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 Business Awareness Questions

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Q:

A monopoly is a market that has

A) single seller B) single buyer
C) single seller and single buyer D) a seller but no buyer
 
Answer & Explanation Answer: A) single seller

Explanation:

A monopoly is a market that has a single seller of a unique product in the market. He does not have any competition in the market as he has no substitute product for the product he is selling.

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Q:

The supply curve for a monopolist is

A) Verticle B) Horizontal
C) Downward sloping D) Doesn't exist
 
Answer & Explanation Answer: D) Doesn't exist

Explanation:

A monopoly firm has no well-defined supply curve. In other words, there is no unique supply curve for the monopolist derived from his MC curve.

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Q:

The advantages of being an entrepreneur are

A) making the important decisions B) you choose the work you like to do
C) opportunity to be your own boss D) All of the above
 
Answer & Explanation Answer: D) All of the above

Explanation:
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Q:

How much loan amount was sanctioned by The World Bank to help India develop its first modern waterway?

A) $575 million B) $275 million
C) $375 million D) $475 million
 
Answer & Explanation Answer: C) $375 million

Explanation:
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Q:

As per the guidelines issued by the RBI in September 2017, all Peer-to-Peer lending (P2P) platforms will be treated as ______.

 

A) Payment Banks   B) Small Finance Banks  
C) NBFCs D) Regional Rural Banks
 
Answer & Explanation Answer: C) NBFCs

Explanation:
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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:

Quality assurance is an example of which process?

A) Testing B) Manufacturing
C) Delivering D) None of the above
 
Answer & Explanation Answer: A) Testing

Explanation:

Quality assurance (QA) is a way of preventing mistakes and defects in manufactured products and avoiding problems when delivering solutions or services to customers.

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Q:

A raise in the price of a product causes

A) an increase in competition B) an increase in demand
C) a decrease in competition D) a decrease in supply
 
Answer & Explanation Answer: A) an increase in competition

Explanation:

The raise in the price of a product may be due to increase in cost of production, increase in the demand of the product and increase in the margin.

 

When the price of a product increases its demand may fall as per the Law of Demand and an increase in the competition.

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