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Business Economics Quiz 1 (25 MCQs)

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1. What is a planned economy?
2. A study of how increase in the corporate income tax rate will affect the national unemployment rate isan example of _____
3. It is an assessment of how easy it is for the buyers to drive prices down.
4. What is the desired rate of growth for GDP?
5. Which is NOT a benefit of technological change?
6. Efficient allocation of resources is achieved to greatest extent under
7. The law of _____ says that the price of a product is determined by the relationship of the supply of a product and the demand for the product.
8. Monopolistic competition has features of
9. Below are the three main economic choices EXCEPT
10. A manager is willing to accept the production of fewer products as long as their workers produce higher-quality products. The manager is making a(n)
11. In oligopoly market kinked demand curve explains
12. Which of the following is a microeconomics statement?
13. Which of these is not a disadvantage of Sole Proprietorship
14. For a skewed distribution, what is the minimum percentage of the observations that will lie within 2.5 standard deviations of the mean based on Chebyshev's rule?
15. Given that cost conditions are same, in monopolistic competition price is _____ and output is _____ as compared to perfect competition.
16. This economist believes that economics is the study of the economy as a whole.
17. In case of contraction or extension in demand, the movement is along a demand curve whereas in case of increase or decrease, the demand curve will move
18. Initiative and Innovation help businesses gain the competitive advantage by
19. The value of all the final goods and services produced within a nation in a given year.
20. When a monopolist is in
21. For a set of data that are distributed in a bell or mound shape, approximately what percentage of values will lie between the mean and two standard deviations?
22. A _____ economy is one in which economic decisions are based on a values, culture, and customs.
23. Which condition is a result of open competition in a free market system?
24. External economies of scale are cost savings available to the whole _____ as a result of its _____
25. _____ is a branch of economics that deals with aggregate economic variables, such as the level and growth rate of national output, interest rates, unemployment and inflation
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