Business Economics Quiz 14 (25 MCQs)

Quiz Instructions:

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1. For a set of data with a distribution skewed to the left _____

2. Which type of business has a greater stability and expertise to run the business?

3. Laws of increasing and constant returns are temporary phase of

4. A monopolist charging high price operates on

5. A perfectly competitive firm attains equilibrium when

6. In which of the following methods of inventory control, is based on the rate of consumption

7. Which type of competition leads to exploitation of consumer?

8. Elasticity of demand measures the

9. Marginal cost curve cuts the average cost curve from below at

10. Sole proprietorship can best be defined as _____

11. Macroeconomics is the study of _____

12. A business that begins selling winter holiday decorations in late autumn is creating _____ utility.

13. What words describes too much of a product in the market?

14. When quantity demanded changes due to factors other than price, it is called

15. A _____ is the right or license to sell a company's product or service at a designated location; an example would be McDonalds.

16. In the calculation of elasticity, there is error in case of

17. Adam Smith's definition of economics is

18. To help control trade, governments use

19. Factors responsible for creating conditions for emergence and growth of monopoly are

20. Which of the following provides government protection of business property?

21. What is a car an example of?

22. Marginal revenue is at the quantity that generates maximum total revenue and negative beyond that point.

23. Which of the following represents a natural risk for the owner of a delivery service?

24. Which of the following is the factors of prodution

25. Cartels is a form of