This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 35 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 35 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Innovation in business involves: A) Creating Art. B) Creating Music. C) Creative ways to solve problems in society. D) Making a profit. Show Answer Correct Answer: C) Creative ways to solve problems in society. 2. What was the maximum strength of full time members in the planning commission? A) 8. B) 6. C) 11. D) 10. Show Answer Correct Answer: A) 8. 3. Capital is ..... A) The money or cash on hand that a business has at their disposal. B) All the equipment used by human labour in the process of production. C) All the equipment used when to create goods and services for the consumers. D) The resources required to produce goods and services for consumers. Show Answer Correct Answer: B) All the equipment used by human labour in the process of production. 4. Who was the first Chairman of planning commission? A) Rajendra Prasad. B) S. Radhakrishnan. C) J.Nehru. D) B.R. Ambedkar. Show Answer Correct Answer: C) J.Nehru. 5. Who was the first economist who used the term ECONOMIC in the place of political economy? A) Alfred Marshall. B) Lionel Robbin. C) J.M. Keynes. D) Paul. A. Samuelson. Show Answer Correct Answer: A) Alfred Marshall. 6. The cartel model of oligopoly leads to: A) All the firms in the industry acting as one to set a monopoly price. B) Each producer acting independently of others. C) Firms following the low-price firm in the industry. D) Differences in cost of production discouraging individual firms from cheating. Show Answer Correct Answer: A) All the firms in the industry acting as one to set a monopoly price. 7. At equilibrium, the slope of the indifference curve is: A) (a) Equal to the slope of budget line. B) (b) Greater than the slope of budget line. C) (c) Smaller than the slope of budget line. D) (d) None. Show Answer Correct Answer: A) (a) Equal to the slope of budget line. 8. Micro economics deals primarily with A) Comparative statics, general equilibrium and positive economics. B) Comparative statics, partial equilibrium and normative economics. C) Dynamics, partial equilibrium and positive economics. D) Comparative statics, partial equilibrium and positive economics. Show Answer Correct Answer: D) Comparative statics, partial equilibrium and positive economics. 9. The total amount of a good or service that is available to buy is called A) Demand. B) Incentive. C) Profit. D) Supply. Show Answer Correct Answer: D) Supply. 10. Australia's biggest export in 2017 was ..... A) Iron ore. B) Wheat. C) Natural gas. D) Coal. Show Answer Correct Answer: A) Iron ore. 11. Complex and expensive to set up A) Partnership. B) Corporation. C) Sole Proprietorship. D) Corporation and Partnership. Show Answer Correct Answer: B) Corporation. 12. An industry that is dominated by a few large firms is A) A competitive market. B) A monopoly. C) An oligopoly. D) None of above. Show Answer Correct Answer: C) An oligopoly. 13. Micro economics is a study of A) Whole economy. B) General price level. C) National Output. D) Individual economic unit. Show Answer Correct Answer: D) Individual economic unit. 14. Which one of these is NOT a cause of scarcity? A) Overproduction of time. B) Not enough materials. C) Poor Distribution of Resources. D) Rapid Increase in Demand. Show Answer Correct Answer: A) Overproduction of time. 15. The process by which one or two or more persons engage in commercial activity for profit. A) Business. B) Commerce. C) Trade. D) Partnership. Show Answer Correct Answer: A) Business. 16. Taxes and subsidies are taken into account when calculatingGDP at basic prices A) Exports. B) Commodities. C) Production. D) Imports. Show Answer Correct Answer: C) Production. 17. What is economy? A) Society. B) The way a nation makes economic choices about how the nation will use its resources to produce and distribute goods and services. C) The way in which the government decides on how things will be run fairly in the nation. D) None of above. Show Answer Correct Answer: B) The way a nation makes economic choices about how the nation will use its resources to produce and distribute goods and services. 18. When supply goes up, what happens to the price? A) Price goes up. B) Price goes down. C) Price remains the same. D) None of above. Show Answer Correct Answer: B) Price goes down. 19. Elements in the environment that could cause trouble for the business are A) Strenhts. B) Weaknesses. C) Opportunities. D) Threats. Show Answer Correct Answer: D) Threats. 20. A corporation that has operations in a number ofdifferent countries A) Merger. B) Net income. C) Depreciation. D) Multinational. E) Vertical merger. Show Answer Correct Answer: D) Multinational. ← 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