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Business Economics Quiz 5 (25 MCQs)

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1. A firm is said to be a Public Joint-Stock Company when itA. is owned by the governmentB. operates as a public corporationC. is a limited liability companyD. sells its shares to members of the public
2. A situation in which the number of competing firms is relatively small is known as
3. Which of the following economies accrue all the firm in an industry?
4. It operates as a separate, legal body lead by an elected board of directors, the board is elected by shareholders, the owenera of the _____
5. _____ is the study of how people produce, distribute, and use goods and services.
6. A situation where people exchange goods and services is referred to as
7. In short run, the law of variable proportions is also known as the
8. What is the abbreviation for PPC?
9. The equilibrium is unstable and indeterminate under
10. Which of the following is NOT an important economic question related to scarcity that every nation must answer?
11. In the case of an inferior good, the income effect
12. Which one of the following is not an advantage of being a sole trader?
13. Groups of individuals who invest money in various types of companies in search of making a profit are known as which of the following?
14. Which subject is relevant to the study of consumer behaviour?
15. If OPEC decided to cut oil production for the coming year, what would be the MOST LIKELY effect?
16. Impact of change in demand in one sector on other sectors is studied by
17. An economic system where the economic resources are privately owned by individuals rather than the government.
18. Types of economic activities are _____, _____, _____ & _____
19. The government should not interfere at all in the marketplace. The government should limit its role to law and order. The above statements are the points of view of a
20. Which of the following is LEAST likely tocause a shift in the production possibilityfrontier?
21. Monopolistic competition constitutes
22. Another term for the Economic Problem
23. The ultimate goal of all economic activity is
24. The main driver is the number and capability of competitor in the market.
25. Needs and wants are _____, while our resources are _____
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