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Business Economics Quiz 12 (25 MCQs)

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1. A period of high economic activity and high employment is
2. The entities on which data are collected are
3. Where a firm benefits from being able to hire highly skilled staff due to it being a large company.
4. Which of the following business practice REDUCES consumer sovereignty?
5. The size of a monopolist's plant and the degree of utilisation of any given plant size, depend entirely on the
6. Which economic activity would i such as thinking, research and developing new ideas fall under?
7. Large business are usually able to negotiate lower repayments on loans. What economy of scale is this?
8. The World's richest entrepreneur is
9. A monopoly producer has
10. 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?
11. Which of the following is an advantage of sole proprietorships
12. Entrepreneurs take risks to start and run
13. A consumer consuming two goods will be in equilibrium, when the marginal utilities from both goods are
14. Which of the following concepts is considered as a myth
15. Oligopoly is a market situation where
16. Which of the following is an advantage of general partnerships
17. Business ethics involve considering issues about what is
18. All the following curves are U-shaped except
19. Cartels under oligopoly do not survive for long because of
20. Which one of the following is not correct about the price discrimination by a monopolist, who intends to
21. A micro business/enterprise would have _____
22. Price of a product falls by 10% and its demand rises by 30%. The elasticity of demand is
23. Which of the following is true in a perfectly competitive market?
24. Which economist stated the positive impact of monopoly?
25. Market with one buyer and one seller is called
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