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 a factor of production? Money Capital Technology Marketing None 2. In a monopolistic competition, firms differentiate their products based on: Price only Advertising only Features, price, and advertising Homogeneity None 3. Which of the following is true for a perfectly competitive market? Firms set their own prices Only one firm exists Firms are price takers Barriers to entry are high None 4. A normal good is one for which demand: Falls as income rises Rises as income rises Remains constant as income rises Rises as price rises None 5. What happens to the demand for inferior goods when consumer income increases? Increases Decreases Stays the same Becomes perfectly elastic None 6. The term "marginal utility" refers to: Total satisfaction from consumption Additional satisfaction from consuming one more unit Average satisfaction per unit Diminishing satisfaction with each unit consumed None 7. The supply curve is upward-sloping because: Producers prefer to sell less at higher prices Producers supply more at higher prices Consumers demand more at higher prices Costs remain constant with increased production None 8. If two goods are complementary, an increase in the price of one will cause: An increase in demand for the other A decrease in demand for the other No effect on the Perfect elasticity None 9. Which cost curve is U-shaped in the short run? Marginal cost curve Total fixed cost curve Average total cost curve Average fixed cost curve None 10. Producer surplus is the difference between: Cost of production and revenue Market price and minimum price the producer is willing to accept Revenue and profit Fixed costs and variable costs None 11. Which of the following is a leakage in the circular flow of income? Investment Consumption Savings Government spending None 12. An increase in exports will lead to: An increase in GDP A decrease in GDP No change in GDP An increase in imports None 13. Gross Domestic Product (GDP) at market price includes: Net exports Indirect taxes and subsidies Depreciation All of the above None 14. Which unemployment arises due to a lack of skills required for available jobs? Seasonal unemployment Frictional unemployment Structural unemployment Cyclical unemployment None 15. What is the primary tool of fiscal policy? Taxation and government spending Interest rates Money supply Exchange rates None 16. The Phillips curve shows the relationship between: Inflation and GDP Inflation and unemployment GDP and unemployment Inflation and balance of trade None 17. Which is NOT a determinant of aggregate demand? Consumer spending Government spending Net exports Technological advancement None 18. The term "open market operations" refers to: Borrowing by commercial banks Lending by the government Buying and selling of government securities by the central bank Transactions in the foreign exchange market None 19. Hyperinflation occurs when: Prices rise moderately Prices fall drastically Prices increase rapidly and out of control d Inflation and unemployment coexist None 20. Net National Product (NNP) is derived by: Subtracting depreciation from Gross National Product (GNP) Adding depreciation to GDP Subtracting indirect taxes from GNP Adding net exports to GNP None 21. Planning is primarily concerned with: Action and decision-making Future actions and goals Supervising teams Motivating employees None 22. A line organization structure ensures: Clear authority-responsibility relationships Decentralization Improved flexibility Informal communication None 23. The span of control depends on: The type of work Competence of employees Managerial abilities All of the above None 24. Coordination is achieved through: Effective communication Unity of command Clear objectives All of the above None 25. Who is regarded as the father of scientific management? F.W. Taylor Henry Fayol Max Weber Elton Mayo None 26. Job rotation aims to: Reduce monotony Specialize employees in one role Increase wages Improve technical skills None 27. Which is NOT a part of Maslow’s hierarchy of needs? Social needs Economic needs Esteem needs Self-actualization None 28. An autocratic leadership style involves: Participative decision-making Complete control by the leader Employee empowerment Delegation of authority None 29. The equity theory of motivation focuses on: Monetary incentives Fairness in treatment of employees Reducing job complexity Improving technical skills None 30. Group norms refer to: Rules for effective decision-making Status differences in the group Shared expectations of group behavior Individual preferences in the group None 31. Which of the following is an example of formal communication? Grapevine communication Memos Casual conversations Gossip None 32. The grapevine is a type of: Horizontal communication Vertical communication Informal communication Written communication None 33. Non-verbal communication includes: Facial expressions Body posture Gestures All of the above None 34. Barriers to communication include: Noise Language differences Perception All of the above None 35. Feedback is important in communication because it: Reduces noise Ensures message understanding Simplifies processes Encourages informal communication None 36. Leadership is primarily concerned with: Decision-making Influencing behavior toward goals Coordinating teams Supervising employees None 37. A monopoly results in: Higher competition Deadweight loss Perfect efficiency Lower prices None 38. Which market structure has many sellers offering differentiated products? Monopoly Monopolistic competition Perfect competition Oligopoly None 39. Break-even analysis is used to determine: Optimum production quantity Minimum number of products to cover costs Maximum profit margin Material wastage percentage None 40. SWOT analysis includes: Systems, Weaknesses, Objectives, Technology Strengths, Weaknesses, Opportunities, Threats Strategies, Workforce, Opportunities, Techniques Sustainability, Worth, Objectives, Tactics 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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