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BusinessEcon-29Aug2025

Total questions: 33

Worksheet time: 17mins

Name
Class
Date
1.

Which of the following remains a critical challenge in rural areas of India?

a)

High employment

b)

Low population density

c)

Unemployment

d)

Excessive urbanization

2.

What is the main goal of privatizing state-owned enterprises in India?

a)

Increasing government control

b)

Promoting efficiency and competitiveness

c)

Reducing foreign investment

d)

Decreasing employment

3.

Why has India become a favorable destination for foreign direct investment (FDI)?

a)

Small market size

b)

Limited business opportunities

c)

Large market, demographic advantage, and improving business environment

d)

Strict regulatory environment

4.
If the price on a product goes up the quantity demanded will go down. This follows the economic theory of:
a)
Law of Demand
b)
elasticity
c)
income effect
d)
None of the above
5.
The formula for calculating elasticity of demand is:
a)
The % change in price over the % change in quantity demanded
b)
The % change in quantity demanded over the % change in price
c)
The change in price over the change in quantity demaned
d)
The change in quantity demanded over the change in price
6.
which of the following is not a determinant of demand elasticity?
a)
availability of substitutes
b)
share of consumer's budget spend on good
c)
duration of adjustment period
d)
government spending
7.
Consuming more of one good because of a change in price of another good is known as the 
a)
income effect
b)
substitution effect
c)
elasticity effect
d)
demand effect
8.
Which factor causes the demand curve to shift in the following situation: Bobby graduated from college and got a good job, so he decided to buy a new 2016 Passat.
a)
income
b)
population
c)
consumer tastes & advertising
d)
prices of related goods
9.

What does it mean?

Ed < 1

a)

Perfectly inelastic demand

b)

Inelastic demand

c)

Unitarily elastic demand

d)

Elastic demand

e)

Perfectly elastic demand

10.

Describe your demand for a product if you buy the same amount of it or just a small amount less after a large price increase.

a)

elastic

b)

unitary elastic

c)

inelastic

d)

hyperelastic

11.

Water has seen an increase in demand 8% this summer, while the price has decreased 12%

a)

1.5 inelastic

b)

1.5 elastic

c)

.67 inelastic

d)

.67 elastic

12.

Prada has seen a increase in demand of 70%, while the price has decreased 35%

a)

.5 inelastic

b)

.5 elastic

c)

2 inelastic

d)

2 elastic

13.
Demand is almost always more elastic at higher prices and less elastic at lower prices.
a)
True
b)
False
14.
The desire, ability and willingness to buy a product 
a)
Demand 
b)
Supply 
c)
Consume 
15.
If the price on a product goes up the quantity demanded will go down. This follows the economic theory of:
a)
Law of Demand
b)
elasticity
c)
income effect
d)
None of the above
16.

What does a higher elasticity of demand indicate about consumer response to price changes?

a)

Consumers are less responsive to price changes

b)

Consumers are more responsive to price changes

c)

No impact on consumer response to price changes

d)

Consumers are unpredictable

17.

This market structure is characterized by the lowest level of competition among producers.

a)

monopolistic competition

b)

monopoly

c)

oligopoly

d)

perfect competition

18.
Factors that make it difficult for new firms to enter a market are called
a)
Barriers to entry
b)
Factors of production
c)
Limited supply
d)
Monopolistic Outlook
19.

Suppose that company XYZ produces an undifferentiated product in a single plant in a highly competitive market. The price is determined by market factors like demand and supply.

a)

monopoly

b)

monopolistic competition

c)

oligopoly

d)

perfect competition

20.

In which of the following types of markets would you, in general, expect to find the lowest prices charged and the greatest amount of innovation?

a)

monopoly

b)

monopolistic competition

c)

oligopoly

d)

perfect competition

21.

MARKET STRUCTURE IN WHICH A LARGE NUMBER OF FIRMS PRODUCE THE SAME PRODUCT

a)

OLIGOPOLY

b)

MONOPOLY

c)

PERFECT COMPETITION

d)

MONOPOLISTIC COMPETITION

22.

MARKET DOMINATED BY A SINGLE SELLER

a)

OLIGOPOLY

b)

MONOPOLY

c)

PERFECT COMPETITION

d)

MONOPOLISTIC COMPETITION

23.

If an industry is relatively cheap for new firms to enter, but consumers do not care about quality differences it is probably which market structure?

a)

perfect competition

b)

oligopoly

c)

monopoly

d)

monopolistic competition

24.

If an industry is basically impossible for new firms to enter because of government regulation, it is probably which market structure?

a)

perfect competition

b)

oligopoly

c)

monopoly

d)

monopolistic competition

25.

If you live in the city of Tucson, there is a single firm who collects trash, the city. Which market structure is this?

a)

perfect competition

b)

oligopoly

c)

monopoly

d)

monopolistic competition

26.

A barrier to entry is

a)

an economic term for economies of scale

b)

illegal in most markets

c)

anything that prevents new firms from entering the market

d)

a factor that increases competition

27.

What is not an advantage of a monopoly?

a)

achieving economies of scale

b)

high level of research and development

c)

Producing a greater quantity at profit-maximizing level of output

d)

higher prices and lower output

28.

Application of Game Theory is suitable in ............. market strategy.

a)

Monopoly

b)

Duopoly

c)

Oligopoly

d)

Monopolistic competition

29.

The excess capacity of the firm is utilized under the ......... market.

a)

Perfect competition

b)

Monopoly

c)

Monopolistic

d)

Oligopoly

30.

The monopoly firm exists because of ......

a)

1. government protection

b)

2. Monopoly in factors

c)

3 .Large production

d)

All of these

31.

Public utilities are an example.

a)

Perfect Competition

b)

Natural Monopoly

c)

Monopolistic Competition

d)

Oligopoly

32.

Which of the following industries is an example of a monopoly?

a)

utilities/water

b)

department stores

c)

auto industry

d)

commercial airlines

33.
Businesses can "Collude" or work together to set prices
a)
Oligopoly
b)
Monopoly
c)
Perfect Competition

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