This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 31 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 31 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A form of business organization that is authorized to act as a legal entity regardless of the number of owners. A) Corporation. B) Proprietorship. C) Partnership. D) Distributor. Show Answer Correct Answer: A) Corporation. 2. In which of the following would one person be responsible for all of the risks but also receive all of the profits? A) Corporation. B) Propreitership. C) Partnership. D) Dual owner business. Show Answer Correct Answer: B) Propreitership. 3. If new competitors can enter your market easily because the are few barriers, your ..... is high. A) Supplier power. B) Threat of substitution. C) Margin. D) Threat of new entry. Show Answer Correct Answer: D) Threat of new entry. 4. How do governments, businesses and individuals deal with having unlimited needs and wants with scarce resources? A) By making trade-offs. B) By figuring out how to satisfy every want and need. C) By focusing on wants first and then needs. D) There is literally no answer. Show Answer Correct Answer: A) By making trade-offs. 5. A joint venture is: A) Two businesses working together for a limited time. B) Two businesses joining up forever. C) Two businesses who have split stock. D) None of above. Show Answer Correct Answer: A) Two businesses working together for a limited time. 6. What is a disadvantage of a mixed economy? A) Private ownership of resources. B) Government regulations. C) Inequities in the distribution of wealth. D) Strong social networks. Show Answer Correct Answer: C) Inequities in the distribution of wealth. 7. A firm is said to be a Public Joint-Stock Company when itA. is owned by the governmentB. operates as a public corporationC. is a limited liability companyD. sells its shares to members of the public A) A. B) B. C) C. D) D. Show Answer Correct Answer: D) D. 8. What is the main idea of the section "Money Matters" ? A) Money is power. B) Money is a luxury. C) Everyone needs money. D) Money has changed over time. Show Answer Correct Answer: D) Money has changed over time. 9. One disadvantage of a corporation is ..... A) The corporation provides limited liability for its owners. B) The corporation can sell stock to raise revenue. C) The corporation is subject to many government regulations. D) The corporation pays limited taxes. Show Answer Correct Answer: C) The corporation is subject to many government regulations. 10. The Problem of 'What to Produce' covers the issue relating to- A) What goods are to be produced?. B) What quantities of goods are to be produced?. C) Both (1) and (2). D) Neither (1) Nor (2). Show Answer Correct Answer: C) Both (1) and (2). 11. Because of the problem of scarcity, each economic system must make which of the following choices? A) How to produce?. B) What to produce?. C) For whom to produce?. D) All of these. Show Answer Correct Answer: D) All of these. 12. ..... is the list with specific quantities of one or more goods A) 1.consumer preferences. B) 2.market baskets. C) 3.consumer behavior. D) 4.none of the above. Show Answer Correct Answer: B) 2.market baskets. 13. Economics is a ..... A) Science. B) Art. C) Both (1) and (2). D) Neither (1) Nor (2). Show Answer Correct Answer: C) Both (1) and (2). 14. What is a market? A) Where you can buy new dresses. B) Where you can text people back and fourth. C) Where you go to draw out money. D) Where buyers and sellers exchange any types of goods, services and information. Show Answer Correct Answer: D) Where buyers and sellers exchange any types of goods, services and information. 15. Which of these are examples of government revenue A) Income tax. B) Credit. C) Pensions. D) Work for the dole. Show Answer Correct Answer: A) Income tax. 16. Goods and services that are produced in our country and sold to buyers in another country are called ..... A) Exports. B) Imports. C) External purchases. D) External sales. Show Answer Correct Answer: A) Exports. 17. The process of choosing which needs and wants will be satisfied. A) Economic Decision Making. B) Goods. C) Command Economy. D) Demand. Show Answer Correct Answer: A) Economic Decision Making. 18. A business partnership has ..... who share the risks and the profits. A) One owner. B) No more than three owners. C) Two or more owners. D) Five or more owners. Show Answer Correct Answer: C) Two or more owners. 19. MPC stand for A) Marginal Propensity to Consume. B) Magical Proportion of Consumption. C) Marginal Potential to Consume. D) Marginal Propensity of Consumers. Show Answer Correct Answer: A) Marginal Propensity to Consume. 20. Service (tertiary) producers ..... A) Generally produce food-products that are grown from the land or sourced from nature. B) Manufacture goods in factories. C) Provide skills, knowledge, effort and other intangible benefits. D) None of above. Show Answer Correct Answer: C) Provide skills, knowledge, effort and other intangible benefits. ← 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