Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Business EconomicsTotal Number of Question: 40Time: 41 MinutesPlease check your email after completion of test for result.All the best... Name Phone No Email State 1. Business economics is also known as Macroeconomics Managerial Economics Microeconomics Corporate Finance None 2. Which of the following is NOT a characteristic of business economics? It is prescriptive It focuses on managerial decision-making It deals with long-term planning It emphasizes purely theoretical analysis None 3. The Law of Demand states that, other things remaining constant: Demand rises as price rises Demand falls as price rises Demand remains constant irrespective of price Demand fluctuates randomly with price None 4. Price elasticity of demand measures: The slope of the demand curve Responsiveness of demand to a change in price Proportional change in demand due to income change Change in demand due to change in population None 5. When demand is perfectly elastic, the demand curve is: Vertical Horizontal Upward sloping U-shaped None 6. If the income elasticity of demand is negative, the good is: A normal good An inferior good A luxury good A necessity None 7. The Law of Supply states that, other things remaining constant: Supply falls as price rises Supply rises as price rises Supply remains unchanged regardless of price Supply fluctuates randomly with price None 8. Market equilibrium occurs when: Supply exceeds demand Demand exceeds supply Supply equals demand None of the above None 9. Which of the following is a short-run production concept? Returns to scale Law of variable proportions Long-run average cost curve Optimum plant size None 10. The cost incurred on fixed inputs is called: Variable cost Fixed cost Marginal cost Total cost None 11. In a perfectly competitive market: Firms are price makers Firms are price takers Firms can influence market demand Only one firm exists None 12. Which market structure is characterized by a single seller? Monopoly Oligopoly Perfect competition Monopolistic competition None 13. Price rigidity is a characteristic of: Monopoly Perfect competition Monopolistic competition Oligopoly None 14. National Income is defined as the: Total revenue of the government Total value of goods and services produced in a country Net foreign income of a country Total savings in an economy None 15. The expenditure method of calculating national income includes: Wages, rent, interest, and profits Government expenditure, consumption, investment, and net exports Consumption and investment only Only exports and imports None 16. The New Economic Policy of 1991 emphasized: Nationalization of industries Liberalization, Privatization, and Globalization (LPG) Import substitution policies Heavy government intervention in the economy None 17. Disinvestment means: Investing in new ventures Selling government stake in public sector enterprises Increasing foreign direct investment Reducing private sector participation None 18. The largest contributor to India's GDP is: Agriculture Industry Services Mining None 19. The Green Revolution in India was initiated to improve: Industrial production Service sector output Agricultural productivity Infrastructure development None 20. Which sector is considered the backbone of the Indian economy? Manufacturing Agriculture Services Construction None 21. Sustainable development means: Maximizing economic growth at any cost Meeting present needs without compromising future generations’ ability to meet their needs Promoting only renewable energy Limiting industrial growth None 22. The Human Development Index (HDI) includes all EXCEPT: Life expectancy Standard of living Education Military expenditure None 23. Which of the following is a component of India’s Green Energy initiatives? Focus on thermal energy Expansion of wind and solar energy Increasing coal production Promoting nuclear energy only None 24. The primary objective of economic planning in India is Maximization of exports Balanced regional development Achieving self-sufficiency in military production Promoting private sector growth only None 25. Which Five-Year Plan introduced the concept of ‘Growth with Social Justice’? First Five-Year Plan Fourth Five-Year Plan Fifth Five-Year Plan Seventh Five-Year Plan None 26. Fiscal deficit refers to: Excess of government expenditure over revenue Total income of the government Excess of exports over imports Balance between revenue and expenditure None 27. A direct tax is: A tax levied on goods and services A tax directly paid by individuals or corporations to the government A tax collected by intermediaries and remitted to the government A tax levied on exports None 28. GST (Goods and Services Tax) is an example of: Direct tax Indirect tax Wealth tax Income tax None 29. The Reserve Bank of India was established in: 1935 1947 1950 1969 None 30. Monetary policy is primarily used to: Regulate government expenditure Control inflation and stabilize the economy Promote exports and imports Reduce fiscal deficit None 31. Which of the following is NOT a monetary policy instrument? Repo rate Cash reserve ratio Public expenditure Open market operations None 32. Inflation is defined as: Persistent rise in the price level of goods and services Decrease in the purchasing power of money Increase in money supply All of the above None 33. Balance of Payments (BoP) is: The record of a country’s imports and exports A statement of all economic transactions between a country and the rest of the world The difference between exports and imports None of the above None 34. When imports exceed exports, it is termed as: Trade surplus Trade deficit Balanced trade Trade equilibrium None 35. The WTO (World Trade Organization) was established in: 1985 1995 2000 2010 None 36. The main objective of WTO is to: Promote free and fair trade Impose restrictions on international trade Encourage trade only among developed countries Regulate domestic policies of nations None 37. Economic growth is measured by: National income growth rate Per capita income GDP growth rate All of the above None 38. A country’s standard of living is best measured by: GDP per capita National income Population growth Export earnings None 39. Which of the following is a qualitative tool of monetary policy? Bank rate Open market operation Margin requirements Repo rate None 40. Which sector is the largest employer in India? Manufacturing Agriculture Services Construction 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! To begin the quiz, please grant this quiz access to your camera.Time is Up!Time is Up!
