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 the primary goal of business economics? Maximizing sales Maximizing profit Minimizing cost Maximizing market share None 2. Economics can be broadly classified into: Macroeconomics and microeconomics National and international economics Positive and normative economics General and specific economics None 3. The opportunity cost of a decision is: The monetary cost of the decision The next best alternative foregone The total revenue generated The cost of production None 4. The law of demand states that, other things being equal: Demand increases as price increases Demand decreases as price increases Demand and price are unrelated Demand is constant regardless of price None 5. Which of the following is NOT an assumption of the law of demand? Constant tastes and preferences Constant income levels No substitute goods available No future expectations of price changes None 6. The short run in economics refers to: A time period when all inputs are variable A time period when some inputs are fixed A time period of less than a year A time period of one production cycle None 7. Marginal product is defined as: Total output divided by total input Change in total output due to an additional unit of input C. Total input divided by total output D. Change in input due to a change in output Total input divided by total output Change in input due to a change in output None 8. Economies of scale occur when: Average costs rise as output increases Average costs fall as output increases Marginal costs remain constant Fixed costs increase with output None 9. Which of the following is a fixed cost? Raw material cost Salaries of permanent staff Electricity cost Cost of transportation None 10. The breakeven point is where: Total cost equals total revenue Fixed cost equals variable cost Marginal cost equals marginal revenue Profit is maximized None 11. Perfect competition is characterized by: Few sellers and many buyers Many buyers and sellers with identical products One seller and many buyers Differentiated products None 12. A monopoly is a market structure where: Many sellers compete for the same customers One firm controls the entire market supply Products are highly differentiated Prices are determined by the government None 13. Which of the following is a feature of oligopoly? Large number of sellers Homogeneous products only Interdependence among firms No barriers to entry None 14. In monopolistic competition, firms: Sell homogeneous products Have no control over price Sell differentiated products Face no competition None 15. Price discrimination is possible in which type of market structure? Perfect competition Monopolistic competition Monopoly Oligopoly None 16. Who is known as the "Father of Modern Management"? Elton Mayo Frederick Taylor Henry Fayol Peter Drucker None 17. Scientific management focuses on: Worker motivation Work efficiency Strategic planning None 18. The "Hawthorne Effect" is associated with: Increased productivity due to monetary incentives Improved performance due to attention and recognition Decreased output due to poor lighting Efficiency through time studies None 19. Which of the following is NOT a function of management? Planning Staffing Marketing Organizing None 20. Span of control refers to: The level of authority of a manager The number of subordinates reporting to a manager The duration of a manager's tenure The geographical reach of a manager's influence None 21. Maslow's hierarchy of needs includes all except: Safety needs Esteem needs Social needs Political needs None 22. The primary goal of motivation is to: Increase profits Enhance employee satisfaction Align individual goals with organizational goals Minimize supervision None 23. Which leadership style involves high control and low delegation? Democratic Laissez-faire Autocratic Participative None 24. Conflict in an organization can: Always harm productivity Aways improve relationships Lead to innovative solutions Be ignored without consequence None 25. Groupthink occurs when: Groups fail to reach consensus Group members prioritize harmony over realistic decision-making Group members are highly competitive Groups lack leadership None 26. Market failure occurs when: There is perfect competition Markets fail to allocate resources efficiently Markets always allocate resources efficiently Government intervention is unnecessary None 27. Which of the following is a cause of market failure? Externalities Government regulations Economies of scale Perfect competition None 28. A positive externality occurs when: A market transaction benefits a third party A market transaction harms a third party There is overproduction of goods The government taxes a good None 29. Which of the following is an example of a public good? A sandwich A road A branded luxury item A restaurant meal None 30. Government intervention in the case of market failure is typically aimed at: Reducing supply Ensuring competitive markets Ensuring the efficient allocation of resources Increasing market concentration None 31. Strategic planning refers to: Planning for daily activities Long-term planning to achieve organizational goals Planning for short-term objectives Planning for employee development None 32. Which of the following is NOT part of the planning process? Setting objectives Evaluating resources Delegating authority Developing strategies None 33. A decision-making process that involves all members of a team is known as: Centralized decision-making Decentralized decision-making Participative decision-making Autocratic decision-making None 34. The "SWOT analysis" helps in evaluating an organization's: Short-term goals Strengths, weaknesses, opportunities, and threats Sales and marketing strategies Financial ratios None 35. The BCG Matrix helps companies evaluate their: Product portfolio Financial standing Operational efficiency Employee satisfaction None 36. The process of dividing work into manageable tasks is called: Organizing Leading Planning Controlling None 37. In a hierarchical organization, authority is: Distributed evenly across all levels Concentrated at the top Fluid and informal Shared equally among employees None 38. Which of the following is a characteristic of a matrix organization? Clear division of authority Employees report to only one manager Employees report to multiple managers Minimal communication among departments None 39. In leadership, "transformational leadership" refers to: Making decisions based on set rules Focusing primarily on tasks and efficiency Inspiring and motivating followers to achieve higher goals Allowing employees to work independently None 40. In a decentralized organization, decision-making is: Centralized at the top of the hierarchy Spread across different levels of management Limited to upper management only Taken solely by external consultants 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!
