Business, Trade and Commerce Test 30

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Business, Trade and Commerce Test 30

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Weekly Quiz Competition

Question 1
1 / -0

What is the name of the manufacturing industry, in which raw materials are broken into several parts to make finished goods?

A
Analytical

B
Synthetic

C
Processing

D
Assembly

Solution

In analytical industries, raw material is broken into different parts to produce finished products. For example- crude oil is processed and many finished products such as petroleum, diesel, kerosene oil, gasoline, etc. are produced.
Question 2
1 / -0

In which of the following cases does output double with the doubling of all inputs?

A
Constant Returns to Scale

B
Decreasing Returns to Scale

C
Increasing Returns to Scale

D
Increasing as well as decreasing returns to Scale

Solution

In economic terms, constant returns to scale is when a firm changes its inputs with the results being exactly the same change in outputs (production). In other words, if a firm increases its inputs they will see a proportional increase in production (or outputs).
The similar can be true if a firm decreases its inputs and that results in a proportional decrease in outputs. Constant returns to scale take place when increasing the number of inputs leads to an equivalent increase in the output.

Thus, the correct option is A.
Question 3
1 / -0

Key goal in the firm's growth phase is _______.

A
expansion of capital

B
cutting costs

C
expansion of profit

D
attract new customers

Solution

Expansion of sales is the key goal in the firms growth phase. A business strategy in which growth is obtained by increasing the sales. Expansion of sales can be done by the means of increasing the number of stores, products or services etc.
Question 4
1 / -0

You are given the following data:
Factor Output
0 0
1 15
2 30
3 45
4 60
5 75
The above data is an example of:

A
Constant Returns to Scale.

B
Decreasing Returns to Scale.

C
Increasing Returns to Scale.

D
Globalization.
Question 5
1 / -0

Which of the following statements is incorrect regarding Disinvestment?

A
Government has raised budget dis-investments in the capital market

B
Procedure adopted for disinvestment has suffered from adhocism in the absense of a long term policy

C
It means selling of Govt. Share in the PSU to other PSU or Private Sector or Banks

D
It has been too insignificant to affect either the structure of management or the working environment of the PSU in India

Solution

Government has raised budget dis-investments in the capital market- this statement is incorrect regarding Disinvestment.
Disinvestment of the public sector can be defined as a process of transferring the ownership of any enterprise from public to private sector.

It has been too insignificant to affect either the structure of management or the working environment of the PSU in India.
Question 6
1 / -0

As a consequence of economic reforms, the MRTP Act 1969 was replaced by competition Act in the year __________ .

A
2001

B
2002

C
2003

D
2004

Solution

Monopolies and Restrictive Trade Practices act, 1969 was enacted to prevent the concentration of economic power to common detriment, control of monopolies, and prohibition of monopolistic and restrictive trade practices and matters connected therewith. But after the New economic reforms, liberalization, privatization, and globalization it was necessary that there must be competition in the market for the survival of the fittest. Therefore, the MRTP Act 1969 was replaced by Competition Act in year 2002.
Question 7
1 / -0

"A business Organisation is an enterprise engaged in the production or distribution of goods for sale in a market or rending services for a price" are the words of ______.

A
Max Webber

B
Bayard O Wheeler

C
Richard Norman Owens

D
None of the above

Solution

The definition of business organisation " A business organisation is an enterprise engaged in the production or the distribution of goods for the sale in a market or rendering services for a price" is in the words of Richard Norman Owens.
Question 8
1 / -0

Which of the following represents the concept of trade-offs?

A
A movement from point A to point B

B
A movement from point U to point C

C
Point W

D
Point U

Solution

A shift from A to B indicates that to produce 8 units of consumer goods, 10 units of capital goods are to be sacrificed which refers to trade offs as more goods are sacrificed in order to produce some amount of other goods.
Question 9
1 / -0

Directions For Questions

[passage-header]

[/passage-header]
Read the following paragraph and answer the following question
Nicole owns a small pottery factory. She can make 1,000 pieces of pottery per year and sell them for Rs. 100 each. It costs Nicole Rs. 20,000 for the raw materials to produce the 1,000 pieces of pottery. She has invested Rs. 100,000 in her factory and equipment: Rs. 50,000 from her savings and Rs. 50,000 borrowed at 10 percent. (Assume that she could have loaned money out at 10 percent, too.) Nicole can work at a competing pottery factory for Rs. 40,000 per year.

...view full instructions

The economic profit at Nicole's factory is:

A
Rs. 75000

B
Rs. 35000

C
Rs. 80000

D
Rs. 30000

Solution

Economic profit can be defined as the difference between total revenue and total cost.
Total revenue=1000*100 = 100000
Total cost= 20000 for raw materials + 50000 from her savings = 70000
Economic profit = 100000 - 70000
The economic profit at Nicole's factory is Rs. 30000.
Question 10
1 / -0

__________ of credit control affects indiscriminately all sectors of the economy.

A
Qualitative Methods

B
Quantitative Methods

C
Both (a) and (b)

D
Neither (a) nor (b)

Solution

Quantitative methods of credit control affects indiscriminately all sectors of the economy.Quantitative measures to control credit are also known as general measures. Quantitative instruments of control credit are those instruments which focus on overall supply of money in the economy. These measures are used in a manner such that overall supply of money in the economy is reduced during inflation and increased during deflation.

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Factor	Output
0	0
1	15
2	30
3	45
4	60
5	75

Business, Trade and Commerce Test 30

Result

Business, Trade and Commerce Test 30

Score

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Rank

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SHARING IS CARING

Question 1

Analytical

Synthetic

Processing

Assembly

Solution

Question 2

Constant Returns to Scale

Decreasing Returns to Scale

Increasing Returns to Scale

Increasing as well as decreasing returns to Scale

Solution

Question 3

expansion of capital

cutting costs

expansion of profit

attract new customers

Solution

Question 4

Constant Returns to Scale.

Decreasing Returns to Scale.

Increasing Returns to Scale.

Globalization.

Question 5

Government has raised budget dis-investments in the capital market

Procedure adopted for disinvestment has suffered from adhocism in the absense of a long term policy

It means selling of Govt. Share in the PSU to other PSU or Private Sector or Banks

It has been too insignificant to affect either the structure of management or the working environment of the PSU in India

Solution

Question 6

2001

2002

2003

2004

Solution

Question 7

Max Webber

Bayard O Wheeler

Richard Norman Owens

None of the above

Solution

Question 8

A movement from point A to point B

A movement from point U to point C

Point W

Point U

Solution

Question 9

Rs. 75000

Rs. 35000

Rs. 80000

Rs. 30000

Solution

Question 10

Qualitative Methods

Quantitative Methods

Both (a) and (b)

Neither (a) nor (b)

Solution

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