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. A movement along the demand curve occurs due to: Change in the price of the good itself Change in consumer income Change in the price of related goods Change in consumer preferences None 2. The long-run average cost curve is: U-shaped L-shaped Horizontal Downward sloping None 3. If marginal cost is less than average cost, then: Average cost is decreasing Average cost is increasing Marginal cost equals average cost Total cost is maximum None 4. Which of the following is NOT a determinant of supply? Technology Cost of inputs Consumer tastes Government policies None 5. Which of the following is NOT an assumption of the law of supply? Price of the good remains constant Technology remains unchanged Costs of production remain constant Sellers aim to maximize profits None 6. An indifference curve represents: Combinations of goods providing the same satisfaction Consumer preferences between goods Elasticity of demand Total utility of a single good None 7. The study of the entire economy is called: Microeconomics Macroeconomics Econometrics Managerial economics None 8. Price elasticity of demand for necessities is usually: Perfectly elastic Highly elastic Inelastic Unitary elastic None 9. Which of the following statements about monopoly is true? There are many buyers and sellers There is free entry and exit The monopolist is a price taker The monopolist sets both price and output None 10. Which of the following is an example of indirect tax? Income tax Corporate tax GST (Goods and Services Tax) Wealth tax None 11. Cross elasticity of demand is negative for: Substitutes Complements Normal goods Inferior goods None 12. The Lorenz curve is used to measure: Inflation Income inequality Economic growth Price elasticity None 13. The relationship between inflation and unemployment is shown by: The demand curve The supply curve The Phillips curve The production possibility curve None 14. Marginal utility becomes zero when total utility is: Maximum Minimum Increasing Decreasing None 15. When a good is classified as a Giffen good, its demand curve slopes: Downward Upward Horizontally Vertically None 16. A perfectly competitive firm maximizes profit when: Marginal cost = Marginal revenue Marginal cost > Marginal revenue Total cost = Total revenue Average cost = Average revenue None 17. The Engel curve shows the relationship between: Price and quantity demanded Income and quantity demanded Income and savings Price and supply None 18. A good with perfectly elastic demand has a demand curve that is: Vertical Horizontal Upward sloping Downward sloping None 19. National income is measured by the: Income method Expenditure method Production method All of the above None 20. Which of the following is NOT included in GDP? Final goods and services Intermediate goods Net exports Government spending None 21. Who is known as the father of modern management? F.W. Taylor Elton Mayo Henry Fayol Peter Drucker None 22. Motivation is directly related to which management function? Planning Controlling Directing Organizing None 23. The term “span of control” refers to: The number of subordinates under one manager The hierarchy in an organization The extent of decentralization The scope of strategic goals None 24. Which management principle emphasizes teamwork? Unity of direction Esprit de corps Authority and responsibility Division of work None 25. What is the primary purpose of recruitment? Reducing staff turnover Filling job vacancies Conducting employee training Managing employee performance None 26. The leadership style that focuses on results and rewards is: Autocratic Democratic Transformational Transactional None 27. A major advantage of decentralization is: Faster decision-making Better supervision Increased workload on top management Reduced employee involvement None 28. Delegation of authority means: Transferring accountability Transferring decision-making power Eliminating responsibility Reducing organizational structure None 29. The control process begins with: Measuring performance Setting standards Comparing results Taking corrective action None 30. The Hawthorne studies emphasized the importance of: Formal communication Monetary incentives Employee motivation Scientific management None 31. In a matrix organization, an employee: Reports to one manager Reports to two or more managers Works without any supervision Has no defined responsibilities None 32. Which technique is used to rank job applicants? Job evaluation Performance appraisal Selection test Weighted scoring None 33. Management by Objectives (MBO) primarily focuses on: Top-down planning Employee satisfaction Goal alignment Cost control None 34. Which of the following is a feature of an autocratic leadership style? Employee participation Decentralized authority Centralized decision-making Collaborative goal setting None 35. Which management principle focuses on avoiding duplication of efforts? Division of work Unity of command Coordination Discipline None 36. A job description provides: A summary of employee performance The qualifications required for a job A detailed list of job duties and responsibilities A comparison of job roles None 37. Effective communication is characterized by: One-way flow of information Clarity, completeness, and feedback Strict formality Avoidance of feedback None 38. Which of the following is a quantitative method of forecasting? Brainstorming Delphi method Regression analysis Expert opinion None 39. The principle of unity of command ensures: Each employee has one direct supervisor Employees can report to multiple managers Equal distribution of work All employees work independently None 40. Kaizen is a Japanese term that refers to: Continuous improvement Employee satisfaction Strategic planning Cost reduction 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!
