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Business Economics Quiz 7 (25 MCQs)

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1. How many types of business activities can a business have?
2. What happens as a person's or economy's income rises?
3. Which of the following is NOT one of the five types of businesses
4. The terms 'microeconomics' and 'macroeconomics' were coined by _____
5. For the relationship between AC and MC, which of the following statement is wrong?
6. Which of the following is not the feature of monopolistic competition.
7. Which statement about forming a corporation Is FALSE
8. _____ is the tendency in a free market for the price to change until market clears.
9. What is a subsistence economy?
10. A large business/enterprise would have _____
11. On an indifference map, if the income consumption curve slopes downwards to the right it shows that
12. The Law of Diminishing Returns depends on the assumption that
13. Money that a business has left over after all the expenses and costs of running the business are paid.
14. If the sample variance of a dataset of size 8 is 2.57, what is the population variance if considering the same dataset to be a population?
15. A target market is a group of _____ that the _____ has decided to aim its marketing efforts and ultimately its merchandise towards.
16. The theory of Revealed preference was propounded by
17. Of the three types of businesses, which one provides the most jobs? (Hint:Which one is the most common? )
18. A science that examines how goods and services are produced, sold, and used is called _____
19. An example of derived demand is
20. What is the term that describes when the amount of goods produced is about the same as the number of consumers who are willing to buy the product?
21. Maximum amount of money that a risk averse person will pay to avoid taking a risk is called
22. What is the term for the restrictions that government places on harmful products and/or services?
23. Amount of money exchanged for a good or service
24. Increase in law of demand is caused by
25. This is an assumption of law of demand
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