VEYBIZ QUIZ GR. 11 FIRST ROUND

Which of the following is NOT a factor of production?

• Land

• Labor

• Money

• Capital

Opportunity cost refers to:

• The total cost of an opportunity

• The cost of the next best alternative forgone

• The cost of all available alternatives

• The sum of fixed and variable costs

Which of the following describes a market economy?

• The government makes all decisions about the allocation of resources

• Resources are allocated based on supply and demand

• Resources are allocated based on the needs of the population

• Resources are allocated equally by the government

Which of the following is a direct tax?

• Value Added Tax (VAT)

• Sales Tax

• Income Tax

• Import Duty

Inflation is measured using:

• Exchange Rate

• Gross Domestic Product

• Consumer Price Index

• Balance of Payments

What is the purpose of business activity?

• To produce goods and services

• To create unlimited wants

• To eliminate scarcity

• To reduce opportunity cost

Which of the following is a characteristic of a successful entrepreneur?

• Inflexibility

• Risk avoidance

• Innovation

• Poor leadership

What is the primary sector concerned with?

• Manufacturing goods

• Providing services

• Extracting raw materials

• Managing finances

Which financial reward is typically offered to employees for meeting sales targets?

• Salary

• Commission

• Profit-sharing

• Pension

Which of the following is a feature of a public limited company?

• Limited liability

• Private ownership

• No legal status

• Limited by shares