Practice Test

Q1) Human wants are ________ in companion to means to satisfy them. Show Answer

Q2) The economy which makes use of both markets and government: Show Answer

Q3) The practical application of economic theory in business decisions is called ________ . Show Answer

Q4) Price mechanism is a feature of ________ . Show Answer

Q5) Micro economic theory deals with the issues ________ . Show Answer

Q6) Nature of business economics is: Show Answer

Q7) Business economics is also called Show Answer

Q8) Issues requiring decision making in the context of business are: Show Answer

Q9) Consider the following statement about Capitalism:
(i) It works through price mechanism;
(ii) It increase human welfare;
(iii) It operates on profit motive Show Answer

Q10) Business economics uses elements of: Show Answer

Q11) Consumer surplus in case of necessary commodities: Show Answer

Q12) When price increases from Rs. 200 to Rs. 300 and supply increases from 2000 units to 5000 units, then calculate elasticity of supply? Show Answer

Q13) The consumer is in equilibrium when the following condition is satisfied: Show Answer

Q14) Which of the following statement is not true? Show Answer

Q15) Which of the following statements about indifference curve is not true? Show Answer

Q16) An indifference curve shows _________ marginal rate of substitution between two commodities. Show Answer

Q17) Forecasting of demand is the art and science of predicting the Show Answer

Q18) Normally, when the price of a commodity increases its demand: Show Answer

Q19) Additional made to the total utility by the consumption of an additional unit of a commodity is called: Show Answer

Q20) Which one of the following is not a method of demand forecasting? Show Answer

Q21) In case of inferior commodity the rise in income will result in demand curve: Show Answer

Q22) According to law of supply, the supply of commodity normally depends on: Show Answer

Q23) Demand curve of a normal commodity: Show Answer

Q24) What is the marginal product of third hour labour? Show Answer

Q25) What is the total output when the 2 units of labour is employed? Show Answer

Q26) The shape of AFC curve is: Show Answer

Q27) Which of the following statement about factors of production is not true? Show Answer

Q28) Accounting cost will be ________ economic cost. Show Answer

Q29) Which of the following shows the unique relation between marginal revenue, average revenue and price elasticity? Show Answer

Q30) Cobb - Douglas production function represents __________ returns to scale Show Answer

Q31) If Average cost of a firm is minimum, then Marginal cost will be _________ . Show Answer

Q32) Which is the other name that is given to the demand curve? Show Answer

Q33) Which of the following condition is for profit maximization? Show Answer

Q34) On the basis of law of variable proportions, average product is at its maximum, when average product is __________ marginal product. Show Answer

Q35) The price of a commodity express its: Show Answer

Q36) Product differentiation is an important feature of: Show Answer

Q37) Price leadership is used to explain firm's behavior under: Show Answer

Q38) A market Which has single buyer and single seller is called ___________ . Show Answer

Q39) Which one of the following is not a feature of Oligopoly? Show Answer

Q40) If the supply of a commodity does not change then with every increase in demand price will _______ . Show Answer

Q41) If there is a increase in supply without any change in demand, equilibrium price will ___________ . Show Answer

Q42) The structure of tooth paste industry in India is best described as a ____________ market. Show Answer

Q43) Under the first degree of price discrimination the monopolist charges different prices. Show Answer

Q44) In a monopoly market which of the following is not found? Show Answer

Q45) A monopolist average revenue curve: Show Answer

Q46) In long run a perfectly competitive firm earns Show Answer

Q47) Under perfect competition demand curve for individual firm is: Show Answer

Q48) Which of the following is not a feature of perfect competition? Show Answer

Q49) Marginal revenue curve of a firm under perfect competition: Show Answer

Q50) A typical business cycle has _________ distinctive phases. Show Answer

Q51) Business cycles are contagious & __________ in nature. Show Answer

Q52) Which of the following is not correctly matched? Show Answer

Q53) The world economy suffered the longest, deepest and the most widespread depression of the 20 th century during: Show Answer

Q54) Which one of the following is an important character of business cycles according to pigou? Show Answer

Q55) According to theory of business cycles once a peak is reached ___________ begins in the economy as the increase in demand and halts declining in certain areas. Show Answer

Q56) Which of the following is the internal cause of business cycles? Show Answer

Q57) Which of the following is the external cause of business cycles? Show Answer

Q58) Feature of business cycles is: Show Answer

Q59) Change in fashion retailing is an example of: Show Answer

Q60) Which of the following is not characteristic of an economic activity? Show Answer

Q61) A Hindu undivided family business ____________ formed by a group of people who do not constitute a family: Show Answer

Q62) The logo of the institute from the Institute of chartered Accountants of India (ICAI) is suggestive of _________ expected from CAs. Show Answer

Q63) Under the income tax Act, A HUF cannot earn income from. Show Answer

Q64) Which of the following is not a merit of LLP? Show Answer

Q65) Minimum number of director for private company: Show Answer

Q66) Which of the following is not correct about Business Environment? Show Answer

Q67) Which of the following is an economic activity? Show Answer

Q68) _____________ are important & specific occurrences taking place in different environmental sectors. Show Answer

Q69) Which environment affects the day to day business activities? Show Answer

Q70) An inherent capacity which an organization can use to gain strategic advantage over its competitors' is called: Show Answer

Q71) Which of the following is not a part of Economic Environment of business? Show Answer

Q72) Environmental Analysis helps in: Show Answer

Q73) The term ___________ is used to describe a framework for analysis of macro environmental factors. Show Answer

Q74) Business environment consist of Show Answer

Q75) Which of the following is Indian state owned company? Show Answer

Q76) Good Food, Good Life is the Slogan of which company: Show Answer

Q77) Wal-Mart is _________ Company. Show Answer

Q78) Product & segments of Apple are ____________ . Show Answer

Q79) Which of the following is not an American multinational company? Show Answer

Q80) FEMA replaced FERA as legislation in: Show Answer

Q81) NITI aayog has replaced which of the following: Show Answer

Q82) Permission has been granted to non-residents Indians (NRI) & overseas percent in high priority sectors: Show Answer

Q83) In single hand retailing 100% FDI was allowed in the year: Show Answer

Q84) The decrease in Government control and command in Indian business is ________ . Show Answer

Q85) Which one of the following is funding institute: Show Answer

Q86) Which of the following is not regulatory institution? Show Answer

Q87) The business sphere of SIDBI consists of Micro, small & __________ enterprises: Show Answer

Q88) ___________ represents the ratio of liquid Assets of Bank to meet liabilities & deposits: Show Answer

Q89) Which is not true about Bank rate? Show Answer

Q90) The shares of a company that are traded on a stock exchange are Show Answer

Q91) The is something that makes trade between two countries difficult and expensive Show Answer

Q92) The share of large, well established and financially sound companies with an impressive record of earnings and dividends are called: Show Answer

Q93) What is initial public offering? Show Answer

Q94) Charging a relatively high price for a short time where a new, innovative, or much improved product is launched onto a market is called: Show Answer

Q95) Reduction in the price of goods given to encourages sales on cash basis Show Answer

Q96) Assets that can be expected to turn into cash within a year or less is called as: Show Answer

Q97) Arbitrage means: Show Answer

Q98) Total revenue from sales which exactly equal to expenses incurred is: Show Answer

Q99) What is brokerage? Show Answer