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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. When the total product curve is falling, ———-
2. In case of monopoly, a firm in the long run can have ————–
3. Marginal cost is defined as
4. —– costs are business costs which do not involve any cash payments but for them a provision is made in accounts
5. Cartel is a part of ——————
6. An LAC curve is not known as —————
7. A firm shut-down point is reached when ———–
8. Forecasts are usually classified by time horizon into three categories they are ——-
9. In relatively elastic demand ED is ——
10. Life insurance business in India is an example of ——————
11. A marginal buyer is the one ————–
12. A Market demand can be derived by adding all the individual demand curves ——
13. car and petrol are —- goods
14. When demand is elastic——–
15. Which factor of production is considered as fixed input
16. Derived demand is directly determined by ——
17. The existence of both public and private sector enterprises constitutes
18. In sample survey method —– technique is adopted
19. A positive cross elasticity of demand coefficient indicates that—–
20. The forecasting model that the opinions of a group of experts or managers is known as ———
21. Which of the following is an economic activity?
22. The upper portion of the kinked demand curve is relatively ————–
23. A relative change in quantity demanded is less than the relative change in money income is —— income elasticity
24. A graph showing all the combination of capital and labour available for a given total cost is the ——-
25. A monopolist will never produce at a point where ————

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