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Business Economics Quiz 15 (25 MCQs)

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1. Shifts in demand curve include
2. Planning guidelines
3. The term 'revealed preference' was introduced in the book by
4. What is NOT a factor affecting consumer choice (of which g/s to buy)?
5. What is the difference between money earned and money spent by a business
6. Movement along the demand curve shows
7. If price of any commodity decreased by 20 % and the demand for that commodity increased by 40 %, then elasticity of demand would be
8. Decreased government spending may result in _____ taxes.
9. Opportunity Cost is when
10. Which of the following is an outside factor that affects the business environment?
11. The kinked demand curve theory explains that even when the demand conditions _____ the price _____ .
12. Law of diminishing marginal utility is based on the assumption that
13. In a private enterprise economic system, the interaction of supply and demand primarily determines
14. In case of utility theory, as income increases, marginal utility of money
15. Malaysia is providing incentive to draw talent to Malaysia. When these talents are employed they contribute to the production process. The talents are considered as a factor production of
16. The elasticity of substitution between two inputs in CES production function
17. Which concept are easily identified and can be traced to a particular product or service
18. Which of the following statements aboutthe factors of production is correct?
19. A curve that shows relation ship between quantity of goods that consumer are willing to buy and the price of the good.
20. What do you call the amount where consumers get what they want and suppliers could sell what they're offering?
21. Something we must have in order to survive
22. The market price for a product is determined at a point where _____
23. Under the perfect competition, the transportation cost
24. Carefully selecting goods or services to sell is an example of handling business risks by _____ the risk.
25. An indifference curve slopes down towards right since more of one commodity and less of another result in
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