Business Economics Quiz 16 (25 MCQs)

Quiz Instructions:

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1. Diminishing returns are due to _____ and increasing returns are due to _____ .

2. Good whose demand curve slopes upwards because the income effect is larger than the substituition effect is called

3. Which of the following is a type of business which operates as a separate legal entity?

4. Which of the following does not influence the individual demand for a product

5. McDonald's and Subway are examples of a

6. Water and air are examples of _____ resources, while people are considered to be _____ resources.

7. Which of the following is not a condition of successful price discrimination

8. A perfectly competitive firm will always expand output as long as

9. In perfect competition in the long run there will be no

10. Which following businesses would you classify as being in the secondary sector of industry?

11. The measure of the aggregate price level of intermediate products and wholesale goods

12. The firm decides the expansion of production capacity

13. Assets that provide a flow of money or service that is known with certainity are called

14. Selecting an item or action

15. A demand curve illustrates the relationship between quantity demanded of a product and _____

16. What is the purpose of government taxes?

17. What is the focus of Microeconomics?

18. Normally a supply curve will have the shape

19. Advantages include full control, ease of start up, and no double taxation.

20. The target rate for inflation is?

21. Which of these is not an advantage of Sole Proprietorship

22. The law of variable proportions is

23. Under monopoly and imperfect competition, MC is

24. Which of the following groups of words best describes wants

25. An expansionary period in the business cycle is distinguished by