1. Under Monopolistic competition the cross elasticity of demand for the product of a single firm would be: A. infinite B. Highly elastic C. Highly inelastic D. Zero 2. in a free-market economy the allocation of resources ls determined by: A. Votes taken by consumers B. A central planning authority C. By consumer preferences D.
1. The concept of quasi-rent refers to (A) the rent of land (B) the return to a factor, supply of which is fixed in the short-run (C) half of the total rent on land (D) the return to agriculture during the short-run 2. Infant mortality rate (IMR) refers to (A) the death rate of children
1. The wealth-based definition of Economics was put forward by (A) Lionel Robbins (B) Alfred Marshall (C) Adam Smith (D) David Ricardo 2. Total utility becomes maximum, when (A) marginal utility is zero (B) marginal utility is negative (C) marginal utility equals one (D) marginal utility is more than one 3. The decrease in the
1. Trading in securities beyond the official trading hours of the stock exchange is called A. Hammering B. Margin trading C. Short trading D. Kerb trading 2. A blue chip security is one which A. Gives assured high returns B. Almost every investor is willing to buy C. Offers the highest liquidity and sells always
1. Which of the following is not a current liability? A. Bank Overdraft B. Bills Payable C. Outstanding Expenses D. Equity Share Capital 2. Contingent Liability is shown owing to the A. Convention of conservatism B. Convention of materiality C. Convention of full disclosure D. Dual aspect concept 3. Revenue is generally recognized as being
1. When shares issued at premium which of the following account is credited? A. Securities premium Reserve B. Share first call account C. Share allotment account D. Share forfeited account 2. The amount of capital mentioned In MOA is A. Authorized capital B. Issued capital C. Reserve capital D. Subscribed capital 3. Closing stock appearing
1. Policies involved when managers repeatedly make some decisions in similar situations over a period of time are (A) specific policies (B) express policies (C) implied policies (D) appealed policies 2. Visual representation of organization structure is known as (A) organization system (B) organization chart (C) organization pattern (D) line organization 3. Workload analysis, workforce
1. Which of the following is the correct statement in the context of ‘Accounting Period Concept’? (A) The life of the business is divided into appropriate time segment to find out the results of operations. (B) The business will be carried on for a long period of time. (C) Accounts will be prepared after dissolution
1. In accounting, profit prior to incorporation is treated as: a) Revenue Reserve b) Secret Reserve c) Capital Reserve d) General Reserve 2. Receipts and Payments Account is prepared by: a) Manufacturing concerns b) Non-Trading Concerns c) Trading Concerns d) Companies registered under Companies Act 1956 3. Owners equity stands for: a) Fixed Assets minus
1. The unfavourable balance of Profit and Loss Account should be (A) added with liabilities (B) subtracted from current assets (C) subtracted from capital (D) subtracted from liabilities 2. Which of the following is an example of business liability? (A) Land (B) Building (C) Cash (D) Creditors 3. Deewali advance given to an employee is
