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 an example of a price ceiling? Minimum wage law Rent control Taxes on production Price floors None 2. Which of the following is most likely to be a public good? National defense Bread Mobile phones Computers None 3. The term "marginal revenue" refers to: The total revenue from selling one more unit of output The total revenue from all units sold The change in total cost due to producing an additional unit The change in total revenue due to producing an additional unit None 4. What is the primary cause of market failure? Government intervention Lack of competition Externalities Free trade None 5. When demand is elastic, a decrease in price will result in: Decrease in total revenue Increase in total revenue No change in total revenue Decrease in supply None 6. The principle of comparative advantage suggests that countries should: Restrict imports Specialize in producing goods they can produce most efficiently Produce all goods domestically Import goods that are produced inefficiently None 7. Which of the following is an example of a non-price determinant of demand? Change in the price of the good Change in consumer income Change in the price of a complement Change in the price of a substitute None 8. If a good has a perfectly inelastic demand curve, the quantity demanded will: Decrease as the price increases Remain constant as the price increases Increase as the price increases Be affected by the price None 9. Which of the following is a characteristic of an oligopoly? Many sellers, no barriers to entry Many buyers, homogeneous products Few large firms, significant barriers to entry One firm dominates the market None 10. A monopoly is most likely to occur when: The good or service is highly standardized There are many firms producing the good There are high barriers to entry Consumer preferences are varied None 11. In economics, a "shift in the demand curve" refers to: A change in price A change in quantity demanded A change in the underlying factors affecting demand A movement along the curve due to income changes None 12. In a perfectly competitive market, firms earn: Supernormal profit in the long run Zero profit in the short run Normal profit in the long run Positive economic profit in the long run None 13. The "income effect" refers to: The change in quantity demanded due to a change in the price of a good The change in demand caused by a change in consumer income The change in supply caused by a change in income The change in income due to changes in prices of goods None 14. The price elasticity of demand for necessities is: Perfectly elastic Elastic Inelastic Unitary None 15. The law of diminishing marginal returns holds when: All inputs are variable One factor is held constant and others are increased All factors of production are held constant The economy is in a state of equilibrium None 16. A recession is characterized by: High inflation High economic growth Decreased levels of demand and employment Increased consumer confidence None 17. A firm is said to be operating in the short run when: All inputs are variable Some inputs are fixed All inputs are fixed The firm maximizes profits None 18. The marginal product of labor is: The total output produced by a firm The change in total output resulting from employing one more unit of labor The total wage paid to all workers The cost of hiring additional workers None 19. Which of the following is NOT a feature of a monopolistic competition market structure? Product differentiation Many buyers and sellers Barriers to entry Firms are price takers None 20. The total cost curve typically slopes: Downward as output increases Upward and then levels off Upward as output increases Vertically None 21. The primary function of organizing in management is to: Establish performance standards Create an action plan for the organization Allocate resources and assign responsibilities Measure employee performance None 22. The controlling function of management involves: Setting goals and objectives Measuring actual performance and comparing it with standards Motivating employees Designing the organizational structure None 23. Which of the following is NOT a principle of scientific management? Standardization of tools and work methods Time and motion studies Division of labor Encouraging informal communication None 24. A decentralized organization allows: More control by top management Fewer decision-making opportunities for employees More freedom and responsibility at lower levels Less responsibility at lower levels None 25. The concept of the "self-fulfilling prophecy" in management is closely related to: Theory X and Theory Y Maslow’s Hierarchy of Needs Herzberg’s Two-Factor Theory Frederick Taylor’s scientific None 26. Which of the following is a key element of transformational leadership? Setting clear expectations and rules Maintaining the status quo Motivating and inspiring employees to achieve higher goals Using rewards and punishments to motivate employees None 27. Which management function is concerned with monitoring and evaluating performance to ensure that objectives are met? Planning Controlling Organizing Directing None 28. Which of the following is an example of a strategic decision? Deciding the layout of a production floor Deciding on marketing strategies Hiring an employee for a specific position Setting goals and objectives for long-term growth None 29. According to Herzberg's Two-Factor Theory, which factor is most likely to lead to job dissatisfaction? Achievement Recognition Hygiene factors Career advancement None 30. In a matrix structure, employees typically report to: One manager only Multiple managers for different projects The project manager only The department head only None 31. The Hawthorne effect refers to: The impact of reward systems on productivity The effect of lighting on worker productivity The influence of employee attention and observation on behavior The effect of team dynamics on performance None 32. Which of the following is NOT an objective of human resource management? Recruitment and staffing Employee motivation and development Maximizing profits for the organization Ensuring a safe work environment None 33. A formal group within an organization is one that: Has no designated leader Has a clearly defined structure and goals Operates informally without any written rules Works outside the organizational framework None 34. In which of the following leadership styles does the leader make decisions independently and expects subordinates to follow orders? Autocratic Democratic Laissez-faire Transformational None 35. The term "360-degree feedback" refers to: Feedback from supervisors only Feedback from peers, subordinates, and supervisors Feedback from customers Feedback provided only by employees None 36. The process of planning, organizing, leading, and controlling is known as: Decision-making process Strategic management Management process Operations management None 37. The role of a manager as a "liaison" means that they: Make decisions related to product development Negotiate with external parties Maintain and build relationships inside and outside the organization Monitor and evaluate team performance None 38. Which of the following is an example of a tactical decision? Setting long-term goals Developing a marketing strategy Deciding the production schedule Planning company expansion None 39. Which of the following is a characteristic of a well-designed organizational structure? Clear lines of authority Lack of formal communication Flexible decision-making processes Frequent role ambiguity None 40. The primary function of directing is to: Allocate resources Supervise and motivate employees Measure performance Set organizational goals 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!
