This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 27 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 27 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Determined by subtracting expenses, including taxes, from revenue A) Merger. B) Net income. C) Depreciation. D) Multinational. E) Vertical merger. Show Answer Correct Answer: B) Net income. 2. Assets that provide a flow of money or service that is known with certainity are called A) 1.riskless assets. B) 2.risky assets. C) 3.return assets. D) 4.none of the above. Show Answer Correct Answer: A) 1.riskless assets. 3. Easiest type of business to start A) Corporation. B) Sole Proprietorship. C) Partnership. D) Corporation and Partnership. Show Answer Correct Answer: B) Sole Proprietorship. 4. ..... shows various combinations of two products that give same amount of satisfaction: A) ISO cost curve. B) Indifference curve. C) Marginal utility curve. D) ISO quant. Show Answer Correct Answer: B) Indifference curve. 5. What is economics? A) The study of unemployment. B) The study of the Australian economy. C) The study of how limited resources are used to meet the unlimited wants of people in society. D) The study of GDP. Show Answer Correct Answer: C) The study of how limited resources are used to meet the unlimited wants of people in society. 6. The main objective of TRYSEM was A) To train rural youth for self-employment. B) To train urban youth for self-employment. C) Both of the above. D) None of these. Show Answer Correct Answer: A) To train rural youth for self-employment. 7. Public utilities are an example of? A) A competitive market. B) Natural Monopoly. C) Monopolistic power. D) Oligopoly. Show Answer Correct Answer: B) Natural Monopoly. 8. An advantage that occurs when a business is able to offer the same quality product as its competitors, but at a lower price. A) Differentiation. B) Cost leadership. C) Alliance. D) Defensive strategy. Show Answer Correct Answer: B) Cost leadership. 9. Which type of market structure has many producers (companies) that sell very similar products and have almost no control over price? A) Competitive markets. B) Oligopoly. C) Monopoly. D) None of above. Show Answer Correct Answer: A) Competitive markets. 10. In the circular flow, what do individuals get in return for their labour? A) Wage. B) Salary. C) Income. D) Money. Show Answer Correct Answer: C) Income. 11. Change in consumption of a good associated with change in its price with level of utility held constant is called A) 1.substitution effect. B) 2.income effect. C) 3.both 1 & 2. D) 4.none of the above. Show Answer Correct Answer: A) 1.substitution effect. 12. Disadvantages for this type of business include:owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability. A) Sole Trader. B) Partnership. C) Limited Company. D) Franchise. Show Answer Correct Answer: A) Sole Trader. 13. In which category would I find the highest prices? A) Sole proprietor. B) Oligopoly. C) Perfect competition. D) Monopoly. Show Answer Correct Answer: D) Monopoly. 14. Form of business organization recognized by law as a separate legal entity having all the rights of an individual A) Corporation. B) Multinational. C) Interest. D) Sole proprietorship. Show Answer Correct Answer: A) Corporation. 15. India has A) Socialistic economy. B) Gandhian economy. C) Mixed economy. D) Free economy. Show Answer Correct Answer: C) Mixed economy. 16. An Economy in which goods and services are produced. It is used in countries that are less developed and are not yet participating in the global Economy. A) Scarcity. B) Demand. C) Traditional Economy. D) Capitalism. Show Answer Correct Answer: C) Traditional Economy. 17. Businesses conspiring among themselves to set the prices of competing products at a higher level A) Price fixing. B) Trust. C) Market sharing. D) Oligopoly. Show Answer Correct Answer: A) Price fixing. 18. Negotiation by a labor union with management over issues such as pay, working hours, health care coverage, and vacation A) Collective bargaining. B) Net income. C) Cash flow. D) Principal. Show Answer Correct Answer: A) Collective bargaining. 19. Globalisation results in ..... A) Lesser competition among producers. B) Greater competition among producers. C) No change in competition among producers. D) None of the above. Show Answer Correct Answer: B) Greater competition among producers. 20. What is an economic system? A) A type of system in economy. B) A system in economics which is given out due to distribution of economy and society. C) A system which is within a society or a given geographic area. D) A system of production, resource allocation and distribution of goods and services within a society or a given geographic area. Show Answer Correct Answer: D) A system of production, resource allocation and distribution of goods and services within a society or a given geographic area. ← 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