
The role of business in the economy
Quiz
•
Other
•
11th Grade
•
Hard
Benjamin Roach
Used 1+ times
FREE Resource
Enhance your content
26 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements relating to a firm is NOT correct?
Firms can be classified according to legal structure; sole trader, partnership, private company, and public company.
Businesses contribute to regional development of roads, transport, and community facilities.
Businesses provide goods and services to satisfy individual and collective wants.
Only incorporated companies are able to provide goods and services for a profit.
Answer explanation
Explanation: https://edrolo.com.au/s/2901627/
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following factors do businesses take into account when determining ‘how to produce’?
Resource availability and level of technology
Consumer income and demand
Consumer preferences and income
Consumer demand and resources
Answer explanation
Explanation: https://edrolo.com.au/s/2901628/
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between the quaternary industry and quinary industry?
The quaternary industry includes services traditionally performed in the home, whereas the quinary industry includes information-based services.
The quaternary industry includes all services, whereas the quinary industry includes services traditionally performed in the home.
The quaternary industry includes information-based services, whereas the quinary industry includes services traditionally performed in the home.
The quaternary and quinary industries are the same.
Answer explanation
Explanation: https://edrolo.com.au/s/2901629/
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do businesses contribute to economic growth in Australia?
Business do not contribute to economic growth in Australia.
Businesses are an important part of the circular flow of income.
Business employ resources such as labour.
Business produce goods and services which contributes to Gross Domestic Product, which is the measure of economic growth.
Answer explanation
Explanation: https://edrolo.com.au/s/2901632/
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Profit maximisation is when:
total revenue exceeds total costs.
the point where there is the greatest positive difference between total revenue and total costs.
total revenue equals total costs.
price is multiplied by quantity sold.
Answer explanation
Explanation: https://edrolo.com.au/s/2901633/
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between a merger and an acquisition?
Mergers are an agreement that unites two existing companies into one new company.
Mergers create a new company, whereas acquisitions are when one company purchases the majority of another company.
Mergers can be horizontal and vertical in nature, whereas acquisitions cannot.
Only mergers exist in the business world.
Answer explanation
Explanation: https://edrolo.com.au/s/2901634/
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which goal is achieved when a firm undercuts the prices of their competitors?
Profit maximisation
Satisficing
Increasing market share
Meeting shareholder expectations
Answer explanation
Explanation: https://edrolo.com.au/s/2901635/
Create a free account and access millions of resources
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple

Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?
Similar Resources on Wayground
21 questions
Maturita Solutions Pre-Int. U4
Quiz
•
9th - 12th Grade
21 questions
all about tyler (the rumix)
Quiz
•
9th - 12th Grade
21 questions
Guess this Youtuber
Quiz
•
KG - Professional Dev...
21 questions
Pokemon quiz
Quiz
•
KG - 12th Grade
21 questions
LP2: Tools & PPE Comprehension Game
Quiz
•
11th - 12th Grade
24 questions
Disney Quotes, Theme Songs, & more
Quiz
•
KG - 12th Grade
21 questions
International World Trivia - BPA
Quiz
•
KG - 12th Grade
21 questions
Who Knows Me Better No.2
Quiz
•
7th Grade - Professio...
Popular Resources on Wayground
20 questions
Brand Labels
Quiz
•
5th - 12th Grade
11 questions
NEASC Extended Advisory
Lesson
•
9th - 12th Grade
10 questions
Ice Breaker Trivia: Food from Around the World
Quiz
•
3rd - 12th Grade
10 questions
Boomer ⚡ Zoomer - Holiday Movies
Quiz
•
KG - University
25 questions
Multiplication Facts
Quiz
•
5th Grade
22 questions
Adding Integers
Quiz
•
6th Grade
10 questions
Multiplication and Division Unknowns
Quiz
•
3rd Grade
20 questions
Multiplying and Dividing Integers
Quiz
•
7th Grade
Discover more resources for Other
11 questions
NEASC Extended Advisory
Lesson
•
9th - 12th Grade
20 questions
Brand Labels
Quiz
•
5th - 12th Grade
10 questions
Ice Breaker Trivia: Food from Around the World
Quiz
•
3rd - 12th Grade
10 questions
Boomer ⚡ Zoomer - Holiday Movies
Quiz
•
KG - University
17 questions
Afro Latinos: Una Historia Breve Examen
Quiz
•
9th - 12th Grade
17 questions
Hispanic Heritage Month Trivia
Quiz
•
9th - 12th Grade
28 questions
Ser vs estar
Quiz
•
9th - 12th Grade
15 questions
PRESENTE CONTINUO
Quiz
•
9th - 12th Grade