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Business Economics Quiz 21 (18 MCQs)

Quiz Instructions:

Select an option to see the correct answer instantly.

1. A service is _____
2. What is a shareholder?
3. Which of the following are NOT capital factors of production?
4. The four influences on the way people work are
5. Monopoly equilibrium can be reached when
6. Type of economic system where there is no government control.
7. In the circular flow, what do individuals get in return for their labour?
8. In business terms, what is profit?
9. Diffence between expected payoff and actual payoff is called
10. Demand Analysis includes
11. Kenneth needed a new shirt for the football game this Friday. He went to the mall and purchased a shirt from H & M. Which market does Kenneth receive his wages to purchase the shirt?
12. Which of the following can be classified as quantitative data?
13. Selling costs have to be incurred in case of
14. The value of the next best option that is not selected is
15. The ACCC stands for
16. If a monopolist is producing under decreasing cost conditions, increase in demand is beneficial to the society because
17. Which country has one of the freest market economy in the world?
18. This economy of scale is where advertising budgets can be spread across multiple products for lower average costs.
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