Business Economics MCQs (Chapterwise Multiple Choice Questions)

When supply of a commodity decreases on a fall in its price, its is called

Expansion of supply

Increase in supply

Contraction of supply

Decrease in supply

Answer & Explanation

Correct Answer: Contraction of supply

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A flexible exchange rate is one that _. it works _.

Is determined by demand and supply in the foreign exchange market; with no direct intervention by the central bank unless the exchange rate falls below or rises above a target value

Is determined by demand and supply in the foreign exchange market; with no direct intervention by the central bank

Follows a path determined by a decision of the government or the central bank; by central bank intervention in the foreign exchange market

Sets the exchange rate by decision of the government or the central bank; by central bank intervention in the foreign exchange market to block the unregulated forces of demand and supply

Answer & Explanation

Correct Answer: Is determined by demand and supply in the foreign exchange market; with no direct intervention by the central bank

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In the figure above, this product is price ___________ between point e and point f.

Very elastic

Remain the same

Unitary elastic

Inelastic

Answer & Explanation

Correct Answer: Inelastic

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The average income of the people of a country in a particular year is _____

Net national product

National income

Per capita income

Personal income

Answer & Explanation

Correct Answer: National income

Note: This Question is unanswered, help us to find answer for this one

Firms in perfect competition face a ________.

Perfectly elastic demand curve

Perfectly inelastic demand curve

Perfectly elastic supply curve

Perfectly inelastic supply curve

Answer & Explanation

Correct Answer: Perfectly elastic demand curve

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When as a result of increase in price of goods, total expenditure made on goods falls, price elasticity of demand is ------- than unity.

Greater

Lesser

Nominal

None of these

Answer & Explanation

Correct Answer: Greater

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Wage discrimination exists when individuals of __________ are paid different wage rates.

Varying ability and productivity

Different ethnic origins

Different religions

Equal ability and productivity

B, c, and d

Answer & Explanation

Correct Answer: B, c, and d

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Barter a means of payment. when trading on e-bay, barter _.

is not as efficient as money because barter requires a double coincidence of wants

A bank's bank and a public authority that regulates a nation's depository institutions and conducts monetary policy;

Federal Reserve System

The purchase or sale of securities by the Federal Reserve System in the loanable funds market

None of these

Answer & Explanation

Correct Answer: is not as efficient as money because barter requires a double coincidence of wants

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A time series can be calculated through

leading series

coincident series

logging series

all the above

Answer & Explanation

Correct Answer: all the above

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Business economics is a science which deals with the application of ----------------- in business practices.

Economic theory

ommerce theory

macro theory

None of these

Answer & Explanation

Correct Answer: Economic theory

Note: This Question is unanswered, help us to find answer for this one

Business Economics Quick Quiz

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Business Economics MCQ

Business Economics Quick Quiz

When supply of a commodity decreases on a fall in its price, its is called

A flexible exchange rate is one that _______. it works _______.

In the figure above, this product is price ___________ between point e and point f.

The average income of the people of a country in a particular year is _____

Firms in perfect competition face a ________.

When as a result of increase in price of goods, total expenditure made on goods falls, price elasticity of demand is ------- than unity.

Wage discrimination exists when individuals of __________ are paid different wage rates.

Barter ______ a means of payment. when trading on e-bay, barter _______.

A time series can be calculated through

Business economics is a science which deals with the application of ----------------- in business practices.

A flexible exchange rate is one that _. it works _.

Barter a means of payment. when trading on e-bay, barter _.