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Test: Business Economics - 1


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25 Questions MCQ Test Business Economics for CA Foundation | Test: Business Economics - 1

Test: Business Economics - 1 for CA Foundation 2022 is part of Business Economics for CA Foundation preparation. The Test: Business Economics - 1 questions and answers have been prepared according to the CA Foundation exam syllabus.The Test: Business Economics - 1 MCQs are made for CA Foundation 2022 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Business Economics - 1 below.
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Test: Business Economics - 1 - Question 1

The demand of a product at the rate of 10 is 100 units. When the rate is decreased to  8 per unit, the demand rises to 130 units. What is the elasticity of demand according to the total expenditure method?

Test: Business Economics - 1 - Question 2

In case of perfect competition, the selling firm is

Detailed Solution for Test: Business Economics - 1 - Question 2

A perfectly competitive firm is a price taker, which means that it must accept the equilibrium price at which it sells goods. If a perfectly competitive firm attempts to charge even a tiny amount more than the market price, it will be unable to make any sales.

*Multiple options can be correct
Test: Business Economics - 1 - Question 3

The quantitative measures by the Central Bank are also known as

Detailed Solution for Test: Business Economics - 1 - Question 3

The methods used by the central bank to influence the total volume of credit in the banking system, without any regard for the use to which it is put, are called quantitative or general methods of credit control.

Test: Business Economics - 1 - Question 4

Which of the following costs are the most relevant for decision making?

Detailed Solution for Test: Business Economics - 1 - Question 4

Correct Answer :- b

Explanation : The key to relevant costing is the ability to filter what is and isn't relevant to a business decision. Cash expense that will be incurred in the future as a result of a decision is a relevant cost.

Test: Business Economics - 1 - Question 5

In _________ of estimation, national income is calculated by adding wages, rent, interest and profits.

Detailed Solution for Test: Business Economics - 1 - Question 5

The Income Method measures national income from the side of payments made to the primary factors of production in the form of rent, wages, interest and profit for their productive services in an accounting year.

Test: Business Economics - 1 - Question 6

The law of diminishing returns applies mainly to

Test: Business Economics - 1 - Question 7

The agency functions of commercial banks do not include

Test: Business Economics - 1 - Question 8

Most of the unemployment in India is

Test: Business Economics - 1 - Question 9

A tabular statement of price-quantity relationship is known as

Test: Business Economics - 1 - Question 10

Which Indian state has the lowest density of population?

Test: Business Economics - 1 - Question 11

Giffen Paradox is applicable for

Test: Business Economics - 1 - Question 12

Which of the following is/are the internal or domestic source(s) of fund mobilisation for the government?

Test: Business Economics - 1 - Question 13

The term 'deposits with banks with maturity over one year' comes under ___ definition of money.

Test: Business Economics - 1 - Question 14

Which of the following Indian cities does not have a Metro rail system?

Detailed Solution for Test: Business Economics - 1 - Question 14

Currently, 10 Indian cities have functional metro rail networks. These cities are Kolkata, Delhi, Chennai, Bengaluru, Hyderabad, Jaipur, Gurgaon, Mumbai, Kochi and Lucknow. The first metro service in India started in Kolkata in 1984.

Test: Business Economics - 1 - Question 15

Which of the following institutes is the apex body for rural credit and agricultural finance?

Test: Business Economics - 1 - Question 16

Till date, the Indian agriculture has been of ______ nature.

Test: Business Economics - 1 - Question 17

Who among the followings is concerned with `welfare definition` of economics?

Test: Business Economics - 1 - Question 18

When lesser quantity is demanded with a rise in price, it is called ________ of demand.

Test: Business Economics - 1 - Question 19

Which of the following is true about monopolistic competition?

Test: Business Economics - 1 - Question 20

The 1st Five Year Plan laid more emphasis on

Test: Business Economics - 1 - Question 21

A firm is said to be in equilibrium when

Test: Business Economics - 1 - Question 22

The burden of tax lies more/equally on ______ in a regressive taxation system.

Test: Business Economics - 1 - Question 23

Balance of payment includes

Test: Business Economics - 1 - Question 24

Which of the following sectors enjoys concessions in respect of payment of taxes?

Test: Business Economics - 1 - Question 25

Which of the following is/are the most important input cost(s) in service industry?

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