This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 37 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 37 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. This type of business is owned by many people called shareholders. A) Sole Trader. B) Partnership. C) Limited Company. D) Franchise. Show Answer Correct Answer: C) Limited Company. 2. What does "N" stands for? A) Nominal. B) National. C) Numbered. D) Numerical. Show Answer Correct Answer: B) National. 3. Interdependence refers to: A) The cyclical relationship between the savings and investment sectors of the economy. B) The dependence of workers on wages. C) The reliance that exists between all participants in the economy on each other. D) Solving unlimited needs and wants with limited resources. Show Answer Correct Answer: C) The reliance that exists between all participants in the economy on each other. 4. Economics is the study of A) How society manages its unlimited resources. B) How to reduce our wants until we are satisfied. C) How to fully satisfy our unlimited wants. D) How to avoid having to make trade-offs. Show Answer Correct Answer: C) How to fully satisfy our unlimited wants. 5. Which of the following is an economic activity? A) Friends playing Chess. B) Boy drawing a picture. C) A man polishing shoes. D) Mother scolding her children for not doing study. Show Answer Correct Answer: C) A man polishing shoes. 6. When comparing the four main types of business organisations, which protects owners the MOST from personal financial liability? A) Sole Trader. B) Partnership. C) Franchise. D) Limited Company. Show Answer Correct Answer: D) Limited Company. 7. How do you satisfy your unlimited wants in a world of limited resources? A) By making more money. B) By making choices. C) By stealing. D) By setting a budget. Show Answer Correct Answer: B) By making choices. 8. Marginal utility is a ..... Concept. A) Cardinal. B) Ordinal. C) Both. D) None. Show Answer Correct Answer: A) Cardinal. 9. Which of the following would be an expansionary monetary policy (increase in economic growth)? A) Raising wages of prison staff. B) Raising interest rates. C) Lowering interest rates. D) Lowering government spending. Show Answer Correct Answer: C) Lowering interest rates. 10. Price paid for the use of another's money A) Interest. B) Sole proprietorship. C) Labor union. D) Inventory. Show Answer Correct Answer: A) Interest. 11. The introduction of a minimum wage in a labour market will: A) Raise employment and lower the wage rate. B) Raise the wage rate and increase employment. C) Raise the wage rate and decrease employment. D) Reduce the wage rate but boost employment. Show Answer Correct Answer: C) Raise the wage rate and decrease employment. 12. ..... is the change in total revenue irrespective of changes in price or due to the effect of managerial decision on revenue A) Average revenue. B) Total revenue. C) Marginal revenue. D) Incremental revenue. Show Answer Correct Answer: D) Incremental revenue. 13. What is the fundamental role of fiscal policy? A) Controlling the budget deficit. B) Establishing automatic stabilisers. C) Reducing government regulations. D) Making revenue and expenditure decisions. Show Answer Correct Answer: D) Making revenue and expenditure decisions. 14. What is the term for the restrictions that government places on harmful products and/or services? A) Taxes. B) Externations. C) Exterminates. D) Externalities. Show Answer Correct Answer: D) Externalities. 15. Which of the following is NOT an important economic question related to scarcity that every nation must answer? A) What should we produce?. B) How should we produce it?. C) For whom should we produce it?. D) What are the factors of production?. Show Answer Correct Answer: D) What are the factors of production?. 16. What is a computer-based system that allows people to communicate simultaneously from different locations via telephone, e-mail, or video? A) The Internet. B) Groupware. C) A data communication network. D) Electronic conferencing. Show Answer Correct Answer: D) Electronic conferencing. 17. In order to save cost, the "Food Industry" should use more labor than machines." This statement refers to: A) What to produce. B) How to produce. C) How many to produce. D) Who to produce for. Show Answer Correct Answer: B) How to produce. 18. Freedom if choice is advantage of- A) Socialist economy. B) Controlled economy. C) Capitalist economy. D) None of the above. Show Answer Correct Answer: C) Capitalist economy. 19. Agency that is responsible for protecting consumers from unfair or deceptive business practices. A) Federal Trade Commission. B) Better Business Bureau (BBB). C) Consumer Product Safety Commission. D) None of above. Show Answer Correct Answer: A) Federal Trade Commission. 20. When a person who is actively searching for employment is unable to find work, this is ..... A) Expansion. B) Inflation. C) Unemployment. D) Consumption. Show Answer Correct Answer: C) Unemployment. ← 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