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. Which of the following is NOT a characteristic of a perfectly competitive market? Large number of buyers and sellers Homogeneous products Barriers to entry Perfect knowledge of market conditions None 2. Which of the following is a feature of monopolistic competition? Homogeneous products No barriers to entry Single seller Perfect knowledge of market conditions None 3. The law of demand states that, other things being equal, when the price of a good rises, the quantity demanded: Increases Decreases Remains unchanged First increases then decreases None 4. Which of the following is an example of a public good? A private car National defense A branded watch A private education None 5. Which of the following costs is considered fixed in the short run? Wages of employees Rent of factory premises Raw material costs Utilities None 6. Which of the following is a factor of production? Capital Money Stocks Bonds None 7. Which of the following is NOT an example of a capital good? Machinery Computers Labor Buildings None 8. What does the term ‘opportunity cost’ refer to? The cost of producing a good The cost of next best alternative forgone The cost of raw materials The price at which goods are sold None 9. Which of the following is NOT a determinant of supply? Technology Number of sellers Consumer income Cost of production None 10. The point at which the demand and supply curves intersect is called: Equilibrium point Market failure point Surplus point Shortage point None 11. Which of the following is an example of a non-price determinant of demand? Price of the good Income of consumers Future price expectations Both b and c None 12. The concept of elasticity of demand measures the responsiveness of: Demand to changes in price Supply to changes in price Government to price changes Demand to changes in supply None 13. Which of the following is a feature of a monopoly? Large number of sellers Homogeneous products Barriers to entry Freedom of entry and exit None 14. Which of the following is NOT a function of management? Planning Organizing Marketing Controlling None 15. Which of the following is the first step in the planning process? Setting objectives Analyzing alternatives Identifying resources Establishing policies None 16. The process of organizing resources in the right manner is called: Planning Organizing Staffing Controlling None 17. Which of the following is a major characteristic of leadership? Ability to give orders Influence over others Ability to manage budgets Expertise in technology None 18. Which of the following is NOT a primary function of management? Directing Organizing Controlling Designing products None 19. The process of measuring actual performance against a set standard is called: Planning Organizing Controlling Directing None 20. Which of the following is an example of a divisional organizational structure? A matrix structure A product-based structure A geographical structure Both b and c None 21. Which of the following is the primary objective of human resource management? To control employee performance To recruit and retain employees To minimize training costs To reduce turnover rates None 22. Which of the following leadership styles involves making decisions without consulting others? Autocratic leadership Democratic leadership Laissez-faire leadership Transformational leadership None 23. In the SWOT analysis, "T" stands for: Target Time Threats Team None 24. Which of the following is a feature of the scientific management theory? Focus on worker satisfaction Specialization of labor Emphasis on team collaboration Decentralization of decision-making None 25. Which of the following is an example of a trade-off in economics? Choosing between two different types of shoes Deciding between leisure and work Both a and b None of the above None 26. Which of the following is the main goal of profit maximization in business? To minimize costs To maximize sales To maximize shareholder value To ensure customer satisfaction None 27. Which of the following is a characteristic of a centralized organizational structure? Decision-making is spread out across multiple levels All decision-making is concentrated at the top level Employees have more authority Decision-making is decentralized None 28. The ‘law of diminishing returns’ refers to: Increasing production leads to decreasing costs Each additional unit of input adds less output Decreased demand leads to reduced supply The cost of production increases with each unit produced None 29. In economics, a 'market' is defined as: A place where goods are exchanged Any arrangement that allows buyers and sellers to exchange goods A specific store or business The government’s marketplace None 30. Which of the following is an example of an oligopoly? A market with one seller A market with many sellers A market with a few large firms dominating A perfectly competitive market None 31. Which of the following is an example of a fixed cost? Raw material costs Wage payments to workers Rent for office space Utility bills None 32. In which of the following market structures is the firm a price taker? Monopoly Monopolistic competition Perfect competition Oligopoly None 33. The total cost of production is the sum of: Fixed costs and variable costs Fixed costs and sales revenue Variable costs and profit Fixed costs, variable costs, and profit None 34. Which of the following is NOT a type of business organization? Sole proprietorship Partnership Corporation Government agency None 35. What is the main purpose of business ethics? To maximize profits To follow legal requirements To ensure fair treatment of employees and customers To increase competition None 36. Which of the following is a key feature of an entrepreneur? Willingness to take risks Preference for stability Reliance on government support Strict adherence to traditional methods None 37. In the production process, which of the following is a variable input? Rent Labour Capital Land None 38. Which of the following is the main characteristic of a command economy? Private ownership of resources Centralized government control of production and distribution Free market competition Consumer-driven production None 39. The concept of ‘marginal utility’ refers to: The total satisfaction derived from consumption The additional satisfaction from consuming one more unit of a good The cost of producing one more unit of a good The overall cost savings in production None 40. Which of the following is an example of a merit good? Cigarettes Alcohol Education Luxury cars 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. Few seconds left. 1 2 3 4 Time's upYou cannot switch tabs while taking this quiz!You are not allowed to switch tabs violation has been recorded.you cannot minimize full screen mode!You are not allowed to minimize full screen while taking this quiz, violation has been recorded.Access denied! 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