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Business Economics Quiz 3 (25 MCQs)

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1. The Law of equi-marginal utility tells that if price of commodity falls
2. _____ are essential, while _____ just add to the quality of life.
3. Which of the following is NOT one of the five roles of business
4. Who is called the father of Economics?
5. Which is NOT a feature of Utility
6. One of the reasons that has caused government's role in business to expand is that
7. Other things remaining the same, when a consumer's income increases, his equilibrium point moves to
8. A Limited liability company
9. The basic role of the United States government is to
10. _____ utility is added when a business changes the form of a good or service to make it more useful.
11. What is economy?
12. _____ is the practice of buying at a low price in one location and selling at a higher price in Another
13. What is a capitalist economy?
14. Decrease or fall in the price of commodity leads to increase in demand because of
15. A curve that shows relationship between quantity of good that producers are willing to sell and the price of the good is called
16. Things require to survive are categorised as _____
17. Which of the following is a way that government can borrow money from the private sector in order to pay the costs of regulation?
18. Michelle is trying to decide which goods and services to purchase so that she can get maximum satisfaction. Michelle is
19. Mark, a sole trader, has been trading for five years. A sole trader has unlimited liability. It means that he
20. The principle which states that an input must be so allocated between various uses that the value added by the last unit of input is the same in all its use is called
21. Consumers are typically most willing to pay more for goods and services that bring them greater
22. Elasticity of demand is equal to one indicates
23. What are the macro economics system _____
24. The wish to have something is _____
25. The collective demand of all persons in the market is referred as
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