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Business Economics Quiz 19 (25 MCQs)

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1. Economics may be described as a "socialscience" since it deals with
2. What do economists call the intersection of a Demand curve and a Supply curve?
3. What does GST stand for?
4. Anything that can be bought and sold.
5. Risk can be reduced by
6. What is a business's net profit if it has $ 882, 750 in income, $ 291, 400 in operating expenses, and $ 238, 930 in cost of goods?
7. What is the relationship between quantity supplied and price?
8. Purpose of profit planning
9. Which one is not normally possible in case of monopoly?
10. Which of the following is NOT a function of business?
11. A consumer can be defined as
12. Minority, women, and technology rates in the workforce is
13. A situation in which a country specializes in the production of a good or service at which it is relatively more efficient?
14. Which of the following is NOT one of the 6 basic business activities
15. What do consumers, producers, and the owners of resources do with money payments to create a flow of resources, goods, services, and money payments?
16. When a histogram has a longer tail to the right, it is said to be
17. What is the nature of Elasticity of demand for luxury items like high class furniture
18. Price discrimination policy helps in increasing profit in case of
19. A country being able to make a product or service at a lower cost than other countries is considered?
20. If businesses can decrease the amount of labor needed to increase inventories, the result will most likely be
21. Which of the following is not a macro approach for India?
22. If three employees each work 35 hours a week and produce a total of 9, 864 items, what is their total hourly productivity level?
23. Demand curve was drawn with empirical evidence by
24. For a business, income remaining after payment of expenses is
25. Shoes Inc. has their main factory for distribution in the U.S.A, they also only sell their products in the U.S.A. What type of business does Shoe Inc. do?
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