Business Economics Quiz 13 (25 MCQs)

Quiz Instructions:

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1. Economic stress has led to downsizing. This has led to

2. An action or task that is performed, usually for a fee.

3. On an indifference map, higher indifference curves show

4. Two conditions are required to be there for the equilibrium under monopoly. These are

5. Milling lumber into plywood is an example of what economic activity?

6. Economies of scale are those that

7. Which one of the following may NOT be included in a partnership agreement?

8. The basic for the law of demand is related to _____

9. Two goods for which the marginal rate of substituion of one of the other is constant are called

10. What do businesses try to establish to avoid having a surplus or a shortage?

11. A market can accurately be described as

12. Which definition states that giving solution to economic problems is as a part of economics?

13. Which of the following definitions best describes an employee?

14. Friendship would be considered a(n) _____ want.

15. What is given up when a choice is made

16. For a competitive firm, long period normal price will

17. If the demand curve confronting an individual firm is perfectly elastic, then firm is

18. Under perfect competition a firm can produce with

19. What do we call a person who is willing to take the risks of starting a business in order to make a profit?

20. _____ refers to the quantity of a good or service that businesses are willing and able to provide.

21. Solar power and wind power are examples of what kind of resources?

22. Ordinal measure of utility is required in

23. Which of the following is an important dynamic variable?

24. _____ is the description of how consumers allocate income among different goods and services to maximise their well being.

25. In perfect competition, there is a process of