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MCQ Questions for CBSE Class 12 with Answers
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Business economics Class 10 MCQ Questions With Answers
1.
The four sectors in the economy are...
The household sector, financial sector, business sector & government sector
The household sector,tax sector,business sector, & government sector
The business sector, tax sector, household sector & financial sector
The financial sector, government sector, corporate sector, & household sector
2.
Supply represents...
how much of a product or service the market has to offer
how much of a product that the customer wants to buy
how many goods are available for purchase
how much of a product or service that buyers want to sell
3.
Labour is...
the human process of manufacturing goods and services
the human skills and effort required in the production process
the human skills required to acquire raw materials
the human skills and effort required to manufacture goods and services
4.
Australia's biggest trading partner is ...
USA
Japan
Mongolia
China
5.
Gross Domestic Product (GDP) refers to
the total monetary value of a country based on goods and services produced
the total value of all goods and services that are required for the production process
the total value of all goods and services produced in a business in a given period of time
the total value of all goods and services produced in a country in a given period of time
6.
Goods are...
goods are sold at supermarkets for consumption
goods are intangible items that cannot be seen or touched
goods are actions done by businesses for consumers
goods are physical, tangible products that can be seen and touched
7.
Land refers to...
all the raw materials that mined and used in difference resources to create goods and services for the consumer
all the raw materials and other natural resources that go into the production of goods and services
all the raw materials that are offered to producers as goods and services for the consumer
all the raw materials that are mined in minecraft
8.
Globalisation can be defined as...
Economic transactions that are made between countries
The exchange of goods and services among individuals and businesses in multiple countries
The process of interaction and integration among people, companies, and governments worldwide
A change in global or regional climate patterns
9.
Australia's biggest export in 2017 was ...
Iron ore
Wheat
Natural gas
Coal
10.
Opportunity cost can be defined as...
Having fewer resources than needed to fill human wants and needs
A time or set of circumstances that makes it possible to do something
Anxiety that an exciting or interesting event may currently be happening elsewhere, often aroused by posts seen on social media
The loss of other alternatives when one alternative is chosen
11.
A service is...
are the products offered by businesses
are companies that offer business to consumers
are physical, tangible items that can be seen and touched
the actions that are done by businesses for consumers
12.
A supply chain is...
The transport of goods by sea or some other means
The sequence of processes involved in the production and distribution of a product or service
The commercial activity of transporting goods to customers
The amount of a commodity, product, or service available and the desire of buyers for it
13.
Exports are...
goods and services that are purchased from overseas businesses
goods and services that are exported to overseas governments
goods and services that are sold domestically to the household sector
goods and services sold by local businesses to overseas consumers
14.
The economy is the total of all activities for the purpose of...
producing, marketing and selling goods and services in a country
creating, designing and exploring goods and services in a country
producing, distributing and consuming goods and services in a country
producing, distributing and selling foods and services in a country
15.
The financial sector can be described as...
banks that use the deposits collected in order to help businesses grow
financial intermediaries that collect deposits and invest in the growth of businesses
financial intermediaries that allow consumers to open savings accounts
banks that charge interest on loans that are offered to consumers
16.
The business sector can be described as...
producers that provide goods and services to satisfy the needs and wants of households
consumers that are working in the business sector to earn money
consumers that purchase goods and services for the business sector
producers that provide goods and services to consumers in order to make a profit
17.
Capital is...
the money or cash on hand that a business has at their disposal
all the equipment used by human labour in the process of production
all the equipment used when to create goods and services for the consumers
the resources required to produce goods and services for consumers
18.
Household demand is...
the amount of goods or services that consumers are willing and able to purchase at a point in time
the amount of products created throughout the production process that are available to the household sector
the amount of goods and services that businesses produce for the household sector at a point in time
the amount of goods required in the production process
19.
The economic problems of relative scarcity refers to...
consumers purchasing goods and services from businesses
consumers not being able to afford different goods and services
consumers making purchasing decisions in relation to their needs and wants
consumers making purchasing decisions in relations to goods and services
20.
The GFC was caused by.....
Consumer confidence was low due to the war in Iraq
Banks and other lenders were willing to make increasingly large volumes of risky loans
The American government was in debt to the IMF and interest rates were increased significantly
Baked beans
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