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B Com Exam  >  B Com Tests  >  Test: Economics Concepts - 2 - B Com MCQ

Test: Economics Concepts - 2 - B Com MCQ


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10 Questions MCQ Test - Test: Economics Concepts - 2

Test: Economics Concepts - 2 for B Com 2024 is part of B Com preparation. The Test: Economics Concepts - 2 questions and answers have been prepared according to the B Com exam syllabus.The Test: Economics Concepts - 2 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Economics Concepts - 2 below.
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Test: Economics Concepts - 2 - Question 1
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What type of efficiency occurs when the maximum number of goods and services are produced with a given amount of inputs?

Detailed Solution for Test: Economics Concepts - 2 - Question 1
Productive efficiency occurs when the maximum number of goods and services are produced with a given amount of inputs, typically on the production possibility frontier.
Test: Economics Concepts - 2 - Question 2
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Which type of efficiency is concerned with distributing goods and services according to consumer preferences?

Detailed Solution for Test: Economics Concepts - 2 - Question 2
Allocative efficiency is concerned with distributing goods and services according to consumer preferences, ensuring that resources are allocated optimally.
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Test: Economics Concepts - 2 - Question 3
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What is the primary focus of dynamic efficiency?

Detailed Solution for Test: Economics Concepts - 2 - Question 3
Dynamic efficiency focuses on efficiency over time and involves the introduction of new technology and practices to reduce costs and improve efficiency.
Test: Economics Concepts - 2 - Question 4
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What type of efficiency occurs when externalities are considered, and the social cost of production equals the social benefit?
Detailed Solution for Test: Economics Concepts - 2 - Question 4
Social efficiency occurs when externalities are taken into consideration, and the social cost of production equals the social benefit.
Test: Economics Concepts - 2 - Question 5
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What does X inefficiency refer to in terms of firms?
Detailed Solution for Test: Economics Concepts - 2 - Question 5
X inefficiency occurs when firms do not have incentives to cut costs, often seen in situations like monopolies with little competition.
Test: Economics Concepts - 2 - Question 6
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Which type of efficiency focuses on the equitable distribution of goods and services?
Detailed Solution for Test: Economics Concepts - 2 - Question 6
Distributive efficiency is concerned with allocating goods and services according to who needs them most, emphasizing equitable distribution.
Test: Economics Concepts - 2 - Question 7
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In a discounted loan, how is the interest treated compared to a traditional loan?
Detailed Solution for Test: Economics Concepts - 2 - Question 7
In a discounted loan, the total interest due on the loan is subtracted from the principal at the start, so you receive the principal minus the interest you will have to pay on the loan.
Test: Economics Concepts - 2 - Question 8
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What type of cost refers to the cost to produce one more unit of a product or service?
Detailed Solution for Test: Economics Concepts - 2 - Question 8
Marginal cost refers to the cost to produce one more unit of a product or service, often used in optimizing production decisions.
Test: Economics Concepts - 2 - Question 9
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What principle states that a rupee today is worth more than a rupee in the future?
Detailed Solution for Test: Economics Concepts - 2 - Question 9
The discounting principle states that a rupee today is worth more than a rupee in the future due to factors like uncertainty and the ability to invest.
Test: Economics Concepts - 2 - Question 10
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Which type of efficiency involves optimizing the combination of factor inputs for production?
Detailed Solution for Test: Economics Concepts - 2 - Question 10
Technical efficiency involves finding the optimum combination of factor inputs for production, closely related to productive efficiency.
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