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Business Economics Quiz 40 (20 MCQs)

Quiz Instructions

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1. Two goods for which marginal rate of substitution is zero or infinite
2. Which one of the following is not part of the business cycle?
3. If businesses can decrease the amount of labor needed to increase inventories, the result will most likely be-
4. Raw materials (i.e. cotton, oil ..... etc.)
5. Which statement about forming a corporation Is FALSE
6. Where a firm benefits from being able to hire highly skilled staff due to it being a large company.
7. Which type of business organization is managed by a Board of Directors?
8. An entrepreneur can choose to have which type of business organization?
9. A building is an example of which economic resource?
10. Which business activity is comprised of day-to-day functions?
11. Seeing a movie at a theater would be considered a(n) ..... want.
12. Not having enough resources to satisfy every need.
13. The limited resources available to satisfy the unlimited needs and wants of people.
14. Products use as replacements to other products that gives the same purpose.
15. What does GST stand for?
16. Changes in technology will lead to a ..... business cycle.
17. Which type of business has to share profits, responsibility and liabilities?
18. Competitive advantages that can also be gained by business that seek cooperation within or related industries is termed as .....
19. A market dominated by a few large firms is called:
20. Which economist said that money is the measuring rod of utility?
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