Business Economics Quiz 24 (20 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. The following are causes of shift in demand EXCEPT the one:

Correct Answer: B) 2.change in price.

2. This acts like a fire or a driving force that make every business successful.

Correct Answer: A) Principles.

3. A science that examines how goods and services are produced, sold, and used is called .....

Correct Answer: A) Economics.

4. MPS is equal to

Correct Answer: D) Change in Saving / Change in Income.

5. Money that a business has left over after all the expenses and costs of running the business are paid.

Correct Answer: B) Profit.

6. "Economics is the study of mankind in the ordinary business of life" . This definition was given by

Correct Answer: C) Alfred Marshall.

7. The slope of indifference curve is equal to

Correct Answer: C) Marginal rate of substitution.

8. Who appoints the Vice Chairman of Niti Aayog?

Correct Answer: A) Prime Minister.

9. The central question in economics is how to:

Correct Answer: A) Deal with the problem of scarcity.

10. If a business conducts a SWOT analysis to decide whether or not to expand, which of the following would be categorized as an "O" ?

Correct Answer: B) There is a potential for increased profits.

11. "Economics is the oldest of the arts, newest of the sciences, indeed the Queen WsociaJ sciences" . This is remarked by

Correct Answer: D) Samuelson.

12. Corporation that has manufacturing or service operations in a number of countries

Correct Answer: D) Multinational.

13. Change in consumption of a good resulting from increase in purchasing power with relative price held constant

Correct Answer: B) 2.income effect.

14. Business combination of firms involved in differentsteps of manufacturing or marketing

Correct Answer: E) Vertical merger.

15. A buyer's willingness and ability to pay a price for a specific quantity of a good or service.

Correct Answer: A) Demand.

16. Markets like automobiles, cell phones, film production studios, and internet providers are examples of which market structure?

Correct Answer: B) Oligopoly.

17. The market price for a product is determined at a point where .....

Correct Answer: C) Supply equals demand.

18. Which brand of drinks may be a very good substitute for Coca-Cola?

Correct Answer: B) Pepsi.

19. A business that creates its own plan to expand its economic growth.

Correct Answer: B) Big Idea.

20. If quantity demanded is completely unresponsive to changes in price, demand is:

Correct Answer: D) 4.Perfectly inelastic.