Business Economics Quiz | Business Economics Short Questions and Answers

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Questions
41 The two basic markets shown by the simple circular flow model are:
A Capital goods and consumer goods.
B Free and controlled.
C Product and resource.
D Household and business.

Answer: Product and resource.
42 Which of the following is a limitation of the simple circular flow model?
A Product markets are ignored.
B Resource markets are ignored.
C The determination of product and resource prices is not explained.
D Households are included, but not businesses.

Answer: The determination of product and resource prices is not explained.
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43 In economics the central problem is:
A Money
B Scarcity
C Allocation
D Production

Answer: Scarcity
44 Macroeconomics deals with:
A The behavior of firms.
B Economic aggregates.
C The behavior of the electronics industry.
D The activities of individual units.

Answer: Economic aggregates.
45 Microeconomics is not concerned with the behavior of:
A Consumers
B Aggregate demand.
C Firms
D Industries.

Answer: Aggregate demand.
46 The total demand for goods and services in an economy is known as:
A Aggregate demand.
B Gross national product.
C Economy-wide demand.
D National demand.

Answer: Aggregate demand.
47 Unemployment means that:
A People are not willing to work at the going wage rate.
B At the going wage rate, there are people who want to work but cannot find work.
C There are some people who will not work at the going wage rate.
D There is excess demand in the labour market.

Answer: At the going wage rate, there are people who want to work but cannot find work.
48 Opportunity cost is
A A cost that cannot be avoided, regardless of what is done in the future.
B The cost incurred in the past before we make a decision about what to do in the future.
C That which we forgo, or give up, when we make a choice or a decision.
D The additional benefit of buying an additional unit of a product.

Answer: That which we forgo, or give up, when we make a choice or a decision.
49 The circular flow of goods and incomes shows the relationship between:
A Firms and households.
B Goods and services.
C Income and money.
D Wages and salaries.

Answer: Firms and households.
50 In a planned or command economy, all the economic decisions are taken by the:
A Workers.
B Consumers.
C Voters.
D Government.

Answer: Government.
51 Which one of the following is a normative statement?
A The richest 10 per cent of the population has had a bigger percentage increase in incomes over the past 10 years than the poorest 10 per cent.
B The proportion of people's income paid in taxes is higher under this government than under the previous one.
C Inflation is rising.
D Inequality in the distribution of income is a more serious problem than unemployment.

Answer: Inequality in the distribution of income is a more serious problem than unemployment.
52 Goods and Services bought and sold in:
A Product Market.
B Factor Market.
C Capital Market.
D Money Market.

Answer: Product Market.
53 In Product market money flows from:
A Individual to firm.
B Business to households.
C Government to household.
D All of these

Answer: Individual to firm.
54 In factor market suppliers are:
A Firms.
B Households.
C Government
D None of these

Answer: Households.
55 In economic activities which are the outflows:
A Government spending.
B Investment.
C Savings.
D None of these

Answer: Savings.
56 Implicit Cost added in:
A Accounting cost.
B Economic cost.
C Both.
D None

Answer: Economic cost.
57 Business Economics is also known as………….
A Managerial Economics
B Economics for Executives
C Economic analysis for business decisions
D All the above

Answer: All the above
58 State whether economics is
A A positive science only
B Neither a positive nor normative science
C A science but not art
D A science or an art depending on who uses economics and for what purpose.

Answer: A science or an art depending on who uses economics and for what purpose.
59 The branch of economics wherein mathematics and statistics are used to measure and analyze economics activities is called……………..
A Applied Economics
B Econometrics
C Statistics
D Macro Economics

Answer: Econometrics
60 The opportunity cost of a machine which can produce only one product is:
A Low
B Infinite
C High
D Medium

Answer: Low

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