This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 34 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 34 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A competitive market is characterized by A) A large number of sellers and buyers. B) Diverse products. C) Sellers acting together to set prices. D) Uninformed buyers and sellers. Show Answer Correct Answer: A) A large number of sellers and buyers. 2. Two factors involved in determining the value of a resource, good, or service are A) Availability and trade-offs. B) Demand and desires. C) Productivity and opportunity costs. D) Availability and demand. Show Answer Correct Answer: D) Availability and demand. 3. Which is NOT a classification of Wants A) Necessities. B) Luxuries. C) Comforts. D) Secondary. Show Answer Correct Answer: D) Secondary. 4. ..... refers to the process of selecting an appropriate alternative that will provide the most efficient means of attaining a desired end, from two or more alternative courses of action A) Problem solving. B) Problem analyzing. C) Managerial expertise. D) Decision making. Show Answer Correct Answer: D) Decision making. 5. Micro analysis deals with the A) Allocation of resources of the economy as between production of different goods and services. B) Determination of prices of goods and services. C) Behavior of individual decision makers. D) All of the above. Show Answer Correct Answer: B) Determination of prices of goods and services. 6. A major disadvantage of a ..... is the double taxation of profits. A) Proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: C) Corporation. 7. The main disadvantage of a ..... is that the owner of the business has unlimited liability. A) Proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: A) Proprietorship. 8. A target market is a group of ..... that the ..... has decided to aim its marketing efforts and ultimately its merchandise towards. A) Companies, Business. B) Companies, Research. C) Customer, Business. D) Business, Customer. Show Answer Correct Answer: C) Customer, Business. 9. Which describes an oligopoly? A) A firm that is easy to start and has little control over prices. B) A firm that is impossible to start and has total control over prices. C) A firm that is difficult to start and has some competition. D) A firm that has lots of competition and needs to compete outside of prices. Show Answer Correct Answer: C) A firm that is difficult to start and has some competition. 10. Total utility starts decreasing when ..... A) Marginal utility is positive. B) Marginal utility becomes negative. C) Marginal utility becomes zero. D) None of above. Show Answer Correct Answer: B) Marginal utility becomes negative. 11. Which of these is an example of government expenditure? A) Social Security and Benefits. B) Company tax. C) Sales tax (GST). D) Fuel excise. Show Answer Correct Answer: A) Social Security and Benefits. 12. The increased movement between nations of trade, labour, investment, finance and technology. A) Globalisation. B) Macroeconomics. C) Microeconomics. D) Economic Model. Show Answer Correct Answer: A) Globalisation. 13. Modern definition- A) Science is Wealth. B) Science of scarcity. C) Science of Material welfare. D) Science of Dynamic Growth and Development. Show Answer Correct Answer: D) Science of Dynamic Growth and Development. 14. Tools A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: C) Capital. 15. Scarcity means: A) Too much of something you wanted. B) The exact amount of something you wanted. C) Not enough of something you wanted. D) None of above. Show Answer Correct Answer: C) Not enough of something you wanted. 16. An indifference curve is always: A) (a) Concave to the origin. B) (b) Convex to the origin. C) (c) L-shaped. D) (d) A vertical straight line. Show Answer Correct Answer: B) (b) Convex to the origin. 17. Land, labour, capital, knowledge and entrepreneurship are collectively known as A) Goods and services. B) Business cycle. C) Factors of production. D) Output. Show Answer Correct Answer: C) Factors of production. 18. The economic resources a nation uses to make goods and supply services for its population. A) Product. B) Market. C) Scarcity. D) Factors of Production. Show Answer Correct Answer: D) Factors of Production. 19. Needs and wants are ....., while our resources are ..... A) Satisfied, unsatisfied. B) Limited, unlimited. C) Unlimited, limited. D) Necessary, unnecessary. Show Answer Correct Answer: C) Unlimited, limited. 20. A business owner who prefers to maintain complete control of all business activities might consider structuring the venture as a(n) A) Sole proprietorship. B) General partnership. C) Franchise. D) Corporation. Show Answer Correct Answer: A) Sole proprietorship. ← 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