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 Business Awareness Questions

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Q:

Black markets are associated with

A) Price floors and the resulting product shortages B) Ceiling prices and the resulting product shortages
C) Price floors and the resulting product surpluses D) Ceiling prices and the resulting product surpluses
 
Answer & Explanation Answer: B) Ceiling prices and the resulting product shortages

Explanation:
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Q:

The supply curve for a monopolist is

A) Verticle B) Horizontal
C) Downward sloping D) Doesn't exist
 
Answer & Explanation Answer: D) Doesn't exist

Explanation:

A monopoly firm has no well-defined supply curve. In other words, there is no unique supply curve for the monopolist derived from his MC curve.

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Q:

Which of the following does not motivate entrepreneurs?

A) Security B) Profit
C) Freedom D) Innovation
 
Answer & Explanation Answer: A) Security

Explanation:

Security in a business does not motivate entrepreneurs. An entrepreneurs primary motivation to start a business is to be independent.

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Q:

Quality assurance is an example of which process?

A) Testing B) Manufacturing
C) Delivering D) None of the above
 
Answer & Explanation Answer: A) Testing

Explanation:

Quality assurance (QA) is a way of preventing mistakes and defects in manufactured products and avoiding problems when delivering solutions or services to customers.

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Q:

A monopoly is a market that has

A) single seller B) single buyer
C) single seller and single buyer D) a seller but no buyer
 
Answer & Explanation Answer: A) single seller

Explanation:

A monopoly is a market that has a single seller of a unique product in the market. He does not have any competition in the market as he has no substitute product for the product he is selling.

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Q:

Which type of unit is charged with regulating business?

Answer

Commission is charged with regulating business.

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Q:

An increase in the price of a good will

A) decrease demand B) increase quantity demanded
C) increase demand D) decrease quantity demanded
 
Answer & Explanation Answer: D) decrease quantity demanded

Explanation:

In economics we study that, if the price of a good increases the demand in its quantity decreases or the demand for its complimentary good increases.

 

For example, if the rice of a good increased by 5%, the demand in its quantity decreases by 10% approximately.

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Q:

The advantages of being an entrepreneur are

A) making the important decisions B) you choose the work you like to do
C) opportunity to be your own boss D) All of the above
 
Answer & Explanation Answer: D) All of the above

Explanation:
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