stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Business Economics Quiz Flashcards | StudBud
Explore
/
Business Economics Quiz
Business Economics Quiz
50 terms
·
StudBud Administration
·
313 plays
Imported from external platform
Flashcards
50 cards
F
Practice quiz
P
Host live
L
Questions
50
Answers
1
Example for fixed Cost is
Overheads
Rent
Wages
Commision
2
In the case of a Giffen good, a fall in its price tends to
Reduce The Demand
Abnormal Change in Demand.
Demand Remain Constant
Demand Increases
3
Negative Cross Elasticity of demand is applicable to
Substitutes
None of the above
Complementary Goods
Independent Goods
4
What type of relationship exists between the price and quantity demanded?
Both A & B
Indirect
Positive
Inverse
5
Economic Problems arise due to
Resources have alternative uses
Resources are scares
Unlimited Wants
All of the above
6
__________represents the tabular form of quantity demanded of a particular product during a given period of time
Law of demand
Demand Curve
Demand Schedule
Cross Demand
7
Shift in the demand curve to the left indicates
Fall in demand
Stable demand
Rise in demand
No change in demand
8
Which of the following are exceptions to the law of demand?
Prestigious goods
All the above
Expectation of rise and fall in price in future
Giffen Goods
9
Economics is derived from the Greek word oikonomia which means
Economics
Wealth Management
Business Management
House Management
10
Nature of Business Economics
All of the above
Normative
Progmatic
Micro
11
In the case of perfectly Elastic supply the supply curve will be
Falling
Horizontal
Vertical
Rising
12
This principle states that all the future transactions must be valued at current price
Time Perspective Principle
Incremental Principle
Opportunity Cost Principle
Discounting Principle
13
Equi-marginal Principle also known as...
Law of substitution
All of the above
Diminishing Marginal Utility
Utility Theory
14
If a seller sells 100 units of a good at the rate of Rs.20 per unit. The average revenue is
Rs. 2000
Rs. 100
Rs 20
Rs. 5
15
In case of perfectly inelastic supply the supply curve will be
Falling
Rising
Vertical
Horizontal
16
Demand means..
Desire for a commodity
Willingness
Purchasing power
All of these
17
Macro economics deals with..
Individuals
Only Households
Economy as a whole
Only about firm
18
The income elasticity of demand is negative for
Normal Goods
Unrelated goods
Luxury Goods
Giffen Goods
19
Demand is a function of
Product
Price
Cost
Firm
20
The demand curve is represented as a horizontal straight line for
Perfectly elastic demand
Perfectly Inelastic demand
Relatively Inelastic demand
Relatively elastic demand
21
What is the main problem for economic theory
Unlimited Human Wants
Scarce Resources
More Production
Scarce Resources and Unlimited Human Wants
22
Which of the following are the examples of complementary goods
Milk and Sugar
All
Bread and Butter
Car and Petrol
23
The cost incurred to make an additional unit
Sick Cost
Discounting Cost
Opportunity Coast
Incremental Cost
24
Business Economics Class..
Fun and Learning
Boring
Excellent
Interactive
25
_____ is a graphical representation of supply schedule
Demand Curve
All of the above
Demand Schedule
Supply Curve
26
In Economics, utility means
Productivity
Significance
Ability to satisfy wants
Demand
27
Basic Problems of an Economy
What to Produce
All of these
How to produce
For whom to Produce
28
The income elasticity of demand is Positive for
Unrelated goods
Luxury Goods
Giffen Goods
Normal Goods
29
Who is assumed as father of Economics?
Robinson
Adam Smith
Marshall
George Bernard
30
Uses of income elasticity of demand in business decision-making
Helping in investment decisions
Categorizing goods
Forecasting demand
All of the above
31
The percentage change in the quantity demanded is greater than the percentage change in income is called
Zero Income Elasticity
Unitary Income Elasticity
High Income Elasticity
Low Income Elasticity
32
Supply curve generally slopes
Upward slopping
Backward Slopping
Downward Slopping
None of the above
33
Business Economics is also called as
Managerial Economics
Market Economics
Command Economics
Production Economics
34
______ Situation which arises when wants exceed supply.
Supply Chain
Excess Demand
Scarcity
Natural Resourses
35
In case of relatively elastic supply, Elasticity =
Less than One
One
Zero
More than one
36
Demand curve generally slopes
Upward slopping
Backward Slopping
Downward Slopping
None of the above
37
According to this, A manager should give due emphasis, both to short term and long term impact of his decisions
Equi Marginal Principle
Time Perspective
Discounting Priciple
Opportunity Cost
38
What would be the value of elasticity of demand, if the demand for the good is perfectly inelastic?
Zero
More than One
Infinity
One
39
An exceptional demand curve is one that moves
Horizontally
Upward to the left
Downward to the right
Upward to the right
40
In the case of a Giffen good, a fall in its price tends to
Abnormal Change in Demand.
Demand Increases
Demand Remains Constant
Reduce The Demand
41
The responsiveness of demand to the change in income is known as
Cross Elasticity Of Demand
Price Elasticity Of Demand
Advertising Elasticity of Demand
Income Elasticity Of demand
42
In the case of perfectly Inelastic supply the supply curve will be
Horizontal
Rising
Vertical
Falling
43
Determinants of Demand..
Income of the consumer
All of the above
Tastes and Preferences
Price of the commodity
44
Shift in the demand curve to the right indicates
Rise in demand
No change in demand
Stable demand
Fall in demand
45
The cost of next best Alternative which was forgone
Opportunity Cost
Sink Cost
Historical Cost
Incremental Cost
46
___________ is the branch of economics that deals with economic behavior and decisions of individuals.
Micro Economics
Macro Economics
Aggregate Economics
Total Economics
47
When there is no change in cost either due to increase in output or due to decrease in output, such cost is called
Average Variable Cost
Total Fixed Cost
Average Fixed Cost
Total Variable Cost
48
If X and Y are substitute goods, a fall in the price of good Y will reduce
No Change in Price
The Price of good X.
The quantity demanded of good X.
No Change in Quantity Demand
49
Which of the following techniques are cheaper in developing countries like india
Labour Intensive Techniques
Both A and B
Capital Intensive Techniques
Can’t Say
50
Which of the following are the examples of substitute goods
Car and Petrol
None of these
Bread and Butter
Tea and Coffee
