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 demand for a factor of production is: Direct demand Indirect demand Derived demand Composite demand None 2. What is the shape of the average cost curve? U-shaped L-shaped V-shaped Horizontal None 3. An increase in demand while supply remains constant will result in: Increase in price and quantity Decrease in price and quantity Increase in price and decrease in quantity Decrease in price and increase in quantity None 4. If two goods are perfect substitutes, the indifference curve will be: Convex to the origin Concave to the origin A straight line L-shaped None 5. The supply curve for a perfectly inelastic good is: Vertical Horizontal Upward sloping Downward sloping None 6. The law of diminishing marginal returns is applicable to: Short-run production Long-run production Both short-run and long-run None of the above None 7. What does the term “monopsony” refer to? One buyer and many sellers One seller and many buyers Many buyers and many sellers Few sellers and many buyers None 8. Which of the following is a flow concept? Wealth Capital Income Land None 9. If a good has many close substitutes, its demand will likely be: Elastic Inelastic Perfectly inelastic Unit elastic None 10. Which of the following can cause cost-push inflation? Increase in wages Increase in consumer spending Decrease in taxes Decrease in production costs None 11. In the long run, a firm in perfect competition operates at: Supernormal profits Normal profits Subnormal profits Maximum losses None 12. Consumer surplus is the difference between: Total revenue and total cost What a consumer is willing to pay and what they actually pay Marginal cost and average cost Supply price and demand price None 13. A kinked demand curve is usually associated with: Monopoly Monopolistic competition Oligopoly Perfect competition None 14. The Phillips Curve shows the relationship between: Inflation and unemployment GDP and employment Inflation and interest rates Demand and supply None 15. Which of the following goods is likely to have a positive cross-elasticity of demand? Complementary goods Substitute goods Normal goods Inferior goods None 16. The marginal propensity to save (MPS) is equal to: 1 − Marginal Propensity to Consume (MPC) MPC − 1 MPC ÷ Total Income MPC × Total Income None 17. Economic costs include: Only explicit costs Only implicit costs Both explicit and implicit costs Fixed costs only None 18. Which market structure is characterized by price rigidity? Monopoly Perfect competition Oligopoly Monopolistic competition None 19. An isoquant is analogous to: A budget line An indifference curve A demand curve A supply curve None 20. The GDP of a country is the total value of: All goods produced in the domestic economy All goods and services produced in the domestic economy All goods produced by its citizens abroad All goods and services produced by its citizens None 21. Decision-making is primarily a part of: Planning Organizing Controlling Staffing None 22. Which of the following is a qualitative forecasting method? Time series analysis Market research Regression analysis Moving averages None 23. Management by Exception (MBE) focuses on: Addressing all issues equally Concentrating on deviations from standard performance Routine decision-making Reducing managerial responsibilities None 24. The concept of “authority and responsibility” was introduced by: Max Weber F.W. Taylor Henry Fayol Elton Mayo None 25. The term "benchmarking" refers to: Setting performance standards Comparing performance with best practices Achieving financial goals Analyzing internal processes None 26. A contingency plan is prepared for: Expected situations Unexpected situations Long-term strategies Routine operations None 27. Which of the following is NOT an element of the staffing process? Recruitment Training Controlling Development None 28. Effective communication in an organization should be: Top-down only Two-way Formal only Informal only None 29. The leadership style where employees have full freedom is: Democratic Autocratic Laissez-faire Bureaucratic None 30. Which of the following is NOT a type of organizational structure? Functional structure Matrix structure Hierarchical structure Entrepreneurial structure None 31. A Gantt chart is used for: Inventory management Quality control Project scheduling Demand forecasting None 32. The principle of "esprit de corps" focuses on: Discipline Unity and teamwork Authority Planning None 33. The process of assigning specific tasks to individuals is called: Delegation Job specialization Coordination Staffing None 34. The concept of "span of control" refers to: The scope of managerial authority The number of subordinates a manager supervises The chain of command The level of delegation None 35. Effective delegation requires: Retaining all decision-making power Transferring authority without responsibility Clear communication and accountability Avoiding supervision None 36. Employee motivation is most closely associated with: Planning Directing Organizing Staffing None 37. Organizational goals should be: Broad and undefined Measurable and specific Dependent on employee satisfaction Based on past achievements None 38. A leader who inspires change and innovation is called a: Transformational leader Transactional leader Bureaucratic leader Autocratic leader None 39. Job rotation involves: Assigning the same task repeatedly Switching employees between different tasks Reducing employee workload Increasing job specialization None 40. The primary focus of Total Quality Management (TQM) is: Financial efficiency Customer satisfaction Employee turnover Inventory management 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!
