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Year 11 Exam  >  Year 11 Tests  >  Test: Firms - Year 11 MCQ

Test: Firms - Year 11 MCQ


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10 Questions MCQ Test - Test: Firms

Test: Firms for Year 11 2024 is part of Year 11 preparation. The Test: Firms questions and answers have been prepared according to the Year 11 exam syllabus.The Test: Firms MCQs are made for Year 11 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Firms below.
Solutions of Test: Firms questions in English are available as part of our course for Year 11 & Test: Firms solutions in Hindi for Year 11 course. Download more important topics, notes, lectures and mock test series for Year 11 Exam by signing up for free. Attempt Test: Firms | 10 questions in 20 minutes | Mock test for Year 11 preparation | Free important questions MCQ to study for Year 11 Exam | Download free PDF with solutions
Test: Firms - Question 1
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Explain the concept of privatization and provide an example of a partially privatized company.

Detailed Solution for Test: Firms - Question 1
Privatization involves the transfer of ownership and control of a government-owned firm to private entities. An example is Singapore Airlines, which is 55% government-owned and 45% privately owned.
Test: Firms - Question 2
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What are the primary sectors of the economy, and provide an example of a company operating in each sector?

Detailed Solution for Test: Firms - Question 2
The primary sector involves raw material production (e.g., fishing, farming, mining). An example is Tata Steel in the primary sector.
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Test: Firms - Question 3
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Discuss the differences between public sector and private sector firms.

Detailed Solution for Test: Firms - Question 3
Public sector firms are owned and regulated by the government, while private sector firms are owned and controlled by private individuals or other companies.
Test: Firms - Question 4
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How does organic growth differ from inorganic growth for firms?
Detailed Solution for Test: Firms - Question 4
Organic growth involves internal strategies like gaining market share or product diversification, while inorganic growth involves mergers or acquisitions.
Test: Firms - Question 5
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Explain the concept of economies of scale and provide an example.
Detailed Solution for Test: Firms - Question 5
Economies of scale are cost-saving efficiencies achieved as firms increase their production scale. An example is a company reducing unit costs by producing in larger volumes.
Test: Firms - Question 6
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Define external economies of scale and how they benefit firms.
Detailed Solution for Test: Firms - Question 6
External economies of scale occur when an industry's growth reduces costs for firms within it, benefiting from external factors like infrastructure improvements.
Test: Firms - Question 7
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What are the factors used to classify firms based on their relative size?
Detailed Solution for Test: Firms - Question 7
Firms can be classified by their size using metrics like the number of employees, market share, profit size, and market capitalization.
Test: Firms - Question 8
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Describe the process of privatization and its significance in the economy.
Detailed Solution for Test: Firms - Question 8
Privatization involves selling government-owned firms to private entities, aiming to improve efficiency, competition, and economic growth.
Test: Firms - Question 9
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Discuss the advantages and disadvantages of small firms compared to large firms.
Detailed Solution for Test: Firms - Question 9
Small firms benefit from flexibility and personalization but may lack resources and scale advantages compared to larger competitors.
Test: Firms - Question 10
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Explain how firms can achieve organic growth through international expansion.
Detailed Solution for Test: Firms - Question 10
Organic growth via international expansion involves entering new markets abroad, offering products to diverse customer bases, and capturing new revenue streams.
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