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 primary aim of fiscal policy is to: Control the money supply Regulate government revenue and expenditure Control foreign exchange rates Increase industrial growth None 2. Which of the following is NOT a characteristic of perfect competition? Free entry and exit Product differentiation Many buyers and sellers Perfect knowledge of the market None 3. Marginal cost is defined as: The total cost of producing a given level of output The cost of producing one additional unit of output Fixed cost divided by the number of units produced Variable cost divided by the number of units produced None 4. The elasticity of supply is likely to be higher for: Agricultural goods Perishable goods Manufactured goods Luxury goods None 5. The phenomenon of diminishing marginal returns occurs when: All inputs are variable One input is fixed and others are variable All inputs are fixed The production process is automated None 6. The balance of payments is a record of: Government expenditure and revenue All transactions between residents of a country and the rest of the world Domestic trade within a country International loans None 7. A luxury good is characterized by: Positive income elasticity greater than one Negative income elasticity Perfectly inelastic demand Zero cross elasticity None 8. Which of the following is an example of a factor of production? Bank loan Machinery Finished goods Revenue None 9. Public goods are: Rival and excludable Non-rival and non-excludable Rival and non-excludable Non-rival and excludable None 10. Which of the following is NOT a cause of inflation? Increase in production costs Excess demand in the economy Increased government spending High unemployment None 11. Which curve shows the different combinations of two goods a consumer can purchase with a given budget? Indifference curve Budget constraint Production possibility curve Marginal cost curve None 12. A decrease in demand is represented by a: Movement along the demand curve Leftward shift of the demand curve Rightward shift of the demand curve Flattening of the demand curve None 13. The production function is typically expressed as: Input ÷ Output Output ÷ Input Output = f(Inputs) Input = f(Output) None 14. Price elasticity of supply is defined as: Percentage change in price divided by percentage change in supply Percentage change in supply divided by percentage change in price Price divided by quantity supplied Quantity supplied divided by price None 15. An increase in consumer income leads to: Decreased demand for inferior goods Increased demand for inferior goods No change in demand for inferior goods Increased supply of inferior goods None 16. The marginal rate of substitution (MRS) measures: The slope of the budget line The trade-off between two goods in consumption The change in total utility from consuming one more unit The slope of the supply curve None 17. Economic profit is: Total revenue minus explicit costs Total revenue minus implicit costs Total revenue minus total cost (explicit + implicit costs) Total revenue minus fixed costs None 18. Which of the following is NOT a barrier to entry in a monopoly market? Economies of scale Patents Low start-up costs Control over resources None 19. A recession is typically characterized by: High inflation High economic growth Declining economic activity Rising employment None 20. When demand is perfectly inelastic, the demand curve is: Horizontal Downward sloping Vertical Upward sloping None 21. Which of the following is a feature of management? It is intangible It is specific to large organizations It is a one-time activity It does not require skills None 22. The concept of scalar chain relates to: Financial management Authority hierarchy Organizational culture Group behavior None 23. In Maslow’s hierarchy, which needs are satisfied after safety needs? Physiological needs Social needs Esteem needs Self-actualization needs None 24. Which of the following is NOT a step in the planning process? Setting objectives Developing premises Controlling deviations Identifying alternatives None 25. The process of grouping similar activities in an organization is called: Decentralization Delegation Departmentalization Coordination None 26. Job enrichment focuses on: Adding responsibilities and challenges to a job Increasing salaries Decreasing workload Providing additional training None 27. Line and staff functions differ in terms of: Salary Decision-making authority Organizational level Job description None 28. In which stage of the control process are deviations identified? Setting objectives Measuring performance Comparing actual and planned performance Taking corrective actions None 29. Which leadership style focuses on rewards and punishments? Autocratic leadership Transformational leadership Transactional leadership Laissez-faire leadership None 30. Conflict resolution through collaboration focuses on: Achieving personal goals Avoiding confrontation Ensuring mutual benefits Ignoring differences None 31. Which managerial skill is most important at the top level? Technical skill Human skill Conceptual skill Operational skill None 32. A short-term plan is generally known as: Strategic plan Tactical plan Contingency plan Operational plan None 33. Unity of command ensures that: There is no duplication of work Employees report to only one manager Resources are optimally allocated There is no conflict in an organization None 34. Management by Objectives (MBO) involves: Top management setting all objectives Decentralized decision-making Collaborative goal setting Use of financial incentives None 35. The purpose of performance appraisal is to: Reduce employee turnover Monitor financial performance Assess employee contributions Determine customer satisfaction None 36. Contingency theory emphasizes that management practices depend on: External consultants Organizational goals Situational factors Workforce diversity None 37. Delegation helps in: Reducing accountability Overburdening employees Developing managerial skills Avoiding supervision None 38. A leader who provides vision and inspires others is called a: Bureaucratic leader Transactional leader Transformational leader Autocratic leader None 39. A process of continuous improvement in an organization is called: Kaizen Benchmarking Brainstorming TQM None 40. Which control technique involves setting financial targets? Statistical control Budgetary control Operational control Inventory control 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!
