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. The term "invisible hand" was introduced by: John Maynard Keynes Adam Smith David Ricardo Alfred Marshall None 2. Which of the following is NOT a characteristic of monopolistic competition? Many sellers Free entry and exit Homogeneous product Product differentiation None 3. In a free-market economy, the allocation of resources is determined by: Government planning Market forces of demand and supply Corporate decisions Traditional methods None 4. Fixed costs are also known as: Overhead costs Direct costs Marginal costs Variable costs None 5. Which type of good has a negative income elasticity of demand? Normal goods Inferior goods Luxury goods Complementary goods None 6. In economics, capital refers to: Money invested in business Human skills and abilities Tools, equipment, and machinery used in production Natural resources None 7. Which of the following causes a leftward shift in the demand curve? Increase in consumer income Increase in the price of a substitute Increase in population Increase in the price of a complementary good None 8. The equilibrium price is where: Demand exceeds supply Supply exceeds demand Demand equals supply Price elasticity equals one None 9. A firm's supply curve in the short run is its: Average cost curve above average variable cost Marginal cost curve above average variable cost Total cost curve above fixed cost Marginal cost curve above total cost None 10. An increase in the price of tea will likely: Increase the demand for coffee Decrease the demand for coffee Have no effect on coffee demand Decrease the supply of coffee None 11. Which of the following best describes opportunity cost? The money cost of an item The time cost of a decision The value of the next best alternative foregone The total cost of producing goods None 12. When price elasticity of demand is greater than 1, demand is Inelastic Elastic Unitary elastic Perfectly elastic None 13. Which factor is NOT a determinant of elasticity of demand? Availability of substitutes Time period Degree of necessity Production cost None 14. The slope of the production possibility curve indicates: Marginal utility Opportunity cost Total revenue Marginal revenue None 15. What is a key feature of a perfectly competitive market? Few sellers Product differentiation Barriers to entry Price takers None 16. An increase in labor productivity will: Shift the supply curve to the left Shift the supply curve to the right Shift the demand curve to the right Have no effect on supply None 17. Disposable income is: Total income minus consumption Total income minus taxes Total income minus savings Total income minus investments None 18. If the supply of a good decreases and demand remains unchanged, the equilibrium price will: Increase Decrease Remain constant Be indeterminate None 19. In a price floor situation, the price is set: Below the equilibrium price At the equilibrium price Above the equilibrium price At the market-clearing level None 20. A plan that focuses on the broad, long-term objectives of an organization is called: Tactical plan Operational plan Strategic plan Contingency plan None 21. The principle of “division of work” was introduced by: F.W. Taylor Max Weber Henry Fayol Elton Mayo None 22. Which of the following is NOT a function of management? Planning Organizing Delegating Investment None 23. Informal communication within an organization is known as: Horizontal communication Grapevine communication Vertical communication Linear communication None 24. In Herzberg’s Two-Factor Theory, hygiene factors include: Recognition Salary Achievement Responsibility None 25. Which management function ensures activities are performed as planned Planning Organizing Controlling Directing None 26. The process of motivating, directing, and guiding employees is called: Staffing Organizing Planning Leadership None 27. Which of the following is NOT an element of the controlling process? Measuring performance Setting standards Motivating employees Taking corrective action None 28. A formal group within an organization is characterized by: Informal interactions Predefined roles and structure Lack of leadership Social relationships None 29. The leadership style where the leader involves employees in decision-making is called: Autocratic Democratic Laissez-faire Transformational None 30. The managerial function that focuses on employee training and development is: Organizing Staffing Directing Controlling None 31. Which management principle advocates that work should be divided among individuals to ensure specialization? Unity of command Division of work Authority and responsibility Centralization None 32. The process of identifying, measuring, and developing human resources is called: Performance management Recruitment Selection Supervision None 33. Which type of leader encourages initiative and responsibility among employees? Autocratic Transformational Transactional Bureaucratic None 34. Contingency planning is used to: Plan daily operations Prepare for unexpected situations Develop long-term strategies Manage employee performance None 35. A clear chain of command promotes: Ambiguity Accountability Decentralization Employee turnover None 36. The highest level of needs in Maslow’s hierarchy is: Safety needs Social needs Self-actualization Esteem needs None 37. What is the purpose of delegation in management? To reduce workload for employees To distribute authority and responsibility To increase supervision To avoid accountability None 38. The process of monitoring, comparing, and correcting work performance is called: Directing Controlling Planning Organizing None 39. Which function of management involves decision-making and resource allocation? Organizing Planning Staffing Directing None 40. A man sells an article for ₹540 and incurs a loss of 10%. What was the cost price? ₹600 ₹590 ₹620 ₹650 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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