This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 26 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 26 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The business sector can be described as ..... A) Producers that provide goods and services to satisfy the needs and wants of households. B) Consumers that are working in the business sector to earn money. C) Consumers that purchase goods and services for the business sector. D) Producers that provide goods and services to consumers in order to make a profit. Show Answer Correct Answer: A) Producers that provide goods and services to satisfy the needs and wants of households. 2. The Central Economic problem is that of- A) Allocating the scarce recourse in such a manner that society's unlimited wants are satisfied as far as possible. B) Giving jobs to poor and backward. C) Guaranteeing that the production occurs in most efficient manner. D) All of above. Show Answer Correct Answer: A) Allocating the scarce recourse in such a manner that society's unlimited wants are satisfied as far as possible. 3. Who among the following would be considered as unemployed? A) A graduating student of legal age to work. B) An entrepreneur in the process of starting a new business. C) A secretary who has resigned from work & looking at job ads. D) A housewife running 2 internet shops at the same time. Show Answer Correct Answer: C) A secretary who has resigned from work & looking at job ads. 4. A major advantage of a ..... is management and training support. A) Proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: D) Franchise. 5. Businesses that produce (not just sell) in more than one country; large businesses with a home base in one country but operate partially or wholly in other countries. A) Multinational Corporations. B) Globalisation. C) Macroeconomics. D) Microeconomics. Show Answer Correct Answer: A) Multinational Corporations. 6. Why Study Economics? A) I have to do it. B) I want to learn about the stock market. C) To learn how to deal with scarcity. D) None of above. Show Answer Correct Answer: C) To learn how to deal with scarcity. 7. A form of business organization with one owner who takes all the risks and all the profit is called- A) Partnership. B) Proprietorship. C) Corporation. D) Governorship. Show Answer Correct Answer: B) Proprietorship. 8. Which of the following definitions best describes an employee? A) They provide financial capital to start a company. B) They earn profits in the form of dividend payments from the firm's profits. C) They have a specific job at the company for which they are paid. D) None of above. Show Answer Correct Answer: C) They have a specific job at the company for which they are paid. 9. This refers to the largest sector in the Philippines. A) Agriculture. B) Industry. C) Farming. D) Service. Show Answer Correct Answer: A) Agriculture. 10. This is needed in every business. Without this, business operations will stagnate. A) Systems. B) Scalability. C) Sustainability. D) Growth. Show Answer Correct Answer: D) Growth. 11. Diffence between expected payoff and actual payoff is called A) 1.deviation. B) 2.standard deviation. C) 3. variability. D) 4.none of the above. Show Answer Correct Answer: A) 1.deviation. 12. What is an entrepreneur? A) A person who starts a new business. B) A leader of a country. C) A worker in a factory. D) A student in college. Show Answer Correct Answer: A) A person who starts a new business. 13. Opportunity Cost is best defined as A) The value of the next best alternative that is given up due to the choice you made. B) The price you pay to purchase something. C) The benefit you gain by making a decision. D) The amount of debt you take on by making a decision. Show Answer Correct Answer: A) The value of the next best alternative that is given up due to the choice you made. 14. According to Robbins "means" are A) Scarce. B) Unlimited. C) Undefined. D) All of these. Show Answer Correct Answer: A) Scarce. 15. Water and air are examples of ..... resources, while people are considered to be ..... resources. A) Capital; human. B) Natural; human. C) Physical; mental. D) Mental; natural. Show Answer Correct Answer: B) Natural; human. 16. Resources such as buildings, equipment, and factories. A) Human Resources. B) Capital. C) Entrepreneurship. D) Natural Resources. Show Answer Correct Answer: B) Capital. 17. A small business/enterprise would have ..... A) 10-49 persons employed. B) 250 or more persons employed. C) 50-249 persons employed. D) Less than 10 persons employed. Show Answer Correct Answer: A) 10-49 persons employed. 18. It illustrates how market forces determine the overall shape of the economy. A) Porter's 5 Forces. B) Circular Flow Model. C) SWOT Analysis. D) Economic Analysis. Show Answer Correct Answer: B) Circular Flow Model. 19. Cardinal approach is related to: A) Indifference curve. B) Equi-marginal utility. C) Law of diminishing returns. D) None of these. Show Answer Correct Answer: B) Equi-marginal utility. 20. Hammers, pencils, and computers are examples of ..... A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: C) Capital. ← 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