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Sample Paper Series- I - CA Foundation MCQ


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30 Questions MCQ Test Mock Tests & Past Year Papers for CA Foundation - Sample Paper Series- I

Sample Paper Series- I for CA Foundation 2024 is part of Mock Tests & Past Year Papers for CA Foundation preparation. The Sample Paper Series- I questions and answers have been prepared according to the CA Foundation exam syllabus.The Sample Paper Series- I MCQs are made for CA Foundation 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Sample Paper Series- I below.
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Sample Paper Series- I - Question 1

Calculate Income-elasticity for the household when the income of a household rises by 10% the demand for T.V. rises by 20%

Detailed Solution for Sample Paper Series- I - Question 1

 Income elasticity of demand is calculated using the formula: Percentage change in quantity demanded / Percentage change in income. In this case, the demand for T.V. rises by 20% when the income increases by 10%. Therefore, the income elasticity is 20% / 10% = 2. This confirms that the answer is option c, "+ 2".

Sample Paper Series- I - Question 2

Economic cost means

Detailed Solution for Sample Paper Series- I - Question 2
  • Economic cost refers to the total cost of choosing one action over another.
  • It includes both explicit costs (accounting costs) and implicit costs (opportunity costs of the resources).
  • Therefore, the economic cost is calculated as the sum of accounting cost and implicit cost, which aligns with option a.
  • This understanding is supported by economic principles that take into account all costs associated with a business decision, not just the direct financial outlay.
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Sample Paper Series- I - Question 3

In the case of a straight line demand curve meeting the two axes, the price elasticity of demand at y-axis of the line would be equal to

Sample Paper Series- I - Question 4

A firm under perfect competition will be making minimum losses (in the short run) at a point where:

Sample Paper Series- I - Question 5

When the consumer is in equilibrium his price line is ______ to indifference curve

Sample Paper Series- I - Question 6

The Law of variable proportions examines the Production function with:

Sample Paper Series- I - Question 7

Indifference Curve analysis is based on

Sample Paper Series- I - Question 8

MC curve cuts AVC Curve

Sample Paper Series- I - Question 9

Accounting profit is equal to:

Sample Paper Series- I - Question 10

Which of the following is a cause of an economic problem?

Sample Paper Series- I - Question 11

When two goods are perfect substitutes of each other then

Sample Paper Series- I - Question 12

In case of a Giffen good, the demand curve will be:

Sample Paper Series- I - Question 13

Which of the following statements is incorrect?

Sample Paper Series- I - Question 14

In perfect competition utilization of resources is

Sample Paper Series- I - Question 15

Price discrimination occurs when:

Sample Paper Series- I - Question 16

MR curve under Monopoly lies between AR and Y – axis because, the rate of decline of the MR is

Sample Paper Series- I - Question 17

In the long run, normal profits are included in the ______ curve.

Sample Paper Series- I - Question 18

In case of necessaries the marginal utilities of the earlier units are large. In such cases the consumer surplus will be:

Sample Paper Series- I - Question 19

Which of the following is not the characteristic of Labour?

Sample Paper Series- I - Question 20

Indicate which of the following is a variable cost?

Sample Paper Series- I - Question 21

Marginal costs are closely associated with:

Sample Paper Series- I - Question 22

When is average product at its maximum point?

Sample Paper Series- I - Question 23

A firm has producing 7 units of output has an average total cost of Rs. 150 and has to pay Rs. 350 to its fixed factors of production whether it produces or not. How much of the average total cost is made up of variable cost?

Detailed Solution for Sample Paper Series- I - Question 23

Total cost = 7×150=1,0507×150=1,050
Total variable cost = 1,050−350=7001,050−350=700
Variable cost per unit = 700/7=100

Sample Paper Series- I - Question 24

Calculate Income-elasticity for the household when the income of a household rises by 5% and the demand for bajra falls by 2%

Sample Paper Series- I - Question 25

The consumer surplus concept is derived from:

Sample Paper Series- I - Question 26

The cost that firm incurs in hiring or purchasing any factor of production is referred as:

Sample Paper Series- I - Question 27

___________ depicts complete picture of consumer tastes and preferences.

Sample Paper Series- I - Question 28

When economists speak of utility of a certain good, they are referring to:

Sample Paper Series- I - Question 29

Diminishing marginal returns imply:

Sample Paper Series- I - Question 30

If the goods are perfect substitutes for each other then cross elasticity is

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