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Question 1:

In the context of supply, a technological advancement is likely to:

Decrease the quantity supplied at each price level Have no effect on the quantity supplied Increase the price of the good Increase the quantity supplied at each price level

Question 2:

Which of the following is an example of an economic activity?

A friend helping another friend move A mother cooking for her family Volunteering at a charity event A teacher giving a private tuition

Question 3:

The presence of 'Barriers to Entry' in a market is a characteristic of:

Monopoly and oligopoly Competitive markets with no differentiation Perfect competition Monopolistic competition

Question 4:

One of the main features of 'Perfect Competition' is:

Homogeneous products Price discrimination Product differentiation Barriers to entry

Question 5:

The concept of marginal utility is used to measure:

The total satisfaction from consuming a good The additional satisfaction from consuming one more unit of a good The change in total utility from consuming a good The average satisfaction from consuming a good

Question 6:

A 'Balance of Payments' surplus occurs when:

The total of a country's credits in its balance of payments exceeds its debits The total of a country's debits exceeds its credits There is no trade between countries A country's imports exceed its exports

Question 7:

'Business Cycles' refer to:

Constant economic growth Periods of uninterrupted economic decline The lifecycle of a business Fluctuations in economic activity over time

Question 8:

'Economic Liberalization' typically involves:

Increasing government control over the economy Restricting international trade Promoting state-owned enterprises Reducing government regulations and barriers to trade

Question 9:

'Economic Liberalization' typically results in:

Decreased foreign investment Decreased trade with other countries Increased competition and efficiency in the economy Increased government intervention in the economy

Question 10:

Consumer's surplus can be best described as:

The difference between what consumers are willing to pay and what they actually pay The additional satisfaction from consuming one more unit The difference between total utility and marginal utility The surplus of goods in the market

Quiz: Business Economics