Principles Of Economics And Management Set 3
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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