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Business economics chapter 1
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Questions in this quiz (14)
11) Economists regard decision making as important because:
- AThe resources required to satisfy our unlimited wants and needs are finite, or scarce.
- BIt is crucial to understand how we can best allocate our scarce resources to satisfy society’s unlimited wants and needs.
- C(c) Resources have alternative uses.
- D(d) All the above.
2Business Economics is
- AAbstract and applies the tools of Microeconomics.
- BInvolves practical application of economic theory in business decision making.
- CIncorporates tools from multiple disciplines.
- D(b) and (c) above.
34) What implication(s) does resource scarcity have for the satisfaction of wants?
- ANot all wants can be satisfied.
- BWe will never be faced with the need to make choices.
- CWe must develop ways to decrease our individual wants.
- DThe discovery of new natural resources is necessary to increase our ability to satisfy wants.
49). A study of how increases in the corporate income tax rate will affect the national unemployment rate is an example of
- AMacro-Economics.
- B(b) Descriptive Economics.
- C(c) Micro-economics.
- DNormative economics.
514). The branch of economic theory that deals with the problem of allocation of resources is
- A(a) Micro-Economic theory.
- BMacro-economic theory.
- CEconometrics
- Dnone of the above.
615) Which of the following is not the subject matter of Business Economics?
- AShould our firm be in this business?
- BHow much should be produced and at price should be kept?
- CHow will the product be placed in the market?
- DHow should we decrease unemployment in the economy?
720). Which of the following statements is incorrect?
- ABusiness economics is normative in nature.
- B(b) Business Economics has a close connection with statistics.
- CBusiness Economist need not worry about macro variables.
- DBusiness Economics is also called Managerial Economics.
823) A capitalist economy uses ____________________ as the principal means of allocating resources.
- Ademand
- B(b) supply
- C(c) efficiency
- Dd) prices
929. Which of the following is not one of the four central questions that the study of economics is supposed
to answer?- AWho produces what?
- BWhen are goods produced?
- CWho consumes what?
- DHow are goods produced?
1030. Larger production of ____goods would lead to higher production in future.
- Aconsumer goods
- Bcapital goods
- Cagricultural goods
- Dpublic goods
1134. Exploitation and inequality are minimal under:
- ASocialism
- BCapitalism
- CMixed economy
- DNone of the above
12In Economics, the central economic problem means:
- AOutput is restricted to the limited availability of resources
- BConsumer do not have as much money as they would wish
- C(c) There will always be certain level of unemployment
- D(d) Resources are not always allocated in an optimum way
1337) Scarcity definition of Economics is given by-
- AAlfred Marshall
- BSamuelson
- CRobinson
- DAdam Smith
1444) Mr. Satish hired a business consultant to guide him for growth of his business. The consultant visited him factory and suggested some changes with respect to staff appointment, loan availability and so on. Which approach is that consultant using?
- AMicro economics
- BMacro economics
- CNone of the above
- DBoth a and b
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- Description
- business eco-ch 1- unit 1 & 2 Questions that I answered incorrectly.
- Author
- Vijaya Raikode
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- English
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