This quiz works best with JavaScript enabled. Home > Economy > Business > Business Economics – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Economics Quiz 9 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A ..... is anywhere buyers and sellers meet to buy and sell goods and services. A) Store. B) Workplace. C) Restaurant. D) Market. Show Answer Correct Answer: D) Market. 2. Julie buys used clothes at garage sales and then auctions them off herself off the internet. Which type of business does she have? A) Partnership. B) Proprietorship. C) Corporation. D) Conglomerate. Show Answer Correct Answer: B) Proprietorship. 3. Most governments operate under this type of economic system. A) Command System. B) Mixed System. C) Traditional System. D) Market System. Show Answer Correct Answer: B) Mixed System. 4. What is scarcity? A) Giving something up to have something else. B) Extra cost of production. C) The condition that results form having unlimited wants with limited resources. D) Rise in general level of prices and workers need more money. Show Answer Correct Answer: C) The condition that results form having unlimited wants with limited resources. 5. If my total costs are $ 50 and my total revenue is $ 80, what is my profit A) $ 130. B) $ 80. C) $ 30. D) $ 400. Show Answer Correct Answer: C) $ 30. 6. Willingness to pay for the want is ..... A) Need. B) Desire. C) Demand. D) Show off. Show Answer Correct Answer: C) Demand. 7. Normally a demand curve will have the shape: A) 1.horizontal. B) 2.vertical. C) 3.downward sloping. D) 4.upward sloping. Show Answer Correct Answer: C) 3.downward sloping. 8. The main advantage of a ..... is the ease of raising financial capital. A) Proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: C) Corporation. 9. The type of business ownership in which all business decisions are the sole responsibility of the owner. A) Sole proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: A) Sole proprietorship. 10. Which of the following is the cause of central economic problem? A) Scarcity of recourses. B) Unlimited wants. C) Alternative use. D) All of the above. Show Answer Correct Answer: D) All of the above. 11. If elasticity of demand is very low it shows that the commodity is: A) 1.necessity. B) 2.luxuary. C) 3.Has little importance in total budget. D) 4.none of the above. Show Answer Correct Answer: A) 1.necessity. 12. In economics 'Ends' refers to A) Human wants. B) Scarcity. C) Surplus. D) Alternative uses. Show Answer Correct Answer: A) Human wants. 13. Pets at Home PLC sells shares on the Stock Exchange to members of the public. They are a type of .....? A) Sole Trader. B) Private Limited Company. C) Public Limited Company. D) Franchise. Show Answer Correct Answer: C) Public Limited Company. 14. Central Problems arises in case of A) Capitalist Economy. B) Socialist Economy. C) Mixed Economy. D) All of the above. Show Answer Correct Answer: D) All of the above. 15. Which of the following is not a central economic problem? A) What to produce?. B) When to produce?. C) How to produce?. D) For whom to produce?. Show Answer Correct Answer: B) When to produce?. 16. Pigou was an ardent supporter of A) Wealth definition. B) Welfare definition. C) Scarcity definition. D) Growth definition. Show Answer Correct Answer: B) Welfare definition. 17. Which of the following is a basic right under capitalism? A) Freedom from taxation. B) Freedom of collusion. C) The right to vote. D) The right to compete. Show Answer Correct Answer: D) The right to compete. 18. Disadvantages include unlimited liability, difficult to raise financial capital, difficulty attracting qualified employees, limited life A) Sole Propriotorship. B) Bananas. C) Corporation. D) Franchise. Show Answer Correct Answer: A) Sole Propriotorship. 19. What is a shareholder? A) The owner of any business. B) A group of companies. C) A person who provides a service. D) Individual or groups who own shares in a company. Show Answer Correct Answer: D) Individual or groups who own shares in a company. 20. Into what two categories can wants be divided? A) Unlimited and noneconomic. B) Economic and noneconomic. C) Unlimited and limited. D) Unlimited and economics Economic and noneconomic. Show Answer Correct Answer: B) Economic and noneconomic. ← 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 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books