Economic Principles in Business Quiz

Test your knowledge with questions on market structures, GDP, externalities, tax, elasticity, and more. Dive into the world of economics!

Practice Learn Test

In economics, what does the term 'GDP' stand for?

Gross Domestic Product

Government Development Program

Global Demand Projection

General Development Protocol

What is the formula for calculating total revenue?

Price × Quantity Demanded

Price × Quantity Supplied

Quantity Demanded ÷ Price

Quantity Supplied ÷ Price

Which of the following is NOT a factor of production?

Land

Labor

Money

Capital

Which of the following is NOT a characteristic of a perfectly competitive market?

Many buyers and sellers

Homogeneous products

Barrier to entry

Perfect information

What is the 'law of diminishing marginal utility'?

As consumption of a product increases, its marginal utility decreases

As consumption of a product increases, its price decreases

As consumption of a product increases, its demand increases

As consumption of a product increases, its total utility increases

Which of the following is a characteristic of monopolistic competition?

One seller dominates the market

Homogeneous products

Easy entry and exit of firms

Perfect information

Which of the following is an example of a positive externality?

Pollution from a factory

Education benefits spilling over to society

Traffic congestion

Water scarcity

What is the formula for calculating price elasticity of demand?

Percentage change in quantity demanded divided by percentage change in income

Percentage change in quantity demanded divided by percentage change in price

Total revenue divided by quantity demanded

Price divided by quantity demanded

In economics, what is the 'Phillips curve' used to describe?

The relationship between inflation and unemployment

The relationship between supply and demand

The impact of taxes on consumer behavior

The effect of government spending on GDP

Economic Principles in Business Quiz

In economics, what does the term 'GDP' stand for?

What is the formula for calculating total revenue?

Which of the following is NOT a factor of production?

Which of the following is NOT a characteristic of a perfectly competitive market?

What is the 'law of diminishing marginal utility'?

Which of the following is a characteristic of monopolistic competition?

Which of the following is an example of a positive externality?

What is the formula for calculating price elasticity of demand?

In economics, what is the 'Phillips curve' used to describe?

Quiz Questions with Answers

Test Your Knowledge

Similar Quizzes

Popular Quizzes in Microeconomics

Popular Quizzes in Economics

Other Quizzes to Explore