This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 8 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Anything that is bought or sold is called a(n) ..... A) Item. B) Service. C) Business. D) Product. Show Answer Correct Answer: D) Product. 2. Macro Economics deals with A) External value of money. B) Employment and economic growth. C) General price level. D) All of above. Show Answer Correct Answer: D) All of above. 3. Which one of the following best defines the term stakeholder? A) An owner of a private limited company. B) Someone with an interest in the success of a business. C) Any individual who takes decisions within a business. D) An individual who is a part owner in a business. Show Answer Correct Answer: B) Someone with an interest in the success of a business. 4. A nonprofit agency sponsored by local businesses that helps to resolve disputes between consumers and sellers. A) Federal Trade Commission (FTC). B) Walmart. C) Better Business Bureau (BBB). D) None of above. Show Answer Correct Answer: C) Better Business Bureau (BBB). 5. This type of business is a contractual agreement with a parent company to sell its products/services in an area. A) Sole Proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: D) Franchise. 6. Why do all societies have to make decisions about how resources will be used? A) People are greedy. B) There are not enough resources for those who want them. C) Resources are too expensive for most people. D) Because there is a huge gap between the rich and poor. Show Answer Correct Answer: B) There are not enough resources for those who want them. 7. The value of the next best option that is not selected is A) Profit. B) Standard of living cost. C) Opportunity cost. D) Time utility. Show Answer Correct Answer: C) Opportunity cost. 8. A Service refers to: A) Physical things you can see and touch. B) An action or skill that someone does for you. C) A business. D) Physical things that you can buy. Show Answer Correct Answer: B) An action or skill that someone does for you. 9. Who controls the cash rate (interest rate) in Australia? A) RBA. B) CBA. C) Australian Government. D) Qld Government. Show Answer Correct Answer: A) RBA. 10. A large business/enterprise would have ..... A) 10-49 persons employed. B) 250 or more persons employed. C) 50-249 persons employed. D) Less than 10 persons employed. Show Answer Correct Answer: B) 250 or more persons employed. 11. In what way does specialization increase productivity? A) Specialization reduces scarcity. B) A. Specialization reduces the cost of production. C) A. Specialization increases the demand for a product. D) A. Specialized workers are generally more highly educated. Show Answer Correct Answer: B) A. Specialization reduces the cost of production. 12. Dan has $ 5, 000. He wants to invest his money in the type of business that will not take his personal assets if the business fails. In which type of business should he invest? A) Corporation. B) Partnership. C) Proprietorship. D) None of above. Show Answer Correct Answer: A) Corporation. 13. Which is NOT a benefit of technological change? A) Production method becomes more efficient, increases profit. B) Allow consumers to search and compare prices. C) Machinery replace labour, causing unemployment. D) New technologies create new job opportunities. Show Answer Correct Answer: C) Machinery replace labour, causing unemployment. 14. Jared has two hours before having to go to his part-time job. He is deciding between studying for a math exam and taking a nap. If Jared chooses to take a nap, the opportunity cost of his decision is ..... A) The rest he is getting. B) The score he will earn on the math exam. C) The wages from his part-time job. D) All of the above. Show Answer Correct Answer: B) The score he will earn on the math exam. 15. The quantity of a good or service that businesses are willing and able to provide. A) Producers. B) Traditional Economy. C) Supply. D) Market Price. Show Answer Correct Answer: C) Supply. 16. Teachers, construction workers, and mechanics are examples of ..... A) Land. B) Labor. C) Capital. D) Entrepreneurship. Show Answer Correct Answer: B) Labor. 17. A contest among sellers to win customers. A) Monopoly. B) Competition. C) Bait and switch. D) None of above. Show Answer Correct Answer: B) Competition. 18. It operates as a separate, legal body lead by an elected board of directors, the board is elected by shareholders, the owenera of the ..... A) Sole Proprietorship. B) Partnership. C) Corporation. D) Cooperative. Show Answer Correct Answer: C) Corporation. 19. What is the Economic Problem? A) There are unlimited resources to satisfy our limited needs and wants. B) It is very difficult to learn. C) There are too many producers and not enough consumers. D) There are limited resources to satisfy our unlimited needs and wants. Show Answer Correct Answer: D) There are limited resources to satisfy our unlimited needs and wants. 20. What is an example of a service? A) A bus journey. B) A bus A bus. C) A bus stop A bus stop. D) None of above. Show Answer Correct Answer: A) A bus journey. ← 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 9Business Economics Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books