The basic object of all production is to (1) satisfy human wants (2) provide employment (3) make profits (4) increase physical output

The basic object of all production is to (1) satisfy human wants (2) provide employment (3) make profits (4) increase physical output
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satisfy human wants
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The basic object of all production is to (1) satisfy human wants (2) provide employment (3) make profits (4) increase physical output

Description : The basic object of all production is to (1) satisfy human wants (2) provide employment (3) make profits (4) increase physical output

Last Answer : (1) satisfy human wants Explanation: According to Adam Smith, consumption is the sole end and purpose of all production. The goal of production is the satisfaction of human desire. All the processes, by which human labor creates goods and services, bring them to the ultimate consumer.

Some organizations have escalator clause in their labour agreements. What does this clause provide for ? (A) Automatic increase in wage/salary depending on seniority (B) Wage increase depending on output per day by the worker (C) Automatic increase in wage/salary depending upon increase in price index (D) Automatic increase in wage/salary depending on increase in profits of the firm

Description : Some organizations have escalator clause in their labour agreements. What does this clause provide for ? (A) Automatic increase in wage/salary depending on seniority (B) Wage increase depending on output ... index (D) Automatic increase in wage/salary depending on increase in profits of the firm

Last Answer : Answer: Automatic increase in wage/salary depending on increase in profits of the firm

Economies of a firm are : (1) An increase in its profits (2) A reduction in its selling expenses (3) Its dominance of the market (4) Saving in it's production costs

Description : Economies of a firm are : (1) An increase in its profits (2) A reduction in its selling expenses (3) Its dominance of the market (4) Saving in it's production costs

Last Answer : (4) Saving in it's production costs Explanation: Economics of a firm includes how it combines labour and capital so as to lower the average cost of output, either from increasing, decreasing, or constant returns ... of a good or a service on a larger scale, yet with (on average) less input costs.

Economies of a firm are : (1) An increase in its profits (2) A reduction in its selling expenses (3) Its dominance of the market (4) Saving in it’s production costs

Description : Economies of a firm are : (1) An increase in its profits (2) A reduction in its selling expenses (3) Its dominance of the market (4) Saving in it’s production costs 

Last Answer : Saving in it’s production costs

Knowing that we humans have imaginary faculties available, why do we still need/rather have physical images to satisfy our wants/needs?

Description : Knowing that we humans have imaginary faculties available, why do we still need/rather have physical images to satisfy our wants/needs?

Last Answer : Of course it's not enough. We have a logic part of our brain, and we need it for the world to work. We have to present evidence in court, we can't just imagine our way to prosperity. These ... proof. Yes, of course we know it's happening, but it helps solidify your beliefs when you actually see it.

A company wants to build a test environment to test software updates and new solutions. The environment should mirror the production environment and be secure and inaccessible from outside the company network. The company does not want to invest in infrastructure that may be idle for a significant amount of time. Which cloud computing model will satisfy all these requirements? A. Public Cloud B. Private Cloud C. External Cloud D. Virtual Private Cloud

Description : A company wants to build a test environment to test software updates and new solutions. The environment should mirror the production environment and be secure and inaccessible from outside the company ... requirements? A. Public Cloud B. Private Cloud C. External Cloud D. Virtual Private Cloud

Last Answer : Virtual Private Cloud

Why does primary sector continues to be the largest employer in India? (a) Secondary and Tertiary sector are not able to generate comparatively enough employment opportunities despite increase in their production level. (b) It generates more employment opportunities. (c) It exploits natural resources and provides raw material to secondary sector.(d) None of the above

Description : Why does primary sector continues to be the largest employer in India? (a) Secondary and Tertiary sector are not able to generate comparatively enough employment opportunities despite increase in their ... exploits natural resources and provides raw material to secondary sector.(d) None of the above

Last Answer : (a) Secondary and Tertiary sector are not able to generate comparatively enough employment opportunities despite increase in their production level.

Production Function relates to: (1) costs to outputs (2) costs to inputs (3) inputs to outputs (4) wage level to profits

Description : Production Function relates to: (1) costs to outputs (2) costs to inputs (3) inputs to outputs (4) wage level to profits

Last Answer : (3) inputs to outputs Explanation: In microeconomics and macroeconomics, a production function is a function that specifies the out-put of a firm, an industry, or an entire economy for all ... in the use of factor inputs in production and the resulting distribution of income to those factors.

A firm should cease production in the short(a) Price is less than average fixed cost (b) Price is less than average cost (c) Profits are negative (d) Price is less than average variable cost run if

Description : A firm should cease production in the short run if(a) Price is less than average fixed cost (b) Price is less than average cost (c) Profits are negative (d) Price is less than average variable cost

Last Answer : (d) Price is less than average variable cost

Production function expresses - (1) technological relationship between physical inputs and output (2) financial relationship between physical inputs and output (3) relationship between finance and technology (4) relationship between factors of production

Description : Production function expresses - (1) technological relationship between physical inputs and output (2) financial relationship between physical inputs and output (3) relationship between finance and technology (4) relationship between factors of production

Last Answer : (1) technological relationship between physical inputs and output Explanation: Production involves transformation of inputs into outputs. The output is a function of input. The functional relationship between ... be produced from any given quantities of various inputs during a given period of time.

Production function expresses (1) technological relationship between physical inputs and output (2) financial relationship between physical inputs and output (3) relationship between finance and technology (4) relationship between factors of production

Description : Production function expresses (1) technological relationship between physical inputs and output (2) financial relationship between physical inputs and output (3) relationship between finance and technology (4) relationship between factors of production

Last Answer : technological relationship between physical inputs and output

Marketing provides maximum satisfaction of 1. Profits 2. Human wants 3. Needs 4. both 1 & 3 5. None of these

Description : Marketing provides maximum satisfaction of 1. Profits 2. Human wants 3. Needs 4. both 1 & 3 5. None of these

Last Answer : Human wants

'Capital gains' refers to goods which - (1) serve as a source of raising further capital (2) help in the further production of goods (3) directly go into the satisfaction of human wants (4) find multiple uses

Description : 'Capital gains' refers to goods which - (1) serve as a source of raising further capital (2) help in the further production of goods (3) directly go into the satisfaction of human wants (4) find multiple uses

Last Answer : (2) help in the further production of goods Explanation: Capital goods are goods that are used in producing other goods, rather than being bought by consumers. They are tangible assets such as ... uses to produce goods or services in order to produce consumer goods and goods for other businesses.

‘Capital gains’ refers to goods which (1) serve as a source of raising further capital (2) help in the further production of goods (3) directly go into the satisfaction of human wants (4) find multiple uses

Description : ‘Capital gains’ refers to goods which (1) serve as a source of raising further capital (2) help in the further production of goods (3) directly go into the satisfaction of human wants (4) find multiple uses

Last Answer : help in the further production of goods

When marginal cost is equal to marginal revenue, the firm should A)produce more to increase profits. B)produce less to decrease total costs. C)stop producing additional units to maximise profits. D)provide discounts to encourage purchases.

Description : When marginal cost is equal to marginal revenue, the firm should A)produce more to increase profits. B)produce less to decrease total costs. C)stop producing additional units to maximise profits. D)provide discounts to encourage purchases.

Last Answer : C)stop producing additional units to maximise profits.

The wheel of retailing hypothesis suggests that: A)retailers tend to provide more limited services to customers as the business ages. B)new retailers enter the market with low prices, low profit margins and low status but eventually trade up. C)as retail firms' profits increase, the service they provide to customers increases but the cost of doing business decreases. D)a retail firm must grow to compete with other retail firms on an equal basis.

Description : The wheel of retailing hypothesis suggests that: A)retailers tend to provide more limited services to customers as the business ages. B)new retailers enter the market with low prices, low profit margins ... decreases. D)a retail firm must grow to compete with other retail firms on an equal basis.

Last Answer : B)new retailers enter the market with low prices, low profit margins and low status but eventually trade up.

Consumptions function refers to - (1) relationship between income and employment (2) relationship between savings and investment (3) relationship between input and output (4) relationship between income and consumption

Description : Consumptions function refers to - (1) relationship between income and employment (2) relationship between savings and investment (3) relationship between input and output (4) relationship between income and consumption

Last Answer : (4) relationship between income and consumption Explanation: The Consumption function is a single mathematical function used to express consumer spending. It was developed by John Maynard Keynes and ... by current income and induced consumption that is influenced by the economy's income level.

Acording to Keynesian theory of income determination, at full employment, a fall in aggregate demand causes - (1) a fall in prices of output and resources (2) a fall in real gross National product and employment (3) a rise in real gross National product and investment (4) a rise in prices of output and resources

Description : Acording to Keynesian theory of income determination, at full employment, a fall in aggregate demand causes - (1) a fall in prices of output and resources (2) a fall in real gross National product ... a rise in real gross National product and investment (4) a rise in prices of output and resources

Last Answer : (1) a fall in prices of output and resources Explanation: In 1936, John Maynard Keynes published the book "The General Theory of Employment, Interest and Money to explain the prolonged and ... at a below-full-employment equilibrium. Suppose that the economy is at the full-employment equilibrium.

The phase of gradual fall in income, output and employment is a. Boom b. Recession c. Depression d. Recovery

Description : The phase of gradual fall in income, output and employment is a. Boom b. Recession c. Depression d. Recovery

Last Answer : b. Recession Boom, recession, depression and recovery are the phases of a business cycle. In this phase, business activity is in low gear.

Depression is characterized by a. unprecedented level of underemployment b. Drastic fall in income c. Drastic fall in output and employment d. All the above

Description : Depression is characterized by a. unprecedented level of underemployment b. Drastic fall in income c. Drastic fall in output and employment d. All the above

Last Answer : d. All the above Depression is one of the business cycles. Boom, recession, depression and recovery are the phases of a business cycle.

The idea that government's fiscal policy can be used to stabilize the level of output and employment can be attributed to which of the following economists: a) Frederich Hayek b) Ludwig von Mises c) Frederic Bastiat d) John Maynard Keynes

Description : The idea that government's fiscal policy can be used to stabilize the level of output and employment can be attributed to which of the following economists: a) Frederich Hayek b) Ludwig von Mises c) Frederic Bastiat d) John Maynard Keynes

Last Answer : d) John Maynard Keynes John Maynard Keynes's 1936 book, 'The General Theory of Employment, Interest, and Money' laid the foundations for Macroeconomics

Consumptions function refers to (1) relationship between income and employment (2) relationship between savings and investment (3) relationship between input and output (4) relationship between income and consumption

Description :  Consumptions function refers to (1) relationship between income and employment (2) relationship between savings and investment (3) relationship between input and output (4) relationship between income and consumption

Last Answer : relationship between income and consumption

According to Keynesian theory of income determination, at full employment, a fall in aggregate demand causes (1) a fall in prices of output and resources (2) a fall in real gross National product and employment (3) a rise in real gross National product and investment (4) a rise in prices of output and resources

Description : According to Keynesian theory of income determination, at full employment, a fall in aggregate demand causes (1) a fall in prices of output and resources (2) a fall in real gross National product and ... rise in real gross National product and investment (4) a rise in prices of output and resources

Last Answer :  a fall in prices of output and resources

Money is said to be neutral if (a) it affects the real variables of the economy. (b) it does not affect the real variables of the economy. (c) it affects only the production. (d) it affects both production & employment.

Description : Money is said to be neutral if (a) it affects the real variables of the economy. (b) it does not affect the real variables of the economy. (c) it affects only the production. (d) it affects both production & employment.

Last Answer : (b) it does not affect the real variables of the economy.

Basic infrastructure facilities in Economics are known as : (1) Human capital (2) Physical capital (3) Social overheads capital (4) Working capital

Description : Basic infrastructure facilities in Economics are known as : (1) Human capital (2) Physical capital (3) Social overheads capital (4) Working capital

Last Answer : (3) Social overheads capital Explanation: Social overheads capital is the capital spent on social infrastructure, such as schools, universities, hospitals, libraries. They are capital goods of ... government. Examples of social overhead capital include roads, schools, hospitals, and public parks.

Basic infrastructure facilities in Economics are known as : (1) Human capital (2) Physical capital (3) Social overheads capital (4) Working capital

Description : Basic infrastructure facilities in Economics are known as : (1) Human capital (2) Physical capital (3) Social overheads capital (4) Working capital

Last Answer :  Social overheads capital

An operations manager is not likely to be involved in….. (a) the design of products and services to satisfy customers' wants and needs (b) the quality of products and services to satisfy customers' wants and needs (c) the identification of customers' wants and needs ; (d) forecasting sales

Description : An operations manager is not likely to be involved in….. (a) the design of products and services to satisfy customers' wants and needs (b) the quality of products and services to satisfy customers' wants and needs (c) the identification of customers' wants and needs ; (d) forecasting sales

Last Answer : (c) the identification of customers' wants and needs ;

What percentage change do you observe in the primary sector in the field of employment? (a) Increase by 11% (b) Increase by 61% (c) Decrease by 11% (d) Remains stagnant

Description : What percentage change do you observe in the primary sector in the field of employment? (a) Increase by 11% (b) Increase by 61% (c) Decrease by 11% (d) Remains stagnant

Last Answer : (c) Decrease by 11%

Under the liquidity trap conditions, an increase in money supply will (a) increase investment (b) increase level of employment (c) reduce the rate of interest (d) have no effect on interest rate, investment and employment

Description : Under the liquidity trap conditions, an increase in money supply will (a) increase investment (b) increase level of employment (c) reduce the rate of interest (d) have no effect on interest rate, investment and employment

Last Answer : (c) reduce the rate of interest

Which of the following may cause management to intentionally understate profits? a. Management wants to create "cookie jar" reserves for a rainy day. b. The company is under scrutiny by tax authorities. c. The company is suffering a large loss and wants to take a "big bath." d. All of the above

Description : Which of the following may cause management to intentionally understate profits? a. Management wants to create "cookie jar" reserves for a rainy day. b. The company is under scrutiny by tax authorities. c. The company is suffering a large loss and wants to take a "big bath." d. All of the above

Last Answer : All of the above

P, Q and R jointly thought of engaging themselves in a business venture. It was agreed that P would invest Rs. 3250 for 6 months, Q, Rs. 4200 for 5 months and R, Rs. 5,000 for 3 months. P wants to be the working member for which, he was to receive 10% of the profits. The profit earned was Rs. 3700. Calculate the share of Q in the profit. A) Rs. 1800 B) Rs. 1260 C) Rs. 1580 D) Rs. 1940

Description : P, Q and R jointly thought of engaging themselves in a business venture. It was agreed that P would invest Rs. 3250 for 6 months, Q, Rs. 4200 for 5 months and R, Rs. 5,000 for 3 months. P wants to be the ... Calculate the share of Q in the profit. A) Rs. 1800 B) Rs. 1260 C) Rs. 1580 D) Rs. 1940

Last Answer : Answer: B) For managing, P received = 10% of Rs. 3700 = Rs. 370. Balance = Rs. (3700 - 370) = Rs. 3330. Ratio of their investments = (3250 x 6) : (4200 x 5) : (5000 x 3)  = 19500 : 21000 : 15000  = 13 : 14 : 10 Q's share = Rs. 3330x 14 / 37 = Rs. 1260

Engagement letters are widely used in practice for professional engagements of all types. The primary purpose of the engagement letter is toa. Remind management of its primaryresponsibility over the financialstatements.b. Satisfy the requirements of the Code ofProfessional Conduct for CPAs.c. Provide a starting point for the auditor'spreparation of the preliminary auditprogram.d. Provide a written record of theagreement with the client as to theservices to be provided.

Description : Engagement letters are widely used in practice for professional engagements of all types. The primary purpose of the engagement letter is to a. Remind management of its primary responsibility over the financial ... a written record of the agreement with the client as to the services to be provided.

Last Answer : Provide a written record of the agreement with the client as to the services to be provided.

The label on a soft drink reads "cool and refreshing". For what reason are these words used ? 1. To provide information 2. To encourage multiple purchases 3. To promote the product 4. To satisfy legal requirements 5. none of these

Description : The label on a soft drink reads "cool and refreshing". For what reason are these words used ? 1. To provide information 2. To encourage multiple purchases 3. To promote the product 4. To satisfy legal requirements 5. none of these

Last Answer : To promote the product

The label on a pack of frozen peas says, 'packed within an hour of picking'. These words are used to: A)to encourage multiple puchases B)to provide information C)to satisfy legal requirements D)for promotional reasons

Description : The label on a pack of frozen peas says, 'packed within an hour of picking'. These words are used to: A)to encourage multiple puchases B)to provide information C)to satisfy legal requirements D)for promotional reasons

Last Answer : D)for promotional reasons

The label on a soft drink can reads "cool and refreshing." For what reason are these words used? A)To provide information B)To encourage multiple purchases C)To promote the product D)To satisfy legal requirements

Description : The label on a soft drink can reads "cool and refreshing." For what reason are these words used? A)To provide information B)To encourage multiple purchases C)To promote the product D)To satisfy legal requirements

Last Answer : C)To promote the product

By using a wholesaler, Inversoft Ltd. has a distinct advantage because the specialised services performed by the wholesaler allow the firm to: A)focus on developing and manufacturing products that match consumers' needs and wants. B)focus on increasing production capacity and efficiency C)reduce manufacturing costs to retailers and provide quality merchandise to consumers.

Description : By using a wholesaler, Inversoft Ltd. has a distinct advantage because the specialised services performed by the wholesaler allow the firm to: A)focus on developing and manufacturing ... capacity and efficiency C)reduce manufacturing costs to retailers and provide quality merchandise to consumers.

Last Answer : A)focus on developing and manufacturing products that match consumers' needs and wants.

The main purpose of Panchayati Raj is (1) To create employment (2) To increase agricultural production (3) To make people politically conscious (4) To make people participate in development administration

Description : The main purpose of Panchayati Raj is (1) To create employment (2) To increase agricultural production (3) To make people politically conscious (4) To make people participate in development administration

Last Answer : (3) To make people politically conscious Explanation: The main aim of Panchayat raj system is to settle the local problems locally and to make the people politically conscious.

To be an Ordinarily resident in India, an individual must satisfy ………………………. A) Both Basic Conditions and One Additional Condition B) One Basic Condition and Both Additional Conditions C) One Basic Condition and One Additional Condition D) Both Basic Conditions and Both Additional Conditions

Description : To be an Ordinarily resident in India, an individual must satisfy ………………………. A) Both Basic Conditions and One Additional Condition B) One Basic Condition and Both Additional Conditions C) One Basic Condition and One Additional Condition D) Both Basic Conditions and Both Additional Conditions

Last Answer : B) One Basic Condition and Both Additional Conditions

Higher PPC curve indicates (a) More production of both the things with increase in technology or factor inputs supply; (b) More production of one at the expense of other; (c) More production of one items at the expense of other with increase in technology or factor input supply ; (d) Less than full employment situation

Description : Higher PPC curve indicates (a) More production of both the things with increase in technology or factor inputs supply; (b) More production of one at the expense of other; (c) More production of ... of other with increase in technology or factor input supply ; (d) Less than full employment situation

Last Answer : (a) More production of both the things with increase in technology or factor inputs supply; 

Bank marketing is aimed at providing services to satisfy customer's ____________ needs. 1. Physical 2. Financial 3. Primary 4. Market 5. None of these

Description : Bank marketing is aimed at providing services to satisfy customer's ____________ needs. 1. Physical 2. Financial 3. Primary 4. Market 5. None of these

Last Answer : Financial

Which one of following represents the Savings of the Private Corporate Sector? (1) Dividends paid to shareholders (2) Total profits of a company (3) Undistributed profits (4) Excess of income over expenditure

Description : Which one of following represents the Savings of the Private Corporate Sector? (1) Dividends paid to shareholders (2) Total profits of a company (3) Undistributed profits (4) Excess of income over expenditure

Last Answer : (3) Undistributed profits Explanation: For private corporate sector, retained profits adjusted for non operating surplus/deficit is considered as its Net Saving. Retained profits are those ... commitments to depreciation provision for various fixed assets, debts, government and to shareholders.

Which one of the following is not included while estimating national income through income method? (1) Rent (2) Mixed incomes (3) Pension (4) Undistributed profits

Description : Which one of the following is not included while estimating national income through income method? (1) Rent (2) Mixed incomes (3) Pension (4) Undistributed profits

Last Answer : (3) Pension Explanation: The income approach equates the total output of a nation to the total factor income received by residents or citizens of the nation. Transfer incomes are excluded from ... wages of labourers will be included, pensions of retired workers will be excluded from national income.

The internal rate of return - (1) must be less than the interest rate if the firm is to in-vest. (2) makes the present value of profits equal to the present value of costs. (3) falls as the annual yield of an investment rises. (4) is equal to the market interest rate for all the firm's in-vestment.

Description : The internal rate of return - (1) must be less than the interest rate if the firm is to in-vest. (2) makes the present value of profits equal to the present value of costs. (3) falls as the annual yield of an investment rises. (4) is equal to the market interest rate for all the firm's in-vestment.

Last Answer : (3) falls as the annual yield of an investment rises. Explanation: The internal rate of return on an investment or project is the "annualized effective compounded re-turn rate" or discount rate ... the investment equals the net present value of the benefits (positive cash flows) of the investment.

The difference between GNP and NNP equals - (1) corporate profits (2) personal taxes (3) transfer payments (4) depreciation

Description : The difference between GNP and NNP equals - (1) corporate profits (2) personal taxes (3) transfer payments (4) depreciation

Last Answer : (4) depreciation Explanation: Gross National Product [GNP) is the gross value of all the final products without deducting the depreciation of fixed capital. Net National Product (NNP) is the value of ... a period of one year. The difference between the GNP and NNP is equal to Capital depreciation.

Who propounded the Innovation theory of profits? (1) J.A. Schumpeter (2) P.A. Samuelson (3) Alfred Marshall (4) David Ricardo.

Description : Who propounded the Innovation theory of profits? (1) J.A. Schumpeter (2) P.A. Samuelson (3) Alfred Marshall (4) David Ricardo.

Last Answer : (1) J.A. Schumpeter Explanation: Schumpeter's (1934) original theory of innovative profits emphasized the role of entrepreneurship (his term was entrepreneurial profits) and the ... innovation, in which independent inventors typically fed discoveries as potential inputs to entrepreneurial firms.

In the long-run equilibrium, a competitive firm earns - (1) Super-normal profit (2) Profits equal to other firms (3) Normal profit (4) No profit

Description : In the long-run equilibrium, a competitive firm earns - (1) Super-normal profit (2) Profits equal to other firms (3) Normal profit (4) No profit

Last Answer : (3) Normal profit Explanation: Making the assumption that the market demand curve remains unchanged, higher market supply will reduce the equilibrium market price until the price = long run average cost. ... of firms in and out of the industry and a long-run equilibrium has been established.

What is meant by 'Capital Gain'? (1) Part of profits added to the capital (2) Appreciation in the money value of assets (3) Additions to the capital invested in a business (4) None of these

Description : What is meant by 'Capital Gain'? (1) Part of profits added to the capital (2) Appreciation in the money value of assets (3) Additions to the capital invested in a business (4) None of these

Last Answer : (2) Appreciation in the money value of assets Explanation: A capital gain is a profit that results from a disposition of a capital asset, such as stock, bond or real estate, where the ... a capital gain represents an appreciation in value accruing over a prescribed period of time on the asset.

Which of the following is true about the way by which SDG&E has been regulated by the PUC? a. SDG&E has been allowed to earn very high economic profits b. The profits of SDG&E are calculated as a percent of the value of the capital goods c. When the demand for electricity would fall, the price of electricity would also fall d. All of the above

Description : Which of the following is true about the way by which SDG&E has been regulated by the PUC? a. SDG&E has been allowed to earn very high economic profits b. The profits of SDG&E are calculated as ... the demand for electricity would fall, the price of electricity would also fall d. All of the above

Last Answer : b. The profits of SDG&E are calculated as a percent of the value of the capital goods