Free Business Economics Certificate | Business Economics Quiz Certificate | Business Economics

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The concept of consumer’s surplus is propounded by ………….*

Adam Smith

Alfred Marshall

Hicksian

Robbins

……………….. is the starting point for every business concern.*

Demand analysis

Demand forecasting

Consumption analysis

Selection of employees

……………….. represents the consumer’s scale of preferences.*

Elasticity of demand

Indifference curve

Increasing returns

Decreasing returns

Factors of production may be of ………………. types.*

4

3

2

5

………………. is the reward for entrepreneurs.*

Rent

Interest

Wages

Profit

Production creates ……………… utilities.*

Form

Time

Place

Possession

The law of variable proportions is propounded by …………….*

Alfred Marshall

Ricardo

Adam Smith

Robinson

The law of variable proportions has …………….. stages of production.*

2

3

4

5

Economies of scale may be of …………….. types.*

5

4

3

2

The law of variable proportion relates to …………. only.*

Long run

Short run

Very long run

None of the above

The technique of ISOQUANT curves is similar to that of the technique of ……………….. curve.*

Demand

Indifference

Supply

Cost

……………….. cost is also known as alternative cost.*

Opportunity

Actual

Real

Money

In the long run …………….. costs are variable.*

Fixed

Variable

All

None of the above

………………. costs are irrelevant with regard to future business decisions.*

Product

Fixed

Variable

Sunk

Under perfect competition, demand curve of the firm is ………………..*

Elastic

Perfectly elastic

Inelastic

Perfectly inelastic

The concept of optimum firm was first introduced by ……………….*

Adam Smith

E.A.G. Robinson

Ricardo

Alfred Marshall

The movement of average variable cost has ……………. phases.*

2

3

4

5

When average cost rises as a result of increase in output, marginal cost is ……………….. average cost.*

More than

Less than

Equal to

None of these

Transporting an object from one place to another creates ………………. utility.*

Form

Place

Time

Possession

When two or more different goods are produced together by a single firm, it is called as ……………… supply.*

Joint

Composite

Excess

Short

…………….. is the price per unit multiplied by the number of units sold.*

Total revenue

Average revenue

Marginal revenue

Net income

Under ……………. competition, every firm will be of optimum size.*

Pure

Perfect

Monopoly

Monopolistic

………………. monopoly refers to a market situation where a monopolist has control the sale of all goods and services in the country as a whole.*

Relative

Private

Pure

Natural

The act of selling the same commodity at different prices to different buyers is known as …………….*

Price leadership

Differential pricing

Pricing policy

Skimming pricing

Prestige pricing is adopted for ………………*

Luxury goods

Necessaries

Comforts

None of the above

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