Business Economics exam quiz with answer

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Business Economics

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Q: When automatic fiscal stabilizers are in place, a shock that causes a fall in the kevel of economic activity automatically

1) Results in a decline in the federal budget deficit that lessens the fall in income

2) Results in a rise in the federal deficit that lessens the fall in income

3) Requires the federal government to balance the budget

4) Will lead to a permanent increase in the budget deficit

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Q: When the demand curve is a rectangular hyperbola, it represents

1) Perfectly elastic demand

2) Unitary elastic demand

3) Perfectly inelastic demand

4) Relatively elastic demand

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Q: An example of negative productivity shocks that could cause recessions is

1) A hurricane which destroys capital

2) A decrease in the price of oil

3) Reductions in defense spending

4) All of the above

5) Both a and b

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Q: A usual assumption in real business cycle models is that the economy is populated by a group of identical individuals and the behavior of the group can then be explained in terms of the behavior of one individual, called a...

1) Maximizing agent

2) Representative agent

3) Republican agent

4) Informative agent

5) Democratic agent

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Q: Economics was classified into micro and macro by

1) Ragnar Frisch

2) Adam Smith

3) J M Keynes

4) AC Pigou

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Q: EP =...in the case of relatively elastic demand

1) 1

2) >1

3) <1

4) 0

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Q: Generally demand curve have...

1) Negative slope

2) Positive slope

3) Horizontal line

4) Vertical line

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Q: ...is known as the 'first law in market"

1) Law of supply

2) Law of consumption

3) Law of demand

4) Law of production

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Q: A graph indicating different combination of inputs with different level of output is called

1) Iso-cost map

2) BEP map

3) Input-output map

4) Iso-quant map

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Q: ...means relationship between demand and its various determinants expressed mathematically

1) Demand extension

2) Demand contraction

3) Demand analysis

4) Demand function

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Q: In the oligopoly market there are

1) large no. of firms

2) a few firms

3) a single firm

4) an infinite no. of firms

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Q: Prices of Bata shoe as Rs.99.99, this pricing is

1) Mark up pricing

2) Odd pricing

3) Marginal cost pricing

4) Follow up pricing

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Q: Demand for tyres depends on demand of vehicles, the demand for tyres called as

1) Composite demand

2) Derivative demand

3) Joint demand

4) Direct demand

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Q: Method of charging low price initially called...

1) skimming

2) penetrating

3) full cost pricing

4) target pricing

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Q: Total Revenue will be maximum at the point where Marginal Revenue is

1) One

2) Zero

3) <1

4) >1

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Q: ...Method is also known as Sales-Force -Composite method or collective opinion method

1) Opinion survey

2) Expert opinion

3) Delphi method

4) Consumer interview method

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Q: Which is the reason of skimming price

1) Inelastic demand

2) Diversion of market

3) Safer price policy

4) All of these

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Q: Tea and coffee are

1) Complimentary goods

2) Substitute goods

3) Supplementary goods

4) Reserve goods

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Q: Criteria for good demand forecasting includes;

1) Plausibility

2) Simplicity

3) Economy

4) All the above

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Q: Outlay method of measurement of elasticity is also called as

1) Percentage method

2) Expenditure method

3) Point method

4) Geometric method

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