This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 33 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 33 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Disadvantages of this type of business include:parent company is strict, you are limited in what you sell, and you must operate like every other franchise. A) Sole Trader. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: D) Franchise. 2. A principle in which everything must work together from employee to president or from equipment to resources. A) Systems. B) Scalability. C) Sustainability. D) Growth. Show Answer Correct Answer: A) Systems. 3. Iron, minerals, coal and plants are examples of which productive resource? A) Land. B) Labor. C) Entrepreneurship. D) Capital. Show Answer Correct Answer: A) Land. 4. Which is NOT a feature of Wants A) Recur. B) Competitive. C) Complementary. D) Limited. Show Answer Correct Answer: D) Limited. 5. Death of owner ends the business A) Partnership. B) Sole Proprietorship. C) Corporation. D) Sole Proprietorship and Partnership. Show Answer Correct Answer: D) Sole Proprietorship and Partnership. 6. The difference between a country's exports and imports. A) Balance of trade. B) Foreign debt. C) Opportunity cost. D) Comparative advantage. Show Answer Correct Answer: A) Balance of trade. 7. What is a capitalist economy? A) An economic system in which private individuals or businesses own capital goods. B) An economy directed to basic subsistence rather then to the market. C) Type of economic system where investment, production and the allocation of capital goods take place. D) None of above. Show Answer Correct Answer: A) An economic system in which private individuals or businesses own capital goods. 8. This type of business is owned by many people called stockholders. A) Sole Proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: C) Corporation. 9. The real or imagined differences between competing products in the same industry. A) Price competition. B) Product differentiation. C) Marketing differential. D) Oligopoly. Show Answer Correct Answer: B) Product differentiation. 10. An economic system where the economic resources are privately owned by individuals rather than the government. A) Busienss. B) Scarcity. C) Capitalism. D) None of above. Show Answer Correct Answer: C) Capitalism. 11. What is the purpose of monetary policy? A) To change the interest rates depending on the circumstances in the economy. B) To make people pay more money on their home loans. C) To reduce the amount of debt the government has. D) To increase or lower the taxes on imported goods. Show Answer Correct Answer: A) To change the interest rates depending on the circumstances in the economy. 12. Which of the following is not a macro approach for India? A) Determining the GNP of India. B) Finding the causes of failure of ABC Ltd. C) Identifying the causes of inflation in India. D) Analyse the causes of failure of cotton industry in providing large scale employment. Show Answer Correct Answer: B) Finding the causes of failure of ABC Ltd. 13. Till 19th century Economics was known as A) Political Economy. B) Social Economy. C) Both (1) and (2). D) Neither (1) Nor (2). Show Answer Correct Answer: A) Political Economy. 14. The goal of a company in an oligopoly industry is to A) Increase market share and profits. B) Obtain the highest price possible. C) Always follow rivals if they raise price. D) Be the market leader in innovation. Show Answer Correct Answer: A) Increase market share and profits. 15. If it costs me $ 10 to make the first 10 bowls of cereal and $ 12 to make the next 10 bowls of cereal, what is my marginal (extra) cost? A) $ 120. B) $ 10. C) $ 2. D) $ 100. Show Answer Correct Answer: C) $ 2. 16. Dan has $ 5, 000. He wants to invest his money in the type of business that has the least amount of liability. In which type of business should he invest? A) Corporation. B) Partnership. C) Proprietorship. D) None of above. Show Answer Correct Answer: A) Corporation. 17. Globalisation can be defined as ..... A) Economic transactions that are made between countries. B) The exchange of goods and services among individuals and businesses in multiple countries. C) The process of interaction and integration among people, companies, and governments worldwide. D) A change in global or regional climate patterns. Show Answer Correct Answer: C) The process of interaction and integration among people, companies, and governments worldwide. 18. GDP divided by ..... = GDP per capita A) Population. B) Income. C) Wealth. D) Production. Show Answer Correct Answer: A) Population. 19. Disadvantages include high fees, strict operating standards, little freedom, intrusive monitoring A) Sole Propriotorship. B) Partnership. C) Franchise. D) None of above. Show Answer Correct Answer: C) Franchise. 20. An example of a local monopoly is A) A big city restaurant. B) A new dentist in a big city. C) The only veterinarian in an isolated farm community. D) None of above. Show Answer Correct Answer: C) The only veterinarian in an isolated farm community. ← 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