This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 3 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. ..... is the base of marketing planning A) Demand Estimation. B) Demand analysis. C) Demand function. D) Demand forecasting. Show Answer Correct Answer: D) Demand forecasting. 2. Which is a disadvantage of corporations? A) Difficulty of raising financial capital. B) The difficulty and expense of getting a charter. C) Lack of separate taxes in a partnership. D) Potential for conflict between partners. Show Answer Correct Answer: B) The difficulty and expense of getting a charter. 3. Things require to survive are categorised as ..... A) Demands. B) Wants. C) Needs. D) Desires. Show Answer Correct Answer: C) Needs. 4. ..... is a branch of economics that deals with aggregate economic variables, such as the level and growth rate of national output, interest rates, unemployment and inflation A) 1. Microeconomics. B) 2. Statistics. C) 3. Macroeconomics. D) 4. Market Economies. Show Answer Correct Answer: C) 3. Macroeconomics. 5. This is a method used by a business to find attributes that is important and to set them apart itself from its competitors. A) Differentiation. B) Cost leadership. C) Alliance. D) Defensive strategy. Show Answer Correct Answer: A) Differentiation. 6. The four (4) participants in our economy are ..... A) Consumers, Producers, Employees, Governments. B) Producers, Consumers, Students, Governments. C) Households, Firms, Governments, Employees. D) Consumers, Producers, Households, Employees. Show Answer Correct Answer: A) Consumers, Producers, Employees, Governments. 7. Country with little economic wealth and an emphasis on agriculture or mining. A) Less-developed country. B) Developing country. C) Industrialized country. D) None of above. Show Answer Correct Answer: A) Less-developed country. 8. A command economic system is characterized by: A) Reliance on the forces of supply and demand to determine what is produced. B) Reliance on the government to determine what is produced and who gets the output. C) An extremely rapid rate of economic growth. D) Freedom of choice and freedom of competition. Show Answer Correct Answer: B) Reliance on the government to determine what is produced and who gets the output. 9. Two local business owners want to reduce competition, so they decide to form one organization from the two companies. This is an example of a A) Monopoly. B) Hostile takeover. C) Merger. D) Trading bloc. Show Answer Correct Answer: C) Merger. 10. Something we must have in order to survive A) Want. B) Need. C) Producer good. D) Consumer. Show Answer Correct Answer: B) Need. 11. A study of how increase in the corporate income tax rate will affect the national unemployment rate isan example of ..... A) Macro-Economics. B) Descriptive Economics. C) Micro-economics. D) Normative economics. Show Answer Correct Answer: A) Macro-Economics. 12. Internal things that may limit a company's ability to achieve it's goals would be known as a A) Strength. B) Weakness. C) Opportunity. D) Threat. Show Answer Correct Answer: B) Weakness. 13. A ..... is a check that transfers a portion of the corporate earnings to an individual. A) Stock. B) Dividend. C) Payment. D) Bonus. Show Answer Correct Answer: B) Dividend. 14. What is the fundamental problem of economics? A) How to keep consumers out of debt?. B) How to fulfill our unlimited wants and needs with limited resources?. C) How to figure out the way to make the most money?. D) How do we ensure all people get a college education?. Show Answer Correct Answer: B) How to fulfill our unlimited wants and needs with limited resources?. 15. A garbage truck driver is an example of which Factor of Production? A) Labor. B) Land. C) Entrepreneurship. D) Capital. Show Answer Correct Answer: A) Labor. 16. Which of the following is NOT one of the five types of businesses A) Manufacturing. B) Wholesaling. C) Service. D) Selling. Show Answer Correct Answer: D) Selling. 17. Anything that can be bought and sold. A) Factors of Production. B) Customer. C) Product. D) None of above. Show Answer Correct Answer: C) Product. 18. The condition of consumer equilibrium under cardinal approach in case of one commodity is A) Price of commodity should be rising. B) Price of commodity should equal to be marginal utility. C) Price of commodity should be decreasing. D) None of these. Show Answer Correct Answer: B) Price of commodity should equal to be marginal utility. 19. A type of stock without voting privileges A) Preferred. B) Common. C) Uncommon. D) Dividend. Show Answer Correct Answer: A) Preferred. 20. Consider the following and decide which, if any, economy is without scarcity: A) The pre-independent Indian economy, where most people were farmers. B) A mythical economy where everybody is a billionaire. C) Any economy where income is distributed equally among its people. D) None of the above. Show Answer Correct Answer: D) None of the above. ← PreviousNext →Related QuizzesEconomy QuizzesBusiness Economics Quiz 1Business Economics Quiz 2Business Economics Quiz 4Business Economics Quiz 5Business Economics Quiz 6Business Economics Quiz 7Business Economics Quiz 8Business Economics Quiz 9Business Economics Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books