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Business Economics Quiz 11 (25 MCQs)

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1. In the long run, under perfect competition price of the factor is equal to
2. This economist believes that economics is the not only the study analysing the economic problems but also suggesting ways to attain higher standard of living.
3. Under perfect market and in case of decreasing marginal cost the firm's equilibrium with respect to level of production
4. Change in consumption of a good associated with change in its price with level of utility held constant is called
5. Disadvantages include high fees, strict operating standards, little freedom, intrusive monitoring
6. Who decides how goods and services will be marketed in a private enterprise economic system?
7. Which of these is not a service provided by the government?
8. When goods in the domestic market are sold at a high price in the foreign market at a low price, it is a situation of
9. Imperfect competition was introduced by
10. Businesses that successfully adapt to current market situations often realize that
11. Distribution examines how income is divided between
12. In a free market economy the allocation of resources is determined by _____
13. Which of these is an example of a public good?
14. Which is a disadvantage of corporations?
15. Which theory is generally included under micro economics?
16. A monopolist will fix the equilibrium output of his product where the elasticity of his AR curve is
17. Apple Inc. sells their products all over the world, this makes them a _____ business.
18. It illustrates how market forces determine the overall shape of the economy.
19. A demand curve is a boundary concept because it shows
20. A major characteristic of a market economy is _____ ownership of property.
21. Anywhere a business exchange takes place.
22. Utility describes the characteristics of a product that satisfy
23. Which of the following happens when the Qs is greater than the Qd?
24. This refers to the largest sector in the Philippines.
25. The driving force in choosing to start a business is _____
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