Business Economics Quiz

What is the primary focus of Business Economics?

• Maximizing social welfare

• Understanding political systems

• Decision-making and forward planning

• None

Which of the following is considered a microeconomic issue?

• Inflation rate in a country

• National unemployment rate

• Pricing strategy of a firm

• Government budget deficit

Price elasticity of demand measures?

• The responsiveness of demand to price changes

• The rate at which prices rise

• A & B

• All of the above

National income is a measure of?

• Total wealth of the country

• Total value of goods and services produced in a year

• Total inflation rate of the country

• None

GDP at market price includes?

• Indirect taxes and excludes subsidies

• Subsidies and excludes indirect taxes

• Neither indirect taxes nor subsidies

• None of the above

Which of the following best describes the primary goal of Business Economics?

• To apply economic theory in decision-making for business purposes

• To maximize social welfare

• A&B

• None of the above

What is the primary purpose of demand forecasting in business?

• To reduce competition

• To estimate future customer demand for a product or service

• To calculate tax liabilities

• All of the above

Which of the following is a qualitative method of demand forecasting?

• Time series analysis

• Moving averages

• Delphi method

• None of the above

Price elasticity of demand = ________

Net National Product (NNP) at factor cost is also known as _______________________