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Business Environment Test - 35

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Business Environment Test - 35
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Age, family size, sex composition and other people related elements are part of _______.
    Solution
    A demographic environment is a set of demographic factors such as gender or ethnicity. Companies use demographic environments to identify target markets for specific products or services
    examples of demographics are age, sex, education, nationality, ethnicity, or religion 
  • Question 2
    1 / -0
    The process of economic liberalization was implemented in India in the year __________.
    Solution

    Liberalization refers to end of licence, quota and many more restrictions and control that were put on many industries. The term basically refers to opening of the economy to the world and providing freedom to the departmental and public sector undertakings to access capital market in order to achieve international competitiveness. 

    The process of economic liberalization was implemented in India in the year 1991 when new economic reforms were introduced in order to protect the country from high debt to World Bank. 

  • Question 3
    1 / -0
    In employment a person receives ________.
    Solution
    b'In employment a person receives salary. Salary refers to the regular timely payment which a person receives in employment where they render their services to the producing sector of the economy. Salary is usually paid by the employer on a monthly basis for the services rendered to an employee.'
  • Question 4
    1 / -0
    Partial or complete sale of a public sector enterprise is called _______.
    Solution
    B. privatization.
    Partial or complete sale of a public sector enterprise is a form of privatization. Partial privatization refers to a situation where the private sector owns more than 50% but less than 100% ownership in a public sector company by way of transfer of shares. In this case, the private sectors own the majority of shares and thus has substantial control over the functioning of the company.
  • Question 5
    1 / -0
    Which of the following is an example of industrial reforms?
    Solution
    b'

    Industrial reforms refers to the changes in the industrial policies for better development and growth of the nation. Examples of industrial reforms include the following-

    a) Delicensing of industry

    b) Simplification of licensing products

    c) Permission to public sector units to raise capital from the capital market

    These reforms are taken in order to facilitate growth in productivity which could be maintained with greater employment and optimum utilization of resources.

    '
  • Question 6
    1 / -0
    The initial trigger for the policy of economic liberalization in India in 1991 was ________.
    Solution
    b'The initial trigger for the policy of economic liberalization in India in 1991 was foreign exchange crisis. Before the economic liberalization, foreign exchange reserves of India was dried up owing to problems in balance of payment of the country as a result of which the import of the country was swelled up and there was a high fiscal deficit faced by the government at the same time. '
  • Question 7
    1 / -0
    Coercive power, reward power, legitimate power, expert power and referent power are given by _________.
    Solution
    John French and Bertram Raven were social psychologist who classified power into five different forms based on the link between leadership and power and how does the different kind of power affects a person's leadership ability and success.
    The five types of power are classified on their dependency on structural situation in an organisation. These are: Coercive power; Reward power; legitimate power; expert power and referent power. 
  • Question 8
    1 / -0
    The imposition of a ceiling on a monopolist's price will effect the company's ________.
    Solution
    b"The imposition of a ceiling on a monopolist's price will effect the company's equilibrium output and profits. The ceiling price is the maximum price limit and is usually set below the equilibrium price for some essential commodities to save the life of lower income group from inflating prices in a monopoly market. Therefore, it affects the equilibrium output and profits of the firm in monopoly market. "
  • Question 9
    1 / -0
    Profits, people and planet together constitute company's ________.
    Solution
    The bottom line consists of people, profits and planets 
    1. Profit: The traditional measure of corporate profit—the profit and loss (P&L) account.
    2. People: Measures how socially responsible an organization has been throughout its operations.
    3. The Planet: Measures how environmentally responsible a firm has been.
  • Question 10
    1 / -0
    Which  type of structure of organisation will be preferred in dynamic, scarce and complex environment?
    Solution
    Organic organisation structure refers to extremely flat reporting structure where the span of control of the typical managers encompasses a large number of employees and communication line is horizontal between the employees rather than vertical which denotes decentralization in the organisation which is well suited for firms in dynamic, scarce and complex environment as fast decision and better allocation of resources can be done in such a structure. 
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