Quiz: Business Economics

Increases as its price increases Is unaffected by its price Decreases as its price decreases Decreases as its price increases

Protectionist trade policies Increased interconnectedness and interdependence of economies Decrease in international trade Isolation of national economies

An increase in consumer income A decrease in the price of the good An increase in the price of a substitute good A decrease in consumer income

The responsiveness of quantity demanded to a change in price The slope of the demand curve The change in price in response to a change in demand The responsiveness of supply to a change in price

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

The relation between different types of costs The output level at which revenue is maximized The relationship between the cost of production and the level of output The output level at which costs are minimized

Are independent of other firms Have no impact on other firms Are always in cooperation with other firms Can significantly affect the actions and profits of other firms

Study of governmental policies Historical analysis of economic systems Decision-making and forward planning in a business Exploration of cultural impacts on economy

The budget line intersects the highest indifference curve The budget line is tangent to an indifference curve The budget line intersects two indifference curves The budget line is parallel to an indifference curve

A single seller with significant control over the market price A few sellers with some control over price Many sellers with no control over price Many sellers producing differentiated products