This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 23 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 23 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Basic economic problems exist because of A) Needs. B) Capital resources. C) Scarcity. D) Economic resources. Show Answer Correct Answer: C) Scarcity. 2. Veterinary Practices are often owned by two or more Vets. This is known as a A) Sole Trader. B) Partnership. C) Limited Company. D) Franchise. Show Answer Correct Answer: B) Partnership. 3. Micro economics theory studies how a free enterprise economy determines: A) The price of goods. B) The price of services. C) The price of economy resources. D) All of the above. Show Answer Correct Answer: D) All of the above. 4. Workers A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: B) Labor. 5. Relationship between the amount of a resource that is available and the price. A) Demand. B) Supply. C) Market. D) Inflation. Show Answer Correct Answer: B) Supply. 6. A Limited liability partnership: A) Have silent partners who cannot lose more than they invested. B) Have a board of directors. C) Have just two owners. D) Have stock. Show Answer Correct Answer: A) Have silent partners who cannot lose more than they invested. 7. Monopolies are good because A) Prices are higher. B) Options are reduced, making decisions easier. C) Forces other firms to quit. D) They are regulated by the government. Show Answer Correct Answer: B) Options are reduced, making decisions easier. 8. The government plans how to use resources to make goods and services. A) Mixed Economy. B) Command Economy. C) Market Economy. D) Traditional Economy. Show Answer Correct Answer: B) Command Economy. 9. Find the number of units X that produce maximum revenueR=800x-0.2x2 A) 2ooo unit. B) 200 unit. C) 3000 unit. D) 300 unit. Show Answer Correct Answer: A) 2ooo unit. 10. Fiscal policy involves increases or decreases in: A) The money supply. B) Interest rates. C) Government spending and taxes. D) Exports and imports. Show Answer Correct Answer: C) Government spending and taxes. 11. What happens when supply is bigger than demand? A) Surplus. B) Shortage. C) Inflation. D) Equlibrium. Show Answer Correct Answer: A) Surplus. 12. Sara's Hair Palace is a small, locally owned beauty salon in Sterling. This represents what type of business? A) Corporation. B) Partnership. C) Sole proprietorship. D) None of above. Show Answer Correct Answer: C) Sole proprietorship. 13. The wish to have something is ..... A) Desire. B) Want. C) Need. D) Demand. Show Answer Correct Answer: A) Desire. 14. The best definition of economics A) Hows choices are made under conditions of scarcity. B) How money is used. C) Hows goods are services are produced. D) How businesses maximize profits. Show Answer Correct Answer: A) Hows choices are made under conditions of scarcity. 15. Economic growth would most likely result from- A) Decreased trade. B) Increased productivity. C) Increased employment. D) Decreased sales of stock. Show Answer Correct Answer: B) Increased productivity. 16. Advantages of this type of business include:selling stock to raise money, limited liability. A) Sole Proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: C) Corporation. 17. Who expressed the view that "Economics is neutral between end" ? A) Robbins. B) Marshall. C) Pigou. D) Adam smith. Show Answer Correct Answer: A) Robbins. 18. An expansionary period in the business cycle is distinguished by- A) High inflation. B) Declining sales. C) Fewer excise taxes. D) Low unemployment. Show Answer Correct Answer: D) Low unemployment. 19. What are goods? A) Actions, skills or knowledge provided by someone. B) Tangible items used by consumers to satisfy their needs and wants. C) Items we need in order to survive. D) Companies who create services. Show Answer Correct Answer: B) Tangible items used by consumers to satisfy their needs and wants. 20. Funds left over after all of the firm's expenses, including taxes, are subtracted from its sales A) Proprietorship. B) Cash flow. C) Partnership. D) Net income. Show Answer Correct Answer: D) Net income. ← 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