CA - CPT ICAI Model Test Paper - 6


200 Questions MCQ Test CA CPT - Mock Test Series and Previous Year Question Papers | CA - CPT ICAI Model Test Paper - 6


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This mock test of CA - CPT ICAI Model Test Paper - 6 for CA CPT helps you for every CA CPT entrance exam. This contains 200 Multiple Choice Questions for CA CPT CA - CPT ICAI Model Test Paper - 6 (mcq) to study with solutions a complete question bank. The solved questions answers in this CA - CPT ICAI Model Test Paper - 6 quiz give you a good mix of easy questions and tough questions. CA CPT students definitely take this CA - CPT ICAI Model Test Paper - 6 exercise for a better result in the exam. You can find other CA - CPT ICAI Model Test Paper - 6 extra questions, long questions & short questions for CA CPT on EduRev as well by searching above.
QUESTION: 1

Transactions between owner and business are recorded as per

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QUESTION: 2

Which of the following items is an asset?

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QUESTION: 3

The information provided in the annual financial statements of an enterprise pertain to:

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QUESTION: 4

Which of the following is not a transaction?

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QUESTION: 5

All the following statements are objectives of accounting except

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QUESTION: 6

Payment of personal expenses of the owners of the business need to be recorded as:

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QUESTION: 7

The purchases Journal records

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QUESTION: 8

Which of the following lists the balance and the title of accounts given in the ledger, on a given date?

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QUESTION: 9

Under straight line method, depreciation is calculated on

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QUESTION: 10

If the date of maturity of a bill is a holiday, then the bill will mature on:

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QUESTION: 11

A promissory note is drawn by _______ in favour of _______ .

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QUESTION: 12

_______ principle requires that the same accounting method should be used from one accounting period to the next.

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QUESTION: 13

The left side of an account is known as _______ and the right side as _______.

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QUESTION: 14

In double entry book keeping system, every transaction affects at least ______account(s).

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QUESTION: 15

All expenses and _______ accounts appearing in the trial balance are transferred either to the trading account or profit and loss account.

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QUESTION: 16

Scrap value of an asset means the amount that it can fetch on sale at the _______ of its useful life.

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QUESTION: 17

The petty cashier generally work on_______ system.

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QUESTION: 18

Proforma invoice is a statement of information in the form of invoice prepared by the _______ to appraise the _______ about certain essential particulars of the goods.

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QUESTION: 19

Carriage charges paid for a new plant purchased if debited to carriage account would affect

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QUESTION: 20

The amount due to the retiring partner on account of goodwill is debited to the continuing partners in their _______.

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QUESTION: 21

Mr. A, the owner of M/s Apex Ltd. withdrew some goods from the business for his personal use. The accountant of the firm recorded this transaction on the basis of selling price of goods.  He justifies his contention on the basis that business and the proprietor are two different entities as per business entity concept and therefore drawings should be charged at the same price on which the goods are sold to the outside customers.  However, Mr. A emphasizes that he should be charged with only the cost price of the goods withdrawn by him.

At which price, the drawings should be recorded?

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QUESTION: 22

The substance of the transactions gets preference over legal position. The transactions and events recorded in the books of account and presented in the financial statements, should be governed by the substance of such transactions and not merely by their legal form as per the concept of

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QUESTION: 23

A and B are partners sharing profits in the ratio of 3:2.  They admit C as a new partner for 3/10th share, which he acquires 2/10 from A and 1/10 from B. The new profit sharing ratio of A, B and C is

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QUESTION: 24

The profits for the last four years are given as follows:

Year      Rs.
2006      40,000
2007      50,000
2008      60,000
2009      50,000
The value of goodwill on the basis of three years’ purchase of average profits based on the last four years will be

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QUESTION: 25

G Ltd. acquired assets worth Rs. 75,000 from H Ltd. by issue of shares of Rs.10 each at a premium of  Rs. 5. The number of shares to be issued by G Ltd. to settle the purchase consideration will be

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QUESTION: 26

A and B are partners in a firm sharing profits in the ratio of 3:2.  They admit C as the new partner for 1/6th share in the profits.   The firm’s goodwill was valued at Rs.1,50,000.  For adjustment of goodwill, C’s account will be debited by

Solution:
QUESTION: 27

Following figures have been taken from the trial balance of a trader;

Purchases                  Rs. 30,000
Purchase Returns      Rs.  5,000
Sales                          Rs. 40,000
Sales Returns             Rs.  5,000

The amount of profit will be

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QUESTION: 28

The balance of furniture and fixtures as on 1st April, 2009 was Rs. 10,000.  Furniture of Rs.5,000 was purchased on 1st October, 2009.  Depreciation is charged @ 10% p.a. on W.D.V. method.  The depreciation for the year ended 31st March, 2010 will be _____

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QUESTION: 29

Mr. Yatharth consigned to Mr. Ramesh 100 cases of tea costing Rs. 100 per case.  He paid Rs. 1,000 as freight and cartage.  Mr. Ramesh could take delivery of only 90 cases since 10 cases were loss in transit. The amount of abnormal loss will be _____

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QUESTION: 30

Mr. Sharma holding 1,000 equity shares of Rs.10 each, issued at par, could pay Rs.3.50 on application, but could not pay the allotment money of Rs. 2.5 per share and his shares were forfeited.  In the books of the company, shares forfeited account will be credited by ________

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QUESTION: 31

Omega Ltd. purchased assets of Alfa Ltd. for purchase consideration of Rs.60 lacs.  It was decided that the purchase consideration will be discharged by issue of 10% debentures of Rs.1,000 each at a premium of 20%.  The number of debentures issued will be ________

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QUESTION: 32

Asha Deep Company Ltd. issued 1,00,000, 7% debentures of Rs.100 each at a discount of 4% redeemable after 5 years at a premium of 6%.  Loss on issue of debentures is ________

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QUESTION: 33

Om, Jai and Jagdish are par tners sharing profits and losses in the ratio of 5: 3 :2.  Om retires and goodwill is valued at Rs. 50,000. New profit sharing ratio of Jai and Jagdish will be equal.  For the adjustment of goodwill, Jai and Jagdish’s capital accounts will be debited by:

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QUESTION: 34

The date of maturity of bill is 10th October, 2009.  The Government of India suddenly declared 10th October, 2009 as the holiday under the Negotiable Instruments Act, then the bill will mature on _________

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QUESTION: 35

A Ltd. Company purchase machinery on 1st April, 2007 for Rs. 1,00,000. The depreciation on this machinery is charged @ 10% per annum on straight line method.  On 30th September, 2009 machinery is sold for Rs.89,000.  The profit or loss on sale of such machinery is:

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QUESTION: 36

Liquid or Quick assets =

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QUESTION: 37

A promissory note for Rs. 5,000 in favour of Mohan settled by sending him Tania’s acceptance for Rs. 5,000. The required Journal entry will be

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QUESTION: 38

Shyam prepared a trial balance for his factory on 31st March, 2010. The debit total of the trial balance was short by Rs. 500. He transferred the deficiency to a suspense account. In April, 2010 after a close examination, he found that the purchases day book for September, 2009 was undercast by Rs.500. The necessary Journal entry to rectify the error will be _________ assuming Final Accounts are not prepared.

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QUESTION: 39

The following particulars relate to the business of Mohan on March 31, 2010.
Balance as shown by the cash book                        Rs. 10, 000
Cheques issued but not presented for payment       Rs. 4,000
Cheque deposited but not yet collected                   Rs. 3,000

Balance as shown by the Bank pass book will be

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QUESTION: 40

Which of the following errors will affect the trial balance?

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QUESTION: 41

A’s acceptance to B for Rs . 10 , 000 renewed for 2 months on the condition that Rs. 4,000 be paid in cash immediately and the remaining amount will carry interest @ 12% p.a. The amount of interest will be _________

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QUESTION: 42

On 1.1.2010, a machine costing Rs. 10,000 and a piece of furniture costing Rs.20,000 was purchased. Depreciation is provided @ 5% p.a. on furniture and 10% per annum on machine.  The depreciation for the year ended  31st March, 2010 should be:

Solution:
QUESTION: 43

On 1st February, 2010, a loan of Rs.10,000 was given @ 12% per annum.  Interest was received for 3 months from February to April in April, 2010.  In the financial statements of the year ended 31st March, 2010 amount of accrued interest  should be:

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QUESTION: 44

Goods costing Rs. 4,80,000 were sent on consignment basis.  Goods are invoiced at 125% of the cost price.  The invoice price and the loading will be:

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QUESTION: 45

Mr. A sent 250 units costing Rs. 10,000 each to Mr. B. Mr. B sold 150 units @ Rs. 14,200 per unit on credit and 75 units @ Rs. 14,000 for cash.  Mr. B is entitled to a commission Rs.500 per unit.  The amount of commission will be:

Solution:
QUESTION: 46

Ram and Shyam enter into a joint venture. B oth of them deposited Rs .65,000 and Rs.32,500 respectively into a joint venture. Goods were purchased for Rs.75,000 and expenses amounting Rs.10,950 were incurred. Goods sold for Rs.90,000 and goods unsold were taken over by Ram at an agreed value of Rs.2,700.  The profit on joint venture is:

Solution:
QUESTION: 47

On 1st January Shilpa owes Rs.10,000 and accepts a 3 months bill for the amount.  On the date of maturity Shilpa, not being able to honour the bill. She paid Rs.4,000 cash and requested to draw another bill for three months for the balance amount with interest @ 15% per annum.  The amount of interest should be

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QUESTION: 48

A draws a bill of Rs.10,000 on B on 23rd December, 2009 for one month. The bill is accepted on 25th December, 2009 by B.  The maturity date of the bill will be:

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QUESTION: 49

On 1st January, 2010, Vimal sold goods worth Rs.20,000 to Renu and drew a bill on Renu for 3 months. Renu accepted the bill and returned it to Vimal who discounted the bill with bank on 4th February, 2010 @ 15% per annum.  The discounting charges will be:

Solution:
QUESTION: 50

X and Y are partners sharing profit and losses in the ratio of 2:1. On 1st January, 2009, Z is admitted with 1/4th share in profits with guaranteed amount of Rs. 25,000.  The profits for the year ended 31st December, 2009 amounting to Rs. 76,000.  The share of Y in the profits should be:

Solution:
QUESTION: 51

Dheeraj and Gopal are partners in a firm with capitals of Rs. 5,00,000 each. They admit Deepak as a partner with ¼th share in the profits of the firm. Deepak bring Rs. 8,00,000 as his share of capital. The profit and loss account showed a credit balance of Rs. 4,00,000 as on the date of his admission. The value of hidden goodwill will be

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QUESTION: 52

Rent due for the month of March will appear___________ in the cash book

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QUESTION: 53

Alfa Ltd. issued 20, 000, 8% debentures of Rs.10 each at par. The debentures are redeemable at a premium of 20% after 5 years.  The amount of loss on redemption of debentures should be:

Solution:
QUESTION: 54

Gama Ltd. issued 10,000, 10% debentures of Rs.100 each at a discount of 10%. The entire amount is payable on application. Application were received for 12,000 debentures. The allotment of debentures was made on 10th October, 2009. The amount which should be credited to the debentures account on 10th October, 2009 will be:

Solution:
QUESTION: 55

Indigo Ltd. had 9,000, 10% redeemable preference shares of Rs. 10 each, fully paid up. The company decided to redeem these preference shares at par by the issue of sufficient number of equity shares of Rs.10 each fully paid up at a discount of 10%. The number of equity shares issued should be:

Solution:
QUESTION: 56

A firm dealing in cloth has 15,000 meters of cloth on April 1, 2009 valued at Rs.1,50,000.The firm purchased 20,000 meters @ Rs.12 per meter during the year ending 31st March, 2010 and sold 30,000 meters @ Rs.25 per meter during the same period.  As per LIFO, the closing inventory will be valued at:

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QUESTION: 57

On January 1, 2010 Victory Ltd., purchased a second hand machinery for Rs. 50,000 and spend Rs. 2,000 as shipping and forwarding charges, Rs. 1,000 as import duty, Rs.1,000 as carriage inwards, Rs.500 is repair charges, Rs. 200 as installation charges, Rs.400 as brokerage of the middle man and Rs. 100 for an iron pad.  Total cost of machinery is

Solution:
QUESTION: 58

On 1-4-2009, Ram invested Rs.1,00,000 in a business.  Interest on capital is to be allowed @ 12% per annum.  Amount of interest to be charged to P & L Account for the year 2009-2010 is:

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QUESTION: 59

Goods costing Rs. 1,20,000 were sent on consignment basis. These goods are invoiced to give a gross margin of 20% on invoice price.  The amount of loading is:

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QUESTION: 60

Mohan’s trial balance contains the following information:
Discount received                                          Rs. 1,000
Provision for discount on trade payables       Rs. 1, 600

It is desired to maintain a provision for discount on trade payables at Rs.1,100.  The amount to be credited to P & L Account is :

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QUESTION: 61

A mate’s receipt

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QUESTION: 62

An offer to perform one’s obligations under a contract is called as :

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QUESTION: 63

A contract was entered before 1st September, 1872 is governed by The Indian Contract Act, 1872

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QUESTION: 64

A share in a partnership:

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QUESTION: 65

Which of the following is not correct?

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QUESTION: 66

In case of sale

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QUESTION: 67

Which one of the following is not a contract?

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QUESTION: 68

Which of the statement is incorrect?

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QUESTION: 69

The difference between contingent contract and wagering agreements are as follows:

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QUESTION: 70

An agreement made without consideration is valid under the Indian Contract Act, 1872 if

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QUESTION: 71

Which of the following is not correct?

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QUESTION: 72

Which of the following is not correct?

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QUESTION: 73

Novation means:

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QUESTION: 74

Quasi-contract rest upon the maxim:

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QUESTION: 75

Registration of a partnership is complete

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QUESTION: 76

Just and equitable grounds for the dissolution of the firm :

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QUESTION: 77

A student was motivated by his teacher to sell his car (value being Rs. 10,00,000/-) for Rs. 5,00,000/-. The student sold the same at the desired price of the teacher. The student can sue the teacher on the ground of :

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QUESTION: 78

Types of partners includes:

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QUESTION: 79

‘Price’ under the Sale of Goods Act, 1930 means

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QUESTION: 80

Goods that are identified and agreed upon at the time of contract of sale are known as ________.

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QUESTION: 81

A contract in which only one party has to fulfill his obligation at the time of the formation of the contract, the other party having fulfilled his obligation at the time of the contract or before the contract comes into existence is known as ________.

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QUESTION: 82

An offer made to the public in general which anyone can accept and do the desired act is ________.

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QUESTION: 83

In case of an agreement to sell, subsequent loss or destruction of the goo is the liability of _______ .

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QUESTION: 84

An auction sale is an example of _________.

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QUESTION: 85

Agreement for the creation of monopolies__________.

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QUESTION: 86

Quasi – contracts arise __________.

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QUESTION: 87

Wagering agreements are

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QUESTION: 88

A partner entitled to share the profits only without being liable for the losses :

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QUESTION: 89

Goods that are defined only by description and not identified and agreed upon at the time of contract of sale are known as__________.

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QUESTION: 90

Delivery by acknowledgment is_________.

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QUESTION: 91

In case of a sale the position of a buyer is that of _________.

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QUESTION: 92

Rights of an unpaid seller include_________.

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QUESTION: 93

Registration of a partnership firm is __________.

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QUESTION: 94

Death of a partner ordinarily leads to _________.

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QUESTION: 95

A new partner is held liable for all acts of the firm done __________.

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QUESTION: 96

One of the essential elements of a partnership is agreement _________.

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QUESTION: 97

A person is deemed to be in a position to dominate the will of the other when he __________.

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QUESTION: 98

As per the I ndian Partners hip Act, 1 93 2 a partner may transfer his interest in the firm________.

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QUESTION: 99

D P Tyre Co. Ltd. sold tyres to a dealer S, who sold those to D, a sub-dealer on the condition that those tyres would not be sold at a price lower than the list price fixed by D P Tyre Co.Ltd. and if the tyres were sold at a price lower than the list price, a penalty of $ 2 for every tyre sold below the list price would be recovered as damages. D sold five tyres below the list price. D P Tyre Co. Ltd. filed a suit against S. Is D P Tyre Co. Ltd. entitled to maintain the suit?

Solution:
QUESTION: 100

A, B and C are partners in a firm. B was murdered by D, who wanted to become a partner of the firm, but B has raised objections to it. The Partnership Deed contains a provision that the firm would not be dissolved after the death of any partner. Which of the following is correct?

Solution:
QUESTION: 101

The law of consumer surplus is based on :

Solution:
QUESTION: 102

Supply of a commodity is a:

Solution:
QUESTION: 103

If two goods were perfect substitutes of each other, it necessarily follows that

Solution:
QUESTION: 104

The MC curve cuts the AVC and ATC curves

Solution:
QUESTION: 105

In general, most of the production functions measure

Solution:
QUESTION: 106

Which of the following market situations explains marginal cost equal to price for attaining equilibrium?

Solution:
QUESTION: 107

The period of time in which the plant capacity can be varied is known as

Solution:
QUESTION: 108

A monopolist who is s elling in two markets in which demand is not identical will be unable to maximize his profits unless he

Solution:
QUESTION: 109

Which of the following is not microeconomic subject matter?

Solution:
QUESTION: 110

Which of the following is a reason for the negative slope of the PPF?

Solution:
QUESTION: 111

SJSRY stands for

Solution:
QUESTION: 112

Who is regulatory authority for telecom in India?

Solution:
QUESTION: 113

Which of the following has resulted in failure to achieve targets of industrial production?

Solution:
QUESTION: 114

Oil and Natural Gas Corporation Indian Oil Corporation, Steel Authority of India, and Bharat Heavy Electricals are all examples of

Solution:
QUESTION: 115

Which of the following statements is correct with regard to external sector in the prereform period?

Solution:
QUESTION: 116

Money stock in India refers to:

Solution:
QUESTION: 117

Giffen goods are those goods ___________

Solution:
QUESTION: 118

Three methods of computing national income are ___________.

Solution:
QUESTION: 119

When AR = Rs. 10 and AC = Rs. 8 the firm makes ___________.

Solution:
QUESTION: 120

If two goods are complements, this means that a rise in the price of one commodity will induce ___________.

Solution:
QUESTION: 121

___________ controls affect indiscriminately all sectors of the economy.

Solution:
QUESTION: 122

‘The lender of last resort’ means ___________.

Solution:
QUESTION: 123

___________is the custodian of monetary reserves in India

Solution:
QUESTION: 124

Demand for final consumption arises in ____________.

Solution:
QUESTION: 125

Service Tax was introduced in the financial year ___________.

Solution:
QUESTION: 126

At present, the marginal rate of income tax(i.e. tax for the highest slab) is___________

Solution:
QUESTION: 127

About ___________ percent of the external assistance has been in the form of loans.

Solution:
QUESTION: 128

___________ is a systematic record of all the economic transactions between one country and rest of the world

Solution:
QUESTION: 129

If borrowings and other liabilities are added to the budget deficit we get ___________.

Solution:
QUESTION: 130

What term is used for maximum capital which the company can raise in its life time? 

Solution:
QUESTION: 131

According to Planning Commission about ___________ percent of the population of India lived below poverty line (as per MRP Method) in 2011-12.

Solution:
QUESTION: 132

In terms of deposit mobilization, ___________ leads other states.

Solution:
QUESTION: 133

Direction : Questions 133 to 137 are based on the Figure 1.

Figure 1 represents a:

Solution:
QUESTION: 134

In figure 1, the firm’s marginal revenue curve is curve 

Solution:
QUESTION: 135

In Figure 1, curve E is the firm’s:

Solution:
QUESTION: 136

In figure 1, the firm’s most efficient output is: 

Solution:
QUESTION: 137

In figure1, the firm’s most profitable output is: 

Solution:
QUESTION: 138

Direction : Use Table 1 to answer questions 138-142

Consider Sumit’s production data given in the table 1.

Q. 

Suppose Sumit has to pay his workers Rs 20 per hour, and further suppose there are no other production costs at all. What is the marginal product of the 5th worker?

Solution:
QUESTION: 139

Consider Sumit’s production data given in the table 1.

Q. 

In Table 1, Sumit’s Average Total Cost when 40 units are produced is:

Solution:
QUESTION: 140

Consider Sumit’s production data given in the table 1.

Q. 

Using data in Table 1, we kno w that the approximate marginal cost of the 52 nd unit of output is: 

Solution:
QUESTION: 141

Consider Sumit’s production data given in the table 1.

Q. 

Suppose Sumit decides to purchase fire insurance which costs Rs. 87,600 a year.(As it happens, it works out to be Rs 10 per hour) The approximate marginal cost of the 52nd unit now is:

Solution:
QUESTION: 142

Consider Sumit’s production data given in the table 1.

Q. 

Sumit’s marginal product of the 9th worker: 

Solution:
QUESTION: 143

Direction : Read table 2 and answer Questions number 143-145

Q. 

Refer Table 2 and find the value of x.

Solution:
QUESTION: 144

Q. 

Refer Table 2 and find the value of y.

Solution:
QUESTION: 145

Q. 

Refer table 2 and find the value of z.

Solution:
QUESTION: 146

Direction : Read table 3 and answer Questions number 146-147

With the same amount of resources, a farmer can feed the following combinations of sheep and cows

Q.

Given the options available to him, what is the opportunity cost to the farmer of feeding one cow?

Solution:
QUESTION: 147

With the same amount of resources, a farmer can feed the following combinations of sheep and cows

Q. 

Given the options available to him, what is the opportunity cost to the farmer of feeding onesheep?

Solution:
QUESTION: 148

If the quantity of CD demanded increases from 260 to 290 in response to an increase in income from Rs. 9,000 to Rs. 9,800, the income elasticity of demand is approximately:

Solution:
QUESTION: 149

If the quantity of good X demanded increases from 8 to 12 in response to an increase in the price of good Y from Rs. 23 to Rs. 27, the cross elasticity of demand for X with respect to the price of Y is approximately:

Solution:
QUESTION: 150

The following table provides a breakdown of a country’s population (millions):

Q. 

Based on the information in table 4, the country’s unemployment rate is

Solution:
QUESTION: 151

Standard deviation of binomial distribution is :

Solution:
QUESTION: 152

  If a:b = 5:7 and c:d = 2a:3b, then ac : bd is

Solution:

QUESTION: 153

The integral of    dx is equal to:

Solution:
QUESTION: 154

Find f o g for the functions f (x) = x8, g(x) = 2x2 + 1

Solution:
QUESTION: 155

A sample survey is prone to:

Solution:
QUESTION: 156

Simple Aggregative Method is used for computing a:

Solution:
QUESTION: 157

The algebraic sum of deviations of a set of observations from their A.M. is:

Solution:
QUESTION: 158

Number of petals in a flower is an example of:

Solution:
QUESTION: 159

A Qualitative characteristic is known as :

Solution:
QUESTION: 160

Methods that are employed for the collection of primary data

Solution:
QUESTION: 161

The normal curve is ______.

Solution:
QUESTION: 162

The ______ is satisfied when 

Solution:
QUESTION: 163

______ is an extension of time reversal test.

Solution:
QUESTION: 164

For a set of observations, the sum of absolute deviations is ______, when the deviations are taken from the median.

Solution:
QUESTION: 165

The triplicate ratio of 4: 5 is ______.

Solution:
QUESTION: 166

When we want to divide the given set of observations into two equal parts, we consider______.

Solution:
QUESTION: 167

Solution:
QUESTION: 168

Solution:
QUESTION: 169

The two variables are known to be ______ if the movement on the part of one variable does not produce any movement on other variable in a particular direction.

Solution:
QUESTION: 170

The correlation between demand and price (for normal goods) is ______.

Solution:
QUESTION: 171

Differentiate 

Solution:
QUESTION: 172

the value of a is :

Solution:
QUESTION: 173

If the coefficient of correlation between two variables is –0.3 , then the coefficient of determination is

Solution:
QUESTION: 174

If the coefficient of correlation between two variables is 0.6, then the percentage of variation accounted for is _______

Solution:
QUESTION: 175

What is the chance of picking a heart or a queen not of heart from a pack of 52 cards?

Solution:
QUESTION: 176