Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Fundamentals of Business Economics and ManagementTotal Number of Question: 40Time: 41 MinutesPlease check your email after completion of test for result.All the best... Name Phone No Email State 1. What is the central problem of an economy? Unemployment Poverty Scarcity of resources Inflation None 2. Law of Demand states that, other things being equal: Price increases, demand increases Price increases, demand decreases Demand is independent of price Supply creates its own demand None 3. Elasticity of demand measures: Change in demand due to change in price Change in price due to change in demand Proportionate change in demand and supply Effect of advertising on demand None 4. In a perfectly competitive market: There are many buyers and sellers Only one seller exists The government controls prices There is product differentiation None 5. What is marginal cost? Total cost divided by output Change in total cost due to one additional unit of output Cost of fixed assets Average of total cost None 6. What is GDP? Gross Domestic Product Government Department Planning Global Development Programme General Domestic Price None 7. Inflation is defined as: A continuous rise in the general price level An increase in unemployment A fall in GDP Increase in exports None 8. Which of the following is NOT a macroeconomic goal? Economic growth Price stability Full employment Maximizing individual profits None 9. Monetary policy is controlled by: The government The central bank Commercial banks International Monetary Fund None 10. The Phillips Curve shows the relationship between: Inflation and unemployment Inflation and GDP Demand and supply Savings and investment None 11. Management is: A science only An art only Both a science and an art Neither science nor art None 12. Planning is: The last function of management The first function of management Optional for managers None of the above None 13. Who is known as the father of scientific management? Henry Fayol F.W. Taylor Max Weber Elton Mayo None 14. Unity of Command means: An employee is accountable to multiple managers An employee is accountable to only one manager An employee has no accountability None of the above None 15. Decision-making involves: Selecting the best alternative Delegating authority Avoiding risk None of the above None 16. Motivation is primarily concerned with: Controlling employees Influencing behavior towards goal achievement Punishing poor performance None of the above None 17. Maslow’s hierarchy of needs does NOT include: Physiological needs Safety needs Legal needs Self-actualization needs None 18. Group behavior is influenced by: Norms Roles Status All of the above None 19. Leadership is: Authority given by the position Ability to influence others Decision-making process None of the above None 20. Which of the following is NOT a leadership style? Autocratic Democratic Laissez-faire Bureaucratic None 21. Written communication is effective when: It uses complex words It is clear and organized It is lengthy It is one-sided None 22. Barriers to communication include: Noise Language differences Perception All of the above None 23. Non-verbal communication includes: Facial expressions Body posture Gestures All of the above None 24. Listening is an important part of: Writing skills Communication skills Technical skills None of the above None 25. Feedback in communication is: Not required Essential for effective communication Optional in formal communication None of the above None 26. Fixed costs remain constant: Per unit In total Per unit and in total Only when production is zero None 27. Price discrimination is practiced when: The seller charges different prices for the same product The cost of production varies Goods are sold at the same price everywhere None of the above None 28. Autocratic leadership involves: Participative decision-making Centralized control Decentralized control Group consensus None 29. Job enrichment involves: Adding more tasks to the same job Improving job satisfaction by making jobs more challenging Increasing employee benefits None of the above None 30. SWOT analysis includes: Systems, Weaknesses, Objectives, Technology Strengths, Weaknesses, Opportunities, Threats Strategies, Workforce, Opportunities, Techniques Sustainability, Worth, Objectives, Tactics None 31. Opportunity cost refers to: Historical costs Benefits forgone Fixed cost Variable cost None 32. Which market structure is characterized by a single seller? Perfect competition Monopoly Oligopoly Monopolistic competition None 33. What is the main objective of a firm under perfect competition? Maximizing market share Profit maximization Product differentiation Price fixing None 34. What does "demand curve shifting to the right" indicate? Increase in supply Increase in demand Decrease in demand Decrease in supply None 35. Which function of management involves establishing standards and measuring performance? Planning Organizing Controlling Directing None 36. The term "span of control" refers to: The total number of employees in the organiz The number of subordinates reporting to a manager The hierarchical levels in an organization The overall budget control of a department None 37. Conflict in an organization is: Always negative and should be avoided Sometimes positive and can lead to better solutions Always caused by poor management Irrelevant in modern organizations None 38. Which theory of motivation is based on the concept of "hygiene factors" and "motivators"? Maslow's Hierarchy of Needs Herzberg's Two-Factor Theory McGregor's Theory X and Y Alderfer's ERG Theory None 39. Teamwork is effective when: Team members compete with each other Team goals align with organizational objectives Team members work independently of one another d) Leaders control every decision Leaders control every decision None 40. Which of the following is NOT an example of upward communication? Employee feedback to management Reporting progress to a supervisor Suggestions for improvement Instructions from a manager None 1 out of 4 Great job on taking the INCOC Test! We appreciate your interest in test.Look out for results and future opportunities.Stay Connected !! Your quiz time is about to finish. 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