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Business Economics Practice Test Questions
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Avg score: 46% • Most missed: “When the total product curve is falling, ———-”

Business economics is a field in applied economics which uses economic theory and quantitative methods to analyze business enterprises and the factors contributing to the diversity of organizational structures and the relationships of firms with labour, capital and product markets.

(Source: Wikipedia)

Business economists make decisions on capital investments, pricing tactics, and profit margins based on their understanding of economic theory.

Business Economics Practice Test Questions
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25 Questions

1. One purpose of short-range forecasts is to determine ———-
2. Demand is a function of ——-
3. In case of monopoly, a firm in the long run can have ————–
4. Passive factor of production is ——-
5. If firms can neither enter nor leave an industry, the relevant time period is the ———
6. The extra utility from consuming one more unit of a commodity is called
7. What are homogenous products?
8. The existence of both public and private sector enterprises constitutes
9. A market demand Schedule for a product indicates that ——-
10. When the total product curve is falling, ———-
11. Cobb Douglas production function mainly studies ———
12. A graph showing all the combination of capital and labour available for a given total cost is the ——-
13. Sales Maximisation concept is given by —–
14. Money paid to an unskilled labour is called —————
15. Economics is derived from the Greek word OIKONOMIKUS which means
16. Economics is a science the basis of this statement does not include
17. car and petrol are —- goods
18. Microeconomic theory is also known as ——
19. The forecasting model that the opinions of a group of experts or managers is known as ———
20. —– costs are business costs which do not involve any cash payments but for them a provision is made in accounts
21. Derived demand is directly determined by ——
22. The costs that depend on output in the short run are ——-
23. Supply is a function of —–
24. A relative change in quantity demanded is less than the relative change in money income is —— income elasticity
25. Which factor of production is considered as fixed input

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