Test 158 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 statements is true for elastic demand? A small change in price leads to a large change in quantity demanded Demand does not change with price A large change in price leads to a small change in quantity demanded Demand and price are unrelated. None 2. In a perfectly competitive market, the firm’s demand curve is: Downward sloping Upward sloping Horizontal Vertical None 3. The income elasticity of demand for a normal good is: Negative Zero Positive. Greater than one. None 4. Opportunity cost is: An irrelevant cost for decision-making The benefit foregone from an alternative choice The variable cost in production Fixed cost per unit None 5. Which of the following is an implicit cost? Wages paid to employees Interest paid on loans Salary the owner foregoes by working in their own firm Cost of raw materials None 6. If the price of a product increases, the quantity supplied: Decreases. Remains the same Increases Becomes perfectly elastic. None 7. The concept of consumer equilibrium is based on: Law of diminishing returns Marginal rate of substitution Law of demand Opportunity cos None 8. Which market structure allows price discrimination? Perfect competition Monopoly Monopolistic competition Oligopoly None 9. Which of the following is NOT an assumption of the law of demand? Tastes and preferences remain constant Price of substitute goods changes Income of the consumer remains unchanged. There are no expectations of future price changes None 10. . In the short run, which cost is constant? Variable cost Fixed cost Marginal cost Total cost. None 11. Which of the following measures inflation? Balance of trade Consumer Price Index (CPI) Gross Domestic Product (GDP) National Income None 12. Which component is NOT included in GDP calculation? Consumer spending Government expenditure Exports Financial transactions. None 13. Demand-pull inflation is caused by: Increased production costs Excessive demand in the economy Decline in aggregate demand Decrease in wages None 14. The unemployment rate is calculated as: (Number of unemployed / Total labor force) × 100 (Number of employed / Total population) × 100 (Number of unemployed / Total population) × 100 (Number of employed / Total labor force) × 100 None 15. Which of the following is NOT a feature of developing economies? Low per capita income High dependency on agriculture High industrial growth High population growth None 16. Which sector contributes the most to GDP in a developed economy? Agriculture Industry Services Manufacturing None 17. What is a fiscal deficit? Revenue exceeds expenditure Expenditure exceeds revenue Equal revenue and expenditure Government borrowing exceeds GDP None 18. When aggregate supply is less than aggregate demand, the economy experiences: Inflation Deflation Stagflation Recession None 19. A current account surplus implies that: Exports exceed imports Imports exceed exports Government expenditure exceeds revenue Revenue exceeds expenditure None 20. Which of the following is NOT an example of monetary policy? Open market operations Changing tax rates Adjusting the cash reserve ratio (CRR) Altering the repo rate None 21. Management is considered successful when: Tasks are completed on time, irrespective of the result Objectives are achieved efficiently and effectively Employees are satisfied The organization is profitable None 22. Who introduced the concept of scientific management? Max Weber Elton Mayo F.W. Taylor Henry Fayol None 23. Unity of command means: An employee is accountable to one superviso An employee can report to multiple supervisors A group follows one plan There is no division of work None 24. Which is the first step in the planning process? Setting objectives Developing strategies Allocating resources Monitoring progress. None 25. Delegation involves: Transferring decision-making authority Eliminating responsibilities Increasing organizational hierarchy Avoiding supervision None 26. Which theory emphasizes "self-actualization" as the highest need? Herzberg’s Two-Factor Theory Maslow’s Hierarchy of Needs McGregor’s Theory X and Y Vroom’s Expectancy Theory None 27. Job satisfaction is influenced by: Salary Working conditions Recognition All of the above None 28. A laissez-faire leader: Allows employees to make decisions Exercises strict control over subordinates Encourages a collaborative approach Avoids delegating task None 29. The concept of "grapevine" in communication refers to: Vertical communication Informal communication Lateral communication Written communication None 30. Groupthink refers to: Collective decision-making Group pressure to conform, reducing critical thinking Brainstorming new ideas A focus on diversity in opinions None 31. Which of the following is a barrier to effective communication? Clear message Noise Proper feedback Conciseness None 32. The primary purpose of feedback in communication is to: Avoid redundancy Ensure understanding Simplify the process Reduce time dela None 33. Horizontal communication occurs between: Same level employees Employees and customers Manager and subordinates None of the above None 34. Non-verbal communication includes: Facial expressions Body posture Gestures All of the above None 35. An example of upward communication is: Feedback to a manager A notice to employees A company circular None of the above None 36. Which market structure features few sellers? Perfect competition Monopoly Oligopoly Monopolistic competition None 37. Break-even analysis is used to determine: Optimum production quantity Minimum number of products to cover costs Maximum profit margin Material wastage percentage None 38. A Gantt chart is used for: Inventory management Quality control Project scheduling Demand forecasting None 39. The main objective of cost accounting is: Financial analysis Budgeting Cost ascertainment and control Taxation None 40. Leadership is primarily concerned with: Decision-making Influencing behavior toward goals Coordinating teams Supervising employees 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. 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