Business Awareness Questions

Q:

For a good that is a luxury demand

A) has unit elasticity B) tends to be inelastic
C) tends to be elastic D) cannot be represented
 
Answer & Explanation Answer: C) tends to be elastic

Explanation:

For a good that is a luxury demand tends to be elastic.

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Q:

Equivalent units of production are equal to

A) number of whole units that could have been completed if all work of the period had been used to produce whole units B) identifiable units existing at the end of the period in a production department
C) units completed by a production department in the period D) number of units worked on during the period by a production department
 
Answer & Explanation Answer: A) number of whole units that could have been completed if all work of the period had been used to produce whole units

Explanation:

Equivalent units of production are equal to number of whole units that could have been completed if all work of the period had been used to produce whole units.

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Q:

Fixed cost per unit increases when

A) variable cost per unit decreases B) production volume decreases
C) variable cost per unit increases D) production volume increases
 
Answer & Explanation Answer: B) production volume decreases

Explanation:

Fixed cost per unit increases when production volume decreases. The fixed cost per unit does not always remain the same. Fixed cost per unit increases when production volume decreases and vice versa.

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Q:

An increase in the price level will cause a _ the aggregate demand curve.

A) shift up B) shift left
C) shift right D) None of the above
 
Answer & Explanation Answer: A) shift up

Explanation:

An increase in the price level will cause a movement up the aggregate demand curve.

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Q:

The demand curve facing a perfectly competitive firm is

Answer

Demand curve is the relationship between price and quantity of product. In perfect competition, the demand curve for the product by a firm is perfectly elastic at maket price.

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Q:

Net working capital is defined as

Answer

Net working capital is defined as the aggregate of the current liabilities and current assets i.e, it measures the company's ability to pay off its current liabilities with in the current assets.

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Q:

The market structure called monopoly exists where there is exactly ______ seller in any market.

A) 1 B) 2
C) 5 D) 10
 
Answer & Explanation Answer: A) 1

Explanation:
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Q:

What does IMF stand for?

A) International Monetary Fund B) Indian Money Fund
C) International Machine Federation D) Institute of Monetary Finance
 
Answer & Explanation Answer: A) International Monetary Fund

Explanation:
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