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This set of Principles of Economics and Management Multiple Choice Questions & Answers (MCQs) focuses on Principles Of Economics And Management Set 3

Q1 | Quantity of a certain goods producers are willing to supply when receiving a certain price is known as ______.
  • Supply
  • Supply relationship
  • Deman
  • D Demand relationship
Q2 | A point where the quantity of goods being supplied is exactly the same as the quantity of goods being demanded is known as _______
  • Demand quantity
  • Supply Quantity
  • Both A and B
  • Equilibrium
Q3 | If all other factors remain equal, the higher the price of a good, the fewer people willdemand that good means what?
  • The law of demand
  • The law of supply
  • All A and B
  • None of the above
Q4 | Producers supply more at a higher price because selling more quantity at higher price increase revenue means what?
  • The law of demand
  • The law of supply
  • All A and B
  • None of the above
Q5 | Which are the factors of production?
  • Land
  • Labor
  • Capital
  • All of the above
Q6 | Which is the stages of law of variable proportions?
  • Increasing returns
  • Decreasing returns
  • Negative Marginal returns
  • All of the above
Q7 | Which is the stages of law of returns to scale?
  • Increasing returns to scale
  • Constant returns to scale
  • Diminishing returns to scale
  • All of the above
Q8 | Which is not a part of cost?
  • Total Cost
  • Average cost
  • Changeable Cost
  • Sunk Cost
Q9 | To find out cut-off production volume means no profit no loss which concept is used?
  • Law of variable proportion
  • Break-Even Analysis
  • Law of returns to scale
  • None of the above
Q10 | Total Cost equals to ______.
  • Total cost = total fixed cost + total variable cost
  • Total cost = total fixed cost + total marginal cost
  • Total cost = total variable cost + total marginal cost
  • None of the above
Q11 | Where is exchange of goods and services take place?
  • Company
  • Production
  • Market
  • None of the above
Q12 | Which is the type of market?
  • Monopoly
  • Oligopoly
  • Perfect competition
  • All of the above
Q13 | _______ refers to a market with a single seller.
  • Monopoly
  • Oligopoly
  • Perfect competition
  • All of the above
Q14 | Full form of GNP.
  • Gross Natural Price
  • Global Natural Product
  • Global National Price
  • Gross National Product
Q15 | Full form of GDP.
  • Gross Domestic Products
  • Global Domestic Products
  • Gross Domestic Price
  • Global Domestic Price
Q16 | What is Disposable Personal Income?
  • DPI = PI – Income Tax paid
  • DPI = Income Tax paid – PI
  • DPI = PI – PI
  • None of the above
Q17 | _______ is about not having enough money to meet basic needs including Food,Clothing and Home.
  • Poverty
  • Labor
  • Unemployment
  • None of the above
Q18 | A situation in which a person is jobless is knows as _____.
  • Poverty
  • Labor
  • Unemployment
  • None of the above
Q19 | Which is the types of unemployment?
  • Cyclical unemployment
  • Structural unemployment
  • Seasonal unemployment
  • All of the above
Q20 | ______ is defined as a continuous increase in the general level of prices for goods andservices
  • Poverty
  • Inflation
  • Unemployment
  • None of the above
Q21 | _______ is an economic good that acts as a medium of exchange in transaction.
  • Money
  • Production
  • Equipment
  • None of the above
Q22 | Identify the function of money.
  • Medium of exchange
  • Measure of value
  • Store of value
  • All of the above
Q23 | Which one is known as plastic money?
  • Coin
  • Printed currency note
  • Credit or Debit cards
  • All of the above
Q24 | From which policy government adjusts its spending levels and tax rates to monitor and influence a nation’s economy.
  • Fiscal policy
  • Government policy
  • RBI policy
  • None of the above
Q25 | Financial activities done by bank is called _____.
  • Transaction
  • Operation
  • Banking
  • None of the above