Introduction:
Business Economics is a field of study that combines economic theory and business practices. It aims to analyze the economic behavior of businesses and the decision-making processes that drive them. Business Economics questions can be categorized as either objective or descriptive in nature, depending on the type of answer they require.

Objective Questions:
Objective questions are those that have a definite and specific answer. These questions typically require the selection of a correct option from a given set of choices. Objective questions in Business Economics may include:

1. Multiple Choice Questions:
- Which of the following is not a factor of production?
- What is the formula for calculating price elasticity of demand?

2. True or False Questions:
- Profit is the difference between total revenue and total cost. (True/False)

3. Fill in the Blanks:
- The law of demand states that as price increases, quantity demanded __________.

Objective questions in Business Economics are based on factual information and concepts. They assess the understanding and knowledge of the subject matter.

Descriptive Questions:
Descriptive questions, on the other hand, require a detailed explanation or analysis of a given situation, concept, or problem. These questions do not have a single correct answer but rather encourage critical thinking and reasoning. Descriptive questions in Business Economics may include:

1. Essay Questions:
- Analyze the impact of government regulation on market competition.
- Discuss the factors influencing the elasticity of supply.

2. Case Study Questions:
- Read the case study and identify the market structure of the industry. Justify your answer.

3. Problem-solving Questions:
- A firm is facing diminishing marginal returns. Explain the concept and its implications.

Descriptive questions in Business Economics assess the ability to apply economic principles to real-world scenarios, analyze complex situations, and provide well-reasoned arguments or solutions.

Conclusion:
In summary, Business Economics questions can be categorized as either objective or descriptive. Objective questions have a definite answer and test knowledge and understanding, while descriptive questions require critical thinking and analysis to provide explanations or solutions. Both types of questions are important in assessing one's comprehension and application of Business Economics concepts.