Dean. Show Answer Correct Answer: D) Joel Dean. 16. Deliberate deception, designed to secure unfair or unlawful gain. A) Cease and desist order. B) Limited warranty. C) Fraud. D) None of above. Show Answer Correct Answer: C) Fraud. 17. . Science of Material Welfare is also known as ..... A) Classical Definition. B) Neo-classical Definition. C) None of the above. D) None of above. Show Answer Correct Answer: B) Neo-classical Definition. 18. The core problem of economic study is? A) Money. B) Scarcity. C) Allocation. D) Production. Show Answer Correct Answer: B) Scarcity. 19. Which of the following is the best example of a business's economic decision? A) Hiring part-time employees to save on costs. B) Endorsing an independent candidate in state elections. C) Updating directions to your office on the company website. D) Following up with a customer after she exchanged an item. Show Answer Correct Answer: A) Hiring part-time employees to save on costs. 20. Things that add comfort and pleasure to your life. A) Services. B) Economic System. C) Consumer. D) Wants. Show Answer Correct Answer: D) 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