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 determinant of demand? Price of the good Income of consumers Technology used in production Prices of related goods None 2. When demand and supply both increase, equilibrium price will: Increase Decrease Remain constant Be indeterminate None 3. The shape of a perfectly elastic demand curve is: Horizontal Vertical Downward sloping Upward sloping None 4. The concept of price ceiling is used to: Protect producers Control inflation Promote exports Protect consumers None 5. If the income elasticity of demand is positive, the good is classified as: Inferior Normal Giffen Veblen None 6. When Average Revenue = Average Cost, the firm is said to: Earn normal profit Earn supernormal profit Incur loss Break even None 7. The short-run production function assumes: All inputs are variable All inputs are fixed At least one input is fixed At least one input is free None 8. Which market structure is characterized by interdependence among firms? Monopoly Perfect competition Oligopoly Monopolistic competition None 9. A normal good has: Negative price elasticity Positive price elasticity Positive income elasticity Negative income elasticity None 10. The relationship between total cost, fixed cost, and variable cost is: Total cost = Fixed cost − Variable cost Total cost = Fixed cost × Variable cost Total cost = Fixed cost + Variable cost Total cost = Fixed cost ÷ Variable cost None 11. Which of the following is an example of microeconomics? National unemployment rate Inflation in the economy Price determination of a commodity GDP of a country None 12. When marginal utility is zero, total utility is: Zero Maximum Minimum Negative None 13. Which cost remains constant per unit? Fixed Cost Variable Cost Semi-Variable Cost Total Cost None 14. A decrease in the price of complementary goods leads to: Increase in demand Decrease in demand No effect on demand Decrease in supply None 15. Which of the following is NOT a type of elasticity of demand? Price elasticity Income elasticity Cross elasticity Marginal elasticity None 16. Which is NOT included in national income? Wages Rent Illegal income Profits None 17. The key objective of monetary policy is: Regulation of imports and exports Control of inflation and deflation Increase in direct taxes Fiscal deficit reduction None 18. Inelastic demand is represented by an elasticity value of: Greater than 1 Less than 1 Equal to 1 Negative None 19. When the price of a good increases, the quantity supplied: Decreases Increases Remains constant Becomes zero None 20. An isoquant curve represents: Combinations of inputs that produce the same level of output Total utility from different combinations of goods Combinations of goods at the same cost Levels of profit at various outputs None 21. Which is NOT a characteristic of management? Goal-oriented Multidisciplinary Involves personal satisfaction Continuous process None 22. The first step in the control process is: Taking corrective action Setting standards Measuring performance Comparing actual performance None 23. Which leadership style involves complete freedom to employees? Autocratic Laissez-faire Democratic Transactional None 24. Which is NOT a part of the staffing process? Recruitment Selection Promotion Standard setting None 25. The concept of "Unity of Command" means: Multiple bosses for each employee One boss for one employee Decentralized authority Coordination across departments None 26. Organizational culture refers to: Rules and regulations Shared beliefs and values Hierarchical structure Technological capabilities None 27. Strategic planning is generally done by: Middle-level management Lower-level management Top-level management Supervisory management None 28. Controlling in management involves: Setting objectives B) Correcting deviations C) Preparing budgets D) Developing strategies None 29. The principle of "Scalar Chain" refers to: Direct communication between employees Clear line of authority from top to bottom Decentralization of authority Coordination between departments None 30. Motivation is primarily concerned with: Organizational structure Employee satisfaction Financial planning Supervisory functions None 31. Which of the following is NOT an assumption of the law of demand? Constant income Constant taste and preferences Change in the price of substitutes No change in population None 32. When supply exceeds demand, it leads to: Shortage Surplus Equilibrium Inflation None 33. The law of supply indicates a: Direct relationship between price and quantity supplied Direct relationship between price and quantity demanded Inverse relationship between price and quantity supplied No relationship between price and quantity supplied None 34. Which of the following factors does NOT cause a shift in the demand curve? Change in price Change in income Change in preferences Change in the price of substitutes None 35. An economic system where the government makes all decisions is called: Market economy Mixed economy Command economy Traditional economy None 36. The kinked demand curve is associated with: Monopoly Perfect competition Oligopoly Monopolistic competition None 37. What happens to the equilibrium quantity when both supply and demand increase? It decreases It increases It remains unchanged It becomes indeterminate None 38. A situation where the elasticity of demand is exactly 1 is called: Perfectly elastic Perfectly inelastic Unitary elastic Inelastic None 39. The term “economic efficiency” refers to: Allocating resources with minimum waste Producing maximum output with maximum cost Using more resources than required Reducing unemployment None 40. A production function represents the relationship between: Revenue and cost Inputs and output Price and quantity demanded Wages and employment 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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