Quiz on Nature and Scope of Business Economics

#1. Which of the following statements is correct?

#2. The difference between positive and normative Economics is:

#3. In a free market economy the allocation of resources is determined by

#4. Ram: My corn harvest this year is poor. Krishan: Don’t worry. Price increases will compensate for the fallin quantity supplied. Vinod: Climate affects crop yields. Some years are bad, others are good. Madhu: The Government ought to guarantee that our income will not fall. In this conversation, the normative statement is made by

#5. Which of the following is not within the scope of Business Economics?

#6. Which of the following would be considered a topic of study in Macroeconomics?

#7. …………. is also called as command economy

#8. Freedom of choice is the advantage of

#9. There is need of economic study, because-

#10. The managerial economics

#11. Capital intensive technique would get chosen in a

#12. A study of how increases in the corporate income tax rate will affect the national unemployment rate is an example of

#13. Economic goods are considered scarce resources because they

#14. Which of the following is considered as a disadvantage of allocating resources using the market system?

#15. Administered prices refer to:

#16. Which of the following is not one of the four central questions that the study of economics is supposed to answer?

#17. In Economics, the central economic problem means:

#18. Which of the following statements is incorrect?

#19. Exploitation and inequality are minimal under:

#20. A very large loan extended by a group of small banks to a single corporate borrower is called as which of the folowing?

#21. In Economics, we use the term scarcity to mean;

#22. Which of the following is not the subject matter of Business Economics?

#23. Which of the following statements does not apply to a market economy?

#24. The central problem in economics is that of

#25. Which of the following is a normative economic statement?

#26. Business Economics is

#27. Which of the following is not a subject matter of Micro-economies?

#28. Profit motive is a merit of

#29. An example of ‘positive’ economic analysis would be:

#30. The branch of economic theory that deals with the problem of allocation of resources is

#31. What implication(s) does resource scarcity have for the satisfaction of wants?

#32. Macroeconomics is also called ……….. economics.

#33. Scarcity definition of Economics is given by-

#34. Consider the following and decide which, if any, economy is without scarcity:

#35. Macro Economics is the study of ………….

#36. In a mixed economy

#37. The definition “Science which deals with wealth of Nation'” was given by:

#38. A capitalist economy uses …………… as the principal means of allocating resources.

#39. The benefit of economic study is-

#40. Which of the following does not suggest a macro approach for India?

#41. Which of the following is not one of the features of capitalist economy?

#42. In every economic system, scarcity imposes limitations on

#43. The economic system in which all the means production are owned and controlled by private individuals for profit.

#44. Larger production of ……….. goods would lead to higher production in future.

#45. Mr. Satish hired a business consultant to guide him for growth of his business. The consultant visited his factory and suggested some changes with respect to staff appointment, loan availability and so on. Which approach is that consultant using’?

#46. Which of the following is a normative statement?

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