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B Com Exam  >  B Com Tests  >  Test: Economic Environment - 1 - B Com MCQ

Test: Economic Environment - 1 - B Com MCQ


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10 Questions MCQ Test - Test: Economic Environment - 1

Test: Economic Environment - 1 for B Com 2024 is part of B Com preparation. The Test: Economic Environment - 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Economic Environment - 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Economic Environment - 1 below.
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Test: Economic Environment - 1 - Question 1
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Which of the following is not a factor of the microeconomic environment?

Detailed Solution for Test: Economic Environment - 1 - Question 1
The microeconomic environment is influenced by factors like market size, competitors, and demand and supply. Inflation, on the other hand, is a macroeconomic factor that affects the overall economy rather than specific businesses or industries.
Test: Economic Environment - 1 - Question 2
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Which economic system is characterized by individuals and private institutions owning and controlling means of production for profit?

Detailed Solution for Test: Economic Environment - 1 - Question 2
In a capitalist economy, means of production are owned and controlled by individuals and private institutions with the objective of earning profits. This economic system allows for market forces of demand and supply to determine production, distribution, and consumption decisions.
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Test: Economic Environment - 1 - Question 3
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Which economic policy influences the location of industries, choice of technology, and scale of operations?

Detailed Solution for Test: Economic Environment - 1 - Question 3
Industrial policy influences various business decisions, such as the location of industries, choice of technology, and scale of operations. It defines the scope and role of different sectors, such as private, public, joint, and cooperative, within the economy.
Test: Economic Environment - 1 - Question 4
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Which economic problem is characterized by a high level of output, employment, and rising demand and prices?
Detailed Solution for Test: Economic Environment - 1 - Question 4
Inflation is an economic problem characterized by a high level of output, employment, and rising demand and prices. It can negatively impact the purchasing power of individuals and businesses.
Test: Economic Environment - 1 - Question 5
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Which economic policy aims to control inflation, maintain full employment, and provide necessary finance for economic development?
Detailed Solution for Test: Economic Environment - 1 - Question 5
Monetary policy aims to control inflation, maintain full employment, and provide necessary finance for economic development. It involves the use of various instruments, such as bank rates and open market operations, to regulate the supply of money and credit in the economy.
Test: Economic Environment - 1 - Question 6
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Which economic environment factor is influenced by the national economic policies at work?
Detailed Solution for Test: Economic Environment - 1 - Question 6
Economic planning is influenced by the national economic policies at work. The effectiveness of economic policy depends on assumptions made about the economic system and how policy is assumed to operate.
Test: Economic Environment - 1 - Question 7
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Which economic factor refers to the total value of goods and services produced in a country during a specific period?
Detailed Solution for Test: Economic Environment - 1 - Question 7
Gross domestic product (GDP) refers to the total value of goods and services produced in a country during a specific period, usually a year. It is an important economic indicator that reflects the overall economic activity and growth of a country.
Test: Economic Environment - 1 - Question 8
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Which economic factor involves the cross-border movement of capital and technology?
Detailed Solution for Test: Economic Environment - 1 - Question 8
Global economic linkages involve the cross-border movement of capital and technology. The integration of different economies leads to the emergence of a global economy, where goods, services, labor, technology, and capital flow freely across national boundaries.
Test: Economic Environment - 1 - Question 9
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Which type of economy combines elements of both capitalism and socialism?
Detailed Solution for Test: Economic Environment - 1 - Question 9
A mixed economy combines elements of both capitalism and socialism. It involves a combination of private ownership and control of means of production, as well as government intervention and regulation to ensure social welfare and economic stability.
Test: Economic Environment - 1 - Question 10
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Which economic system is characterized by means of production being owned and controlled by the state?
Detailed Solution for Test: Economic Environment - 1 - Question 10
In a socialist economy, means of production are owned and controlled by the state. Central planning plays a significant role in decision-making related to production, distribution, and consumption.
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