Q:

The demand for a normal good decreases with ________ in the consumer's income.

A) increase	B) decrease
C) constant	D) double

Answer & Explanation Answer: B) decrease

Explanation:

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Q:

Management accountants would not

A) prepare reports primarily for external users.	B) be concerned with the impact of cost and volume on profits
C) assist in budget planning.	D) determine cost behavior.

Answer & Explanation Answer: A) prepare reports primarily for external users.

Explanation:

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Q:

_______ is issued when the court finds that a particular office holder is not doing legal duty and thereby is infringing on the right of an individual.

A) Habeas Corpus	B) Mandamus
C) Prohibition	D) Quo Warranto

Answer & Explanation Answer: B) Mandamus

Explanation:

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Q:

The ________ curve represents the demand of all consumers in the market taken together at different levels of the price of the good.

A) monotonic	B) indifferent
C) market demand	D) diminishing

Answer & Explanation Answer: C) market demand

Explanation:

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Q:

Full employment is the level at which there is _____.

A) no frictional unemployment	B) no cyclical unemployment
C) no structural unemployment	D) no unemployment

Answer & Explanation Answer: B) no cyclical unemployment

Explanation:

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Q:

Calculate the accounting profits for a firm, if its economic profits for the year are Rs 60 crores, total implicit costs are Rs 18.5 crores and total explicit costs are Rs 35 crores

A) Rs 113.5 crores	B) Rs 43.5 crores
C) Rs 76.5 crores	D) Rs 78.5 crores

Answer & Explanation Answer: D) Rs 78.5 crores

Explanation:

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Q:

Five statements are given below, labelled A, B, C, D and E, among these, four statements are in logical order and form a coherent paragraph/passage. From the given options, choose the option that does not fit into the theme of the passage.

A) This takes us back to John Stuart Mill, the great nineteenth-century economist and philosopher, who believed that nobody can be a good economist if he or she is just an economist.	B) To be sure, most academic disciplines have become highly specialized since Mill’s day; and, since the collapse of theology,
C) no field of study has aimed to understand the human condition as a whole.	D) The life insurance industry has been destroyed by high and uncertain inflation as well.

Answer & Explanation Answer: D) The life insurance industry has been destroyed by high and uncertain inflation as well.

Explanation:

All statements except ‘D’ are based on the economists versus the economy, while sentence D talks about 'The Destructive Power of Inflation'.

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Q:

Which one of the following derives nutrition from plants as a parasite?

A) Malaria Parasite	B) Lice
C) Bryophyllum	D) Cuscuta

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