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Business Economics Quiz 10 (25 MCQs)

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1. In perfectly competitive market
2. Which Economist has given this definition of economics? "Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses"
3. The economic resources a nation uses to make goods and supply services for its population.
4. When demand for a product becomes greater than available supply, a(n) _____ develops.
5. The primary reason why businesses invest resources and take risks is to _____
6. Under monopoly the supply curve is absent because
7. Positive income effect is greater than negative substitution effect in case of
8. This definition of economics is given by which economist? "Economics is a study of administration of a scarce means and the determinants of employment and income."
9. Which of the following is not the method of forecasting demand
10. Which of the following items would be considered an non-economic want
11. Microeconomics is a division of economics that deals with
12. Who controls the cash rate (interest rate) in Australia?
13. An essential feature of a capital good is thatit
14. The quantity of a good or service that consumers are willing and able to buy is called
15. The price which a consumer would be willing to pay for a commodity equals to his
16. Micro and macro are not two independent approaches to economic analysis but they are substitute to each other.
17. Which cost are the cash payment made by an entrepreneur to the suppliers of the various factor of production
18. In a scatter diagram, a line that provides an approximation of the relationship between the variables is known as
19. Sara's Hair Palace is a small, locally owned beauty salon in Sterling. Sara does all the work. This represents what type of business?
20. _____ use a variety of mathematical tools and equations to measure the health of the economy.
21. A subsidiary is _____
22. _____ have exchange value and their ownership rights can be established and exchange
23. A disadvantage of a sole proprietorship is
24. Which relation between cost and output is technically described as the cost function of mathematically represented as
25. The concept of supply curve as used in economic theory is relevant only for the case of
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