This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 25 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 25 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which factor does not affect the demand for labour? A) Demand for a product. B) Productivity of labour. C) Migration. D) Availability of substitutes. Show Answer Correct Answer: C) Migration. 2. What is inflation? A) When the economy is doing well. B) A sustained increase in the general price level of goods and services in an economy over a period of time. C) When Coles and Woolworths increase the price of some goods. D) When you get a high power bill. Show Answer Correct Answer: B) A sustained increase in the general price level of goods and services in an economy over a period of time. 3. Which of the following is a characteristic of a command economy? A) Consumers have few, if any, choices in the market place. B) Little government intervention. C) Also, called "capitalist" economy. D) Resources are owned by individuals. Show Answer Correct Answer: A) Consumers have few, if any, choices in the market place. 4. Scarcity is defined as a limited supply of resources and ..... A) Limited wants for those resources. B) Unlimited resources. C) Limited resources. D) Unlimited wants for available resources. Show Answer Correct Answer: D) Unlimited wants for available resources. 5. Unemployment 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: C) The percentage of people looking for work that can't find it. 6. The difference between the income earned and the expenses incurred by a business during a specific period of time is called ..... A) Sales. B) Profit. C) Expenses. D) Costs. Show Answer Correct Answer: B) Profit. 7. The economy is the total of all activities for the purpose of ..... A) Producing, marketing and selling goods and services in a country. B) Creating, designing and exploring goods and services in a country. C) Producing, distributing and consuming goods and services in a country. D) Producing, distributing and selling foods and services in a country. Show Answer Correct Answer: C) Producing, distributing and consuming goods and services in a country. 8. A level of material comfort measured by the goods, services, and luxuries available A) Standard of expense. B) Standard of cost. C) Standard of living. D) None of above. Show Answer Correct Answer: C) Standard of living. 9. Think tank of government of India that replaced the planning commission. A) Niti dharma. B) Niti Shashan. C) Niti Aayog. D) None of the above. Show Answer Correct Answer: C) Niti Aayog. 10. Advantages include limited liability for owners, unlimited life, and ease of transfer of ownership. A) Sole Propriotorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: C) Corporation. 11. What is a standard of living? A) The amount of food available to a group of people. B) The amount of electricity available to a group of people. C) Level of wealth and resources available to a certain socioeconomic class in a certain geographic area. D) The average amount of money available to a group of people. Show Answer Correct Answer: C) Level of wealth and resources available to a certain socioeconomic class in a certain geographic area. 12. Which of the following is a natural resource used to produce a hamburger? A) Cow. B) Cheese. C) Dough for the Bun. D) Ketchup. Show Answer Correct Answer: A) Cow. 13. Which of the following is the disadvantage for a market economy? A) Some individuals needs may not be meet. B) Little government intervention. C) Great variety of goods or services. D) Price are determined by market forces (supply and demand). Show Answer Correct Answer: A) Some individuals needs may not be meet. 14. How marketing built Lego into the world's favourite toy brand A) Business news. B) Economic news. C) Microeconomics. D) Macroeconomics. Show Answer Correct Answer: A) Business news. 15. MONOPOLY REFERS TO A) ONE. B) MANY. C) FEW. D) HUGE. Show Answer Correct Answer: A) ONE. 16. Scarcity is a problem A) Measured by the amount of goods available. B) Of the poor, but not the rich. C) Because human wants are unlimited while resources are limited. D) Only in industrialized economies. Show Answer Correct Answer: C) Because human wants are unlimited while resources are limited. 17. Disadvantages of this type of business include:company is controlled by shareholders rather than original owners, must publish accounts, and is difficult to start. A) Sole Trader. B) Partnership. C) Limited Company. D) Franchise. Show Answer Correct Answer: C) Limited Company. 18. When demand is higher than the available resources. A) Scarcity. B) Market. C) Capitalism. D) Factors of Production. Show Answer Correct Answer: A) Scarcity. 19. Socialist economy is characterised by- A) Secondary role of price mechanism. B) Relative equality of income. C) Selective production of goods. D) All of the above. Show Answer Correct Answer: D) All of the above. 20. Kenneth needed a new shirt for the football game this Friday. He went to the mall and purchased a shirt from H & M. Which market does Kenneth receive his wages to purchase the shirt? A) Product market. B) Factor market. C) Firms. D) Household. Show Answer Correct Answer: B) Factor market. ← 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