Economic Principles and Business Ethics Quiz
Test your knowledge on economic fundamentals, ethical theories, and business responsibilities with our quiz. Learn key concepts in business ethics.
#1
Which of the following is a fundamental principle of economics?
Scarcity
Abundance
Equality
Unlimited resources
#2
What does 'GDP' stand for in economics?
Gross Domestic Profit
Gross Domestic Production
Gross Domestic Price
Gross Domestic Product
#3
According to the concept of supply and demand, what happens to price when demand increases and supply remains constant?
Price decreases
Price remains constant
Price increases
Price fluctuates randomly
#4
Which ethical theory suggests that actions should be judged by their consequences?
Deontology
Utilitarianism
Virtue ethics
Ethical egoism
#5
What is 'corporate social responsibility' (CSR) in business ethics?
A legal requirement for all companies
The obligation of businesses to act in the best interest of society
A marketing strategy to attract customers
An accounting term for profit distribution
#6
Which of the following is NOT a characteristic of monopolistic competition?
Many sellers
Product differentiation
Price taker
Free entry and exit
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