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Business Economics Quiz 2 (25 MCQs)

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1. An organized way in which a state or nation distributes its resources is
2. _____ A business which has its own identity and is distinct from the owners is called _____
3. Which cost plays and important role in determining the optimum level of production
4. Firm can decide the dividend to be fixed for their sharehoders
5. The formula that is generally used to measure productivity is
6. Change in consumption of a good resulting from increase in purchasing power with relative price held constant
7. Which of the following is a pricing method?
8. Which of the following is an example of an economic factor that affects the business environment?
9. A perfectly competitive industry becomes a monopoly with the same cost conditions, it will now sell
10. A small business/enterprise would have _____
11. The upper portion of the kinked demand curve is relatively
12. _____ is the term for all activities involved in developing and exchanging products.
13. The process of capturing, storing, and maintaining data is known as
14. Willingness to pay for the want is _____
15. A market in which only two firms exist is
16. Supply and demand have a direct impact on the _____ of goods and services.
17. The monopolist faces
18. In case of monopoly, a firm in the long run can have
19. During the recession more businesses shut down, causing unemployment. This type of unemployment is
20. Seeing a movie at a theater would be considered a(n) _____ want.
21. Which type of business organization places all the liability on a single seller?
22. Law of diminishlng marginal rate of substitution is associated with
23. Which is NOT a feature of Wants
24. Dan has $ 5, 000. He wants to invest his money in the type of business that has the least amount of liability. In which type of business should he invest?
25. The _____ system is another name for a market economy.
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