This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 36 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 36 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A major disadvantage of a ..... is strict operating standards. A) Proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: D) Franchise. 2. ..... is used to show opportunity cost. A) Production Possibility Front/Curve. B) Production Possibility Cost. C) Production Possibility Opportunity. D) Production Possibility Level. Show Answer Correct Answer: A) Production Possibility Front/Curve. 3. Consumers are typically most willing to pay more for goods and services that bring them greater A) Opportunity costs. B) Satisfaction. C) Popularity. D) Trade-offs. Show Answer Correct Answer: B) Satisfaction. 4. What does the word transaction mean? A) A dialogue. B) A conversation. C) The way spends something. D) A business deal. Show Answer Correct Answer: D) A business deal. 5. Maximum amount of money that a risk averse person will pay to avoid taking a risk is called A) 1.risk premium. B) 2.risk neutral. C) 3. risk averse. D) 4.risk loving. Show Answer Correct Answer: A) 1.risk premium. 6. On which approach, indifference curve analysis is based? A) Cardinal approach. B) Ordinal approach. C) Cardinal and ordinal both. D) None of the above. Show Answer Correct Answer: B) Ordinal approach. 7. Susie is starting her own lemonade store. What economic term would best describe Susie and what does that term mean? A) Consumer-a person who uses or consumes goods. B) Partnership-partner in the lemonade stand. C) Entrepreneur person who takes a risk to start a new company. D) None of above. Show Answer Correct Answer: C) Entrepreneur person who takes a risk to start a new company. 8. Which of these is the best definition of the 'economic problem'? A) People do not have enough money. B) There are not enough resources to satisfy people's wants. C) There are too many factors of production. D) The amount of something produced by a person, machine or industry. Show Answer Correct Answer: B) There are not enough resources to satisfy people's wants. 9. Which statement is NOT true? A) Young people tend to dis-save. B) Retired people tend to dis-save. C) Middle-aged people tend to dis-save. D) People tend to save proportionately more during middle age. Show Answer Correct Answer: C) Middle-aged people tend to dis-save. 10. Another term for the Economic Problem A) Finite. B) Scarcity. C) Economics. D) Production. Show Answer Correct Answer: B) Scarcity. 11. The term "Slam " is associated with A) Cricket. B) Tennis. C) Boxing. D) Football. Show Answer Correct Answer: B) Tennis. 12. Financial organization that accepts deposits from, and makes loans to, employees of a particular company or government agency A) Net income. B) Inventory. C) Limited life. D) Credit union. Show Answer Correct Answer: D) Credit union. 13. Which of these is an example of a public good? A) Roads. B) Clothing. C) McDonalds. D) Houses. Show Answer Correct Answer: A) Roads. 14. A decrease in taxation is an example of a decision made by which sector: A) Household. B) Business. C) Financial. D) Government. E) Overseas. Show Answer Correct Answer: D) Government. 15. What are the three main forms of business in today's economic A) Sole proprietorship, the partnership, Market economy. B) Partnership, Sole Proprietorship, Corporation Economy. C) Merchandising Business, Sole proprietorship, Partnership. D) The sole proprietorship, the partnership, and the corporation. Show Answer Correct Answer: D) The sole proprietorship, the partnership, and the corporation. 16. Identify the need in this list A) Pure Oxygen. B) Water. C) Carbonated Water. D) Day Spas. Show Answer Correct Answer: B) Water. 17. How is a corporation different from a sole proprietorship or partnership? A) A corporation has only one or two owners. B) A corporation is usually owned by one person. C) A corporation requires a legal charter with the state. D) The owners (stockholders) have limited liability. Show Answer Correct Answer: D) The owners (stockholders) have limited liability. 18. In most businesses, what is the most costly factor of production? A) Entrepreneurship. B) Land Capital. C) Human Capital. D) Capital Stock. Show Answer Correct Answer: C) Human Capital. 19. Which one of these is the impact of unemployment? A) Crime rate increase. B) All of the above. C) Decrease in the country's GDP. D) Political disturbance. Show Answer Correct Answer: B) All of the above. 20. The type of economic system a country has is based on: A) Wants and needs. B) The amount of government involvement in the marketplace. C) The scarcity of resources. D) Where resources are available. Show Answer Correct Answer: B) The amount of government involvement in the marketplace. ← 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