Business Economics Quiz 6 (25 MCQs)

Quiz Instructions:

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1. Under perfect competition, price of the product

2. Which of the following is NOT a business organization?

3. A monopoly producer usually earns

4. _____ is the list with specific quantities of one or more goods

5. The cottage industry system involved manufacturing

6. Countries whose governments provide citizens with free medical care, education, and other benefits often are referred to as _____ states.

7. Which one of the following is NOT a factor of production

8. Monopoly exploitation is reduced by regulation that

9. The appropriate objective of an enterprise is

10. Which statement is NOT TRUE for consumer sovereignty?

11. Which of the following is a type of price discount?

12. An indifference curve is always

13. In what way does specialization increase productivity?

14. Economic analysis is irrelevant if

15. What is the Economic Problem?

16. Asda would be classified as _____

17. Economic growth would most likely result from

18. The actual value for elasticity of the demand of a product or service rages from

19. Demand curve is related to

20. Which of the following is an assumption of the model of perfect competition?

21. All the data collected in a particular study are referred to as the

22. Which of these is NOT a franchise?

23. Price discrimination is profitable and possible of the two market have

24. What is the principle that producers are entitled to make more money from a business than they invest

25. The concept of marginal utility decreasing with the increase in amount consumed of a commodity is called