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. Indifference curves are: Downward sloping and convex to the origin Upward sloping and concave to the origin Parallel straight lines L-shaped None 2. The demand for a commodity is perfectly inelastic when the demand curve is: Horizontal Vertical Upward sloping Downward sloping None 3. Giffen goods violate the: Law of supply Law of demand Law of diminishing returns Law of marginal utility None 4. The cross-price elasticity of complementary goods is: Positive Negative Zero Infinite None 5. A leftward shift in the demand curve indicates: Increase in demand Decrease in demand Increase in price Decrease in price None 6. The elasticity of supply is zero when: The supply curve is vertical The supply curve is horizontal The supply curve is upward sloping The supply curve is downward sloping None 7. Returns to scale occur in the: Short run Long run Medium run Any time period None 8. When marginal cost is less than average cost: Average cost is rising Average cost is falling Average cost is constant Marginal cost equals average cost None 9. Which cost curve is U-shaped? Fixed cost Marginal cost Total cost Average fixed cost None 10. In the short run, when total product is maximum: Marginal product is zero Marginal product is maximum Marginal product is negative Marginal product equals average product None 11. The main characteristic of monopolistic competition is: Homogeneous products Price rigidity Product differentiation Single seller None 12. In a monopoly, the price charged is: Equal to marginal cost Greater than marginal cost Less than marginal cost Equal to marginal revenue None 13. In oligopoly, firms: Act independently of each other Are highly interdependent in decision-making Face no competition Produce identical goods only None 14. Price discrimination is possible only when: There is perfect competition The seller has monopoly power The demand curve is horizontal Costs are constant None 15. Under perfect competition, firms earn: Normal profits in the long run Supernormal profits in the long run Losses in the long run Supernormal profits in the short run and long run None 16. The difference between GNP and GDP is: Net exports Depreciation Net factor income from abroad Indirect taxes None 17. Personal income excludes: Salaries and wages Transfer payments Undistributed corporate profits Rent and interest None 18. Which of the following is NOT included in GDP calculations? Consumer spending Business investment Government spending Transfer payments None 19. Depreciation is also known as: Gross profit Net profit Capital consumption allowance Operating surplus None 20. The primary sector of the economy includes: Manufacturing Agriculture and mining Banking and finance Trade and commerce None 21. The primary objective of the Green Revolution was: Industrial expansion Increase in agricultural production Reduction in population growth Urbanization None 22. The largest source of revenue for the Indian government is: Income tax Corporate tax GST Customs duty None 23. Privatization in India refers to: Reducing government control in public enterprises Increasing public sector investment Restricting foreign investment Promoting import substitution None 24. Which organization publishes the Human Development Report? World Bank IMF UNDP WTO None 25. Liquidity refers to: The ease with which an asset can be converted into cash The profitability of a business The level of cash reserves in a bank The stability of currency None 26. The CRR (Cash Reserve Ratio) is maintained by: Commercial banks The Reserve Bank of India The government Non-banking financial institutions None 27. Inflation caused by increased production costs is known as: Demand-pull inflation Stagflation Cost-push inflation Hyperinflation d. Stagflation None 28. When inflation is very high and uncontrollable, it is termed as: Stagflation Deflation Hyperinflation Disinflation None 29. Devaluation of a currency is aimed at: Increasing imports Reducing exports Promoting exports Increasing domestic consumption None 30. A quota in international trade refers to: A tax on imports A restriction on the quantity of goods imported A subsidy on exports Free trade agreements None 31. Dumping refers to: Selling goods below production cost in a foreign market Importing goods at high prices Exporting goods at premium prices Restricting trade with specific countries None 32. Which of the following is NOT a trade barrier? Tariff Quota Embargo Free trade agreement None 33. Which is the apex institution of India’s financial sector? SEBI RBI IRDAI NABARD None 34. Who is known as the “Father of Economics”? Karl Marx John Maynard Keynes Adam Smith None 35. Economic liberalization in India began in: 1980 1991 2000 1975 None 36. The base year for GDP calculation in India is currently: 2004-05 2011-12 2015-16 2019-20 None 37. India’s largest trading partner is: USA China UAE European Union None 38. Which is NOT a factor of production? Land Labor Technology Capital None 39. The Phillips curve shows the relationship between: Inflation and unemployment Interest rates and money supply Demand and supply GDP and fiscal deficit None 40. Which tax is considered regressive? Income tax Corporate tax Sales tax Wealth tax 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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