This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 30 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 30 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which is NOT a type of specialisation? A) Location of enterprise. B) Large-scale production. C) Location of industry. D) Division of labour. Show Answer Correct Answer: A) Location of enterprise. 2. The principle that consumers tend to buy less of a good or service when its price increases, all else held equal, is called A) The law of supply. B) The law of demand. C) The law of increasing cost. D) The law of maximum satisfaction. Show Answer Correct Answer: B) The law of demand. 3. Sam loves science and wants to become a doctor but he is learning how to make clay bricks like his father and grandfather. A) Command Economy. B) Market Economy. C) Traditional Economy. D) Market Economy. Show Answer Correct Answer: C) Traditional Economy. 4. The main driver is the number and capability of competitor in the market. A) Power of Supplier. B) Power of Customer. C) Threats of Substitutes. D) Competition of New Entrants. Show Answer Correct Answer: D) Competition of New Entrants. 5. An Economy that combines elements of the command and market economies. A) Command Economy. B) Opportunity Cost. C) Mixed Economy. D) Capitalism. Show Answer Correct Answer: C) Mixed Economy. 6. How are sole proprietorships and partnerships alike? A) Contracts are needed to start the businesses. B) Owners have complete control of the business. C) Owners have limited legal liability. D) The businesses are owned by one person. Show Answer Correct Answer: B) Owners have complete control of the business. 7. Which is NOT a factor influencing decision whether to spend or to save? A) Income. B) Weather forecast. C) Personality. D) Age. Show Answer Correct Answer: B) Weather forecast. 8. Goods are ..... A) Goods are sold at supermarkets for consumption. B) Goods are intangible items that cannot be seen or touched. C) Goods are actions done by businesses for consumers. D) Goods are physical, tangible products that can be seen and touched. Show Answer Correct Answer: D) Goods are physical, tangible products that can be seen and touched. 9. Political climate, economic shifts, laws and regulations, technology, industry trends, and competition are all examples of: A) External forces. B) Weaknesses. C) Core competencies. D) External reviews. Show Answer Correct Answer: A) External forces. 10. What type of network links computers and workstations, usually within one building? A) Personal digital. B) Wide area. C) Local area (LAN). D) Satellite communication. Show Answer Correct Answer: C) Local area (LAN). 11. McDonald's and Subway are examples of a A) Joint-Venture. B) Franchise. C) Non-Profit Corporation. D) Cooperative corporation. Show Answer Correct Answer: B) Franchise. 12. Who or what answer the basic economics questions in a mixed economy? A) Individuals and Businesses. B) Custom. C) Government. D) Individuals, Businesses and Government. Show Answer Correct Answer: D) Individuals, Businesses and Government. 13. A major task of the Department of Trade and Industry is toencourage ..... exports A) VAT. B) AGRICULTURE. C) INDUSTRIES. D) SOCIAL COST. Show Answer Correct Answer: B) AGRICULTURE. 14. A franchise is A) Where a business is owned by shareholders. B) Where a business sells the rights to distribute its products under its name to other individuals or businesses. C) Where a business sells its products to other businesses. D) Where businesses merge to create one big business. Show Answer Correct Answer: B) Where a business sells the rights to distribute its products under its name to other individuals or businesses. 15. In which year demonetization happen? A) 28th November 2015. B) 8th November 2016. C) 16th October 2010. D) 22nd July 2011. Show Answer Correct Answer: B) 8th November 2016. 16. The company decides to open its market to foreign countries where there is a need for your product. How does this information fit into the SWOT analysis? A) It's a threat. B) It's an opportunity. C) It's a strength. D) It's a weakness. Show Answer Correct Answer: B) It's an opportunity. 17. An individual or group who buys products. A) Product. B) Business. C) Customer. D) Service. Show Answer Correct Answer: C) Customer. 18. The study of economics is primarily concerned with: A) Demonstrating that capitalistic economies are superior to socialistic economies. B) Determining the most equitable distribution of society's output. C) Keeping private businesses from losing money. D) Choices/decisions that are made due to lack of resources. Show Answer Correct Answer: D) Choices/decisions that are made due to lack of resources. 19. Which one of the following may NOT be included in a partnership agreement? A) The contributions from different partners. B) How major decisions are made. C) How workers are hired and trained. D) How the partnership may be ended. Show Answer Correct Answer: C) How workers are hired and trained. 20. At equilibrium under ordinal approach the MRS should be equal to A) MRTS. B) Price Ratio. C) Price. D) Income. Show Answer Correct Answer: B) Price Ratio. ← 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