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Business Economics Quiz 13 (60 MCQs)

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1. Non-cash charge a firm takes for the general wear and tear on its capital goods
2. John only had $ 40 to spend and couldn't decide whether to buy a new pair of jeans or to go to an amusement park. He finally decided to spend his money on the amusement park. What was the opportunity cost of his decision?
3. What is Adam Smith's "invisible hand? "
4. Products are commonly known as
5. Advantages of this business include:easier to get money from the bank to start, share skills and share risks.
6. Who is the father of modern economics?
7. South Africa benefits directly from tourism because of the increasein tourist .....
8. This is NOT part of the secondary sector
9. Things you can see or touch.
10. Who is the person who is in charge of operating systems for gathering, organizing, and distributing information?
11. The customer of a service business is often called a .....
12. Risk can be reduced by
13. All of the following details describe the laws of supply and demand EXCEPT:
14. . A business which has its own identity and is distinct from the owners is called .....
15. Producers and consumers determine how to use resources and make goods based on supply and demand in the market, without government interference.
16. In economics, capital goods include
17. Indifference curves never intersect each other due to:
18. In which economic system is business allowed to fail and succeed based on their own merrit?
19. Sainsbury's vows Asda will cut prices.
20. When marginal utility from the consumption of a commodity is zero, then the:
21. What is Greek term name of economics
22. What is the desired rate of growth for GDP?
23. Eataly's sights set on China with possible joint-venture
24. Discuss the trend line in the forecasting of business cycles.
25. What describes the next best alternative that must be given up in order to purchase a good or service
26. Inflation measures .....
27. Which type of business has a greater stability and expertise to run the business?
28. Which type of business organization places all the liability on a single seller?
29. No paperwork (memorandum or agreement) is required to start which type of business?
30. Which of the following statement is correct about Niti Aayog?
31. 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)
32. The ultimate goal of all economic activity is
33. In a economy, individuals are free to make their own economic decisions.
34. What does GDP stand for?
35. Fishing, Mining, Farming, and Forestry are examples of what economic activity?
36. Mary Ann sells government produced cars. At the end of the month Mary Ann must give all of the money she made back to the government.
37. Once the SWOT is completed what must you do to ensure you gain the benefit from it?
38. What is the currency in India?
39. We mainly study the following in Micro-Economics:
40. Two goods for which marginal rate of substitution is zero or infinite
41. Which one of the following is not part of the business cycle?
42. If businesses can decrease the amount of labor needed to increase inventories, the result will most likely be-
43. Raw materials (i.e. cotton, oil ..... etc.)
44. Which statement about forming a corporation Is FALSE
45. Where a firm benefits from being able to hire highly skilled staff due to it being a large company.
46. Which type of business organization is managed by a Board of Directors?
47. An entrepreneur can choose to have which type of business organization?
48. A building is an example of which economic resource?
49. Which business activity is comprised of day-to-day functions?
50. Seeing a movie at a theater would be considered a(n) ..... want.
51. Not having enough resources to satisfy every need.
52. The limited resources available to satisfy the unlimited needs and wants of people.
53. Products use as replacements to other products that gives the same purpose.
54. What does GST stand for?
55. Changes in technology will lead to a ..... business cycle.
56. Which type of business has to share profits, responsibility and liabilities?
57. Competitive advantages that can also be gained by business that seek cooperation within or related industries is termed as .....
58. A market dominated by a few large firms is called:
59. Which economist said that money is the measuring rod of utility?
60. Which of the following definitions of economics includes the economic concept of ' scale of preferences'?
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