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Important MCQs - Eco & BCK

This document contains 7 multiple choice questions about economics and business concepts for the CA Foundation July 2021 exam. It introduces Mohnish Vora as the instructor and provides his contact information. Each question is presented individually along with 4 answer options.

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Important MCQs - Eco & BCK

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Important MCQs- Economics & BCK CA Foundation- July 21

CA Mohnish Vora
(MV Sir)

Faculty for
CA Foundation- Business Economics & BCK
CA Intermediate- FM & EFF

CA, CFA L1, B. Com

Important MCQs
Of Economics & BCK
For July 2021 Exams
SET 1
MV Sir

CA Mohnish Vora (MV Sir) 1

Important MCQs- Economics & BCK CA Foundation- July 21

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Suppose consumer tastes shift toward the consumption of apples. Which of the
1. following statements is an accurate description of the impact of this event on
the market for apples?

(a) There is an increase in the quantity demanded of apples and in the supply for apples
(b) There is an increase in the demand and supply of apples.
(c) There is an increase in the demand for apples and an increase in the quantity supplied.
(d) There is an increase in the demand for apples and a decrease in the supply of apples.

MV Sir

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2. What happened in Microsoft in the year 2014?

(a) Satya Nadella succeeded on Steve Ballmer

(b) Acquired Hardware division of NOKIA
(c) Acquired LinkedIn
(d) Both (a) & (b)

MV Sir

CA Mohnish Vora (MV Sir) 2

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3. Which of the following is not a subsidiary of Indian Oil Corporation Ltd.?

(a) Chennai Petroleum Ltd.

(b) Brahamputra Cracker and Polymer Ltd.
(c) Indian Oil – CREDA Biofuels Ltd.
(d) Indian Catalyst Private Ltd.

MV Sir

IOCL

CA Mohnish Vora (MV Sir) 3

Important MCQs- Economics & BCK CA Foundation- July 21

of GAIL

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According to Peter Drucker aim of the business is to _________ and
4
________.

(a) Create and retain consumer

(b) Retain customer and create profits
(c) Create and retain customer
(d) Retain consumer and maximise wealth

MV Sir

CA Mohnish Vora (MV Sir) 4

Important MCQs- Economics & BCK CA Foundation- July 21

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(a) 400/Q + 15Q

(b) 400/Q
(c) 15Q
(d) 0

MV Sir

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(a) Relatively Low

(b) Unaffected
(c) Relatively High
(d) None of the above

MV Sir

CA Mohnish Vora (MV Sir) 5

Important MCQs- Economics & BCK CA Foundation- July 21

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(a) 1100
(b) 280
(c) 220
(d) 500

MV Sir

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(a) 4.20
(b) 6.50
(c) 6
(d) 5.50

MV Sir

CA Mohnish Vora (MV Sir) 6

Important MCQs- Economics & BCK CA Foundation- July 21

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9 Indifference curve is convex to the origin due to:

(a) Falling MRS

(b) Rising MRS
(c) Constant MRS
(d) None of the above

MV Sir

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The quantity demanded by a consumer at price Rs 10 per unit is 600 units. Its
10 price falls by 30% and quantity demanded rises by 120 units. Calculate its price
elasticity of demand.

(a) 1.50
(b) -1.50
(c) -0.67
(d) 2

MV Sir

CA Mohnish Vora (MV Sir) 7

Important MCQs- Economics & BCK CA Foundation- July 21

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(a) Greater than one

(b) Less than one
(c) One
(d) Zero

MV Sir

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12. In which of the following method burden of forecasting is put on the customers

a) Expert Opinion Method

b) Collective Opinion Method
c) Survey of Buyers’ Intentions
d) None of the above

MV Sir

CA Mohnish Vora (MV Sir) 8

Important MCQs- Economics & BCK CA Foundation- July 21

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(a) Consumer
(b) Market
(c) Intermediaries
(d) Customer

MV Sir

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If a fisher man must sell all of his daily catch before its spoils for whatever
14. price he is offered, once the fish are caught the fisherman’s price elasticity of
supply for fresh fish is

(a) Zero
(b) Infinite
(c) One
(d) Unable to determine

MV Sir

CA Mohnish Vora (MV Sir) 9

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Environment which is close to business and affect its capacity to work is known
15
as _______ environment.

(a) Micro
(b) Macro
(c) Internal
(d) External

MV Sir

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In case of Maruti–Suzuki, the Union Government surrendered partial ownership
16 and sold the majority stake to Suzuki of Japan in course of time. This is a case
of:

(a) Partial Disinvestment

(b) Displacement
(c) Delegation
(d) Divestment

MV Sir

CA Mohnish Vora (MV Sir) 10

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Marketing mix includes 4 Ps and 4Cs. Match the following and prepare the
proper combinations:
4 P’s 4 C’s
17 Product Convenience
Price Communication
Promotion Cost
Place Customer’s Satisfaction

(a) Product-Communication, Price-Cost, Promotion- Customers’ satisfaction, Place-Convenience

(b) Product-Customer’s satisfaction, Price-Cost, Promotion- Convenience, Place- Communication
(c) Product-Customer’s satisfaction, Price-Cost, Promotion-Communication, Place-Convenience
(d) Product- Convenience, Price-Cost, Promotion-Communication, Place- Customer’s satisfaction

MV Sir

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18 Which one of the following statements is incorrect?

a) The SEBI members consist of a Chairman, who shall be appointed by Central Government.
b) The SEBI members consist of one member from amongst the official of RBI, who shall be
nominated by Central Government
c) The SEBI members consist of two members from amongst the officials of the Ministry of
the Central Government.
d) The SEBI members consist of five other members out of which atleast three members
shall be whole-time members, who shall be appointed by Central Government.

MV Sir

CA Mohnish Vora (MV Sir) 11

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Suppose you find Rs. 2000. If you choose to use Rs. 2000 to go to a cricket
19.
match, your opportunity cost of going to the game is __________.

a) Nothing, because you found the money

b) Rs. 2000 (because you could have used Rs. 2000 to buy other things) plus the value of
your time spent at the game.
c) Rs. 2000 (because you could have used Rs. 2000 to buy other things) plus the value of
your time spent at the game, plus the cost of the dinner you purchased at the game.
d) Rs. 2000 (because you could have used Rs. 2000 to buy other things).

MV Sir

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(a) An increase in demand, without a change in supply

(b) A decrease in supply accompanied by an increase in demand
(c) An increase in supply accompanied by a decrease in demand
(d) A decrease in supply without a change in demand

MV Sir

CA Mohnish Vora (MV Sir) 12

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21. Unique supply curve in monopoly is not due to ____

(a) P < MC
(b) P > MC
(c) P = MC
(d) None of these

MV Sir

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22. Reliance Jio can be described as part of which form to market structure

(a) Monopoly
(b) Duopoly
(c) Oligopoly
(d) Perfect Competition

MV Sir

CA Mohnish Vora (MV Sir) 13

Important MCQs- Economics & BCK CA Foundation- July 21

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(a) Price will remain constant

(b) Price will increase
(c) Price will decrease
(d) None of these

MV Sir

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(a) Elastic
(b) Inelastic
(c) Unitary elastic
(d) None of these

MV Sir

CA Mohnish Vora (MV Sir) 14

Important MCQs- Economics & BCK CA Foundation- July 21

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(a) 20Q + 8Q + 1.35Q²

(b) 120 Lakhs + 20Q + 8Q² + 0.45Q³
(c) 20 + 16Q + 1.35Q²
(d) 20Q + 8Q + 0.45Q²

MV Sir

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Luxury hotels and luxury car companies compete to get attract the disposal
26.
income of affluent customers. What type of competition is it?

a) Direct Competition

b) Indirect Competition

c) No Competition

d) Both Direct and Indirect Competition

MV Sir

CA Mohnish Vora (MV Sir) 15

Important MCQs- Economics & BCK CA Foundation- July 21

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27. Ministry of Petroleum and Natural Gas owns which of the following?

a) Indian Oil Corporation Ltd.

b) GAIL Ltd.

c) Bharat Petroleum

d) Reliance Industries Ltd.

MV Sir

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NABARD as a development bank, is concerned with various segments and issues,

28.
except?

a) Self Help Groups of Men

b) Tribal Development

c) Self Help Groups of Women

d) Water Treatment Planning

MV Sir

CA Mohnish Vora (MV Sir) 16

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The current Reverse Repo Rate is 4.5%. The difference between repo and
29. reverse repo shall be 150 basis points. RBI increases reverse repo by 200 basis
points. What is the new Repo Rate?

a) 6.50 %

b) 7%

c) 7.50 %

d) 8%

MV Sir

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Five private banks and two nationalised banks together issued a loan of INR
30. 5,000 crores to Zhakthee Limited for opening a rice mill in ten rural areas of
India. What are these kinds of loans with multiple banks involved called?

a) Large Bank Loans

b) Syndicate Loans

c) Overdraft Loans

d) Industrial Loans

MV Sir

CA Mohnish Vora (MV Sir) 17

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Race, age, income, educational background, asset ownership, location, etc. form
31.
part of which environment?

a) Demographic Environment

b) Socio-Cultural Environment

c) Economic Environment

d) Technological Environment

MV Sir

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32. In 2008, Centurion Bank was acquired by?

a) ICICI Bank Ltd.

b) Axis Bank Ltd.

c) HDFC Bank Ltd

d) SBI

MV Sir

CA Mohnish Vora (MV Sir) 18

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Which of the following is not a domain/characteristic of Business and Commercial

33.
Knowledge?

a) It is Independent

b) It is Ever Expanding

c) It is Vast

d) It is Multi-Disciplinary

MV Sir

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a) Capital Requirement

b) Current technology being used

c) Upcoming technologies relevant to business

d) The relations with the country creating the technology

MV Sir

CA Mohnish Vora (MV Sir) 19

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35. Which of the following statements would you consider to be a normative one?

a) Faster economic growth should result if an economy has a higher level of investment.
b) Changing the level of interest rates is a better way of managing the economy than using
taxation and government expenditure.
c) Higher levels of unemployment will lead to higher levels of inflation
d) The average level of growth in the economy was faster in the 1990s than the 1980s.

MV Sir

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36. Excess capacity is not found under

a) Monopoly
b) Monopolistic competition
c) Perfect competition.
d) Oligopoly

MV Sir

CA Mohnish Vora (MV Sir) 20

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If good growing conditions increases the supply of strawberries and hot weather
37.
increases the demand for strawberries, the quantity of strawberries bought

a) increases and the price might rise, fall or not change.

b) does not change but the price rises.
c) does not change but the price falls.
d) increases and the price rises.

MV Sir

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If increasing air fares increases revenues and decreasing them decreases
38.
revenues, then the demand for air travel has a price elasticity of:

a) Zero
b) Greater than zero but less than one
c) One
d) Greater than one

MV Sir

CA Mohnish Vora (MV Sir) 21

Important MCQs- Economics & BCK CA Foundation- July 21

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a) The demand for rice will increase.

b) The demand for rice will decrease.
c) The demand for rice will be unaffected.
d) None of the above

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“I am making a loss, but with the rent I have to pay, I can't afford to shut
40. down at this point of time.” If this entrepreneur is attempting to maximize
profits or minimize losses, his behaviour in the short run is:

a) Rational, if the firm is covering its variable cost

b) Rational, if the firm is covering its fixed cost
c) Irrational, since plant closing is necessary to eliminate losses
d) Irrational, since fixed costs are eliminated if a firm shuts down

MV Sir

CA Mohnish Vora (MV Sir) 22

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41. In the following diagram the Monopolist is incurring -------

(a) Losses
(b) Profit
(c) Super normal profit
(d) None of these

MV Sir

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42. Economic costs of production differ from accounting costs of production because

a) Economic costs include expenditures for hired resources while accounting costs do not.
b) Accounting costs include opportunity costs which are deducted later to find paid out
costs.
c) Economic costs add the opportunity cost of a firm which uses its own resources.
d) Accounting costs include expenditures for hired resources while economic costs do not.

MV Sir

CA Mohnish Vora (MV Sir) 23

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43. Which of the following is a normative statement?

(a) Health care basic facilities to be provided to all citizens.

(b) With Industrialisation, unemployment rate decreases.
(c) On national defence India spent huge amount of money.
(d) None of these

MV Sir

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44. If there are implicit costs of production:

a) economic profit will be equal to accounting profit.

b) economic profit will be less than accounting profit.
c) economic profits will be zero.
d) economic profit will be more than accounting profit.

MV Sir

CA Mohnish Vora (MV Sir) 24

Important MCQs- Economics & BCK CA Foundation- July 21

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a) Average variable cost

b) marginal cost.
c) average total cost.
d) average revenue.

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Economists use changes in a variety of activities to measure the business cycle
46.
and to predict where the economy is headed towards is called-

a) Leading indicators
b) Indicators
c) Lagging Indicators
d) None of these

MV Sir

CA Mohnish Vora (MV Sir) 25

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When the monopolist divides the consumers into separate sub markets and
47.
charges different prices in different sub-markets it is known as

a) first degree of price discrimination

b) second degree of price discrimination
c) third degree of price discrimination
d) none of the above.

MV Sir

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48. Secular period is also known as

a) very short period

b) short period
c) very long period
d) long period

MV Sir

CA Mohnish Vora (MV Sir) 26

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49. Economic recession shares all of these characteristics except.

a) Fall in the levels of investment, employment

b) Incomes of wage and interest earners gradually decline resulting in decreased demand for
goods and services
c) Investor confidence is adversely affected and new investments may not be forthcoming
d) Increase in the price of inputs due to increased demand for inputs

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50. Industries that are extremely sensitive to the business cycle are the

a) Durable goods and service sectors.

b) Non-durable goods and service sectors.
c) Capital goods and non-durable goods sectors
d) Capital goods and durable goods sectors.

MV Sir

CA Mohnish Vora (MV Sir) 27

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51. When did Microsoft begins its business in India?

a) 1990
b) 1991
c) 1995
d) 1989

MV Sir

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52. Which of the following is not a part of the economic environment?

a) Market and trade cycles

b) Consumer buying patterns
c) Strength of consumer spending
d) Interest and exchange rates

MV Sir

CA Mohnish Vora (MV Sir) 28

Important MCQs- Economics & BCK CA Foundation- July 21

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a) IOCL
b) NTPC
c) ONGC
d) PGCIL

MV Sir

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a) Sustainability
b) Sociology
c) Traditional
d) Society at large

MV Sir

CA Mohnish Vora (MV Sir) 29

Important MCQs- Economics & BCK CA Foundation- July 21

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a) SWOT
b) TOWS
c) PEST
d) PESTLE

MV Sir

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56. Reforms in Dowry Act and Divorce Act are the examples of:

a) Economic Reforms
b) Cultural Reforms
c) Commercial Reforms
d) Socio-cultural Reforms

MV Sir

CA Mohnish Vora (MV Sir) 30

Important MCQs- Economics & BCK CA Foundation- July 21

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a) Delegation
b) Divestment
c) Displacement
d) Disinvestment

MV Sir

If you want toWatch

a) SLR
b) CRR
c) Repo rate
d) Reserve Repo rate

MV Sir

CA Mohnish Vora (MV Sir) 31

Important MCQs- Economics & BCK CA Foundation- July 21

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a) Competitive advantage
b) Cross-selling
c) Consortium
d) Conglomerate Diversification

MV Sir

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60. NESTLE is a beverage partner with which of the following companies?

a) Coca-Cola India
b) Pepsico India Holdings Pvt. Ltd.
c) Red Bull India Pvt. Ltd
d) Dabur India Ltd

MV Sir

CA Mohnish Vora (MV Sir) 32

Important MCQs- Economics & BCK CA Foundation- July 21

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61. Internal Environment includes

a) Customer
b) Economic
c) Demography
d) Mission & Objectives

MV Sir

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62. The implication that resource scarcity have for the satisfaction of wants are-

a) Not all wants can be satisfied

b) We will never be faced with the need to make choices
c) We must develop ways to decrease our individual wants
d) The discovery of new natural resources is necessary to increase our ability to satisfy
wants

MV Sir

CA Mohnish Vora (MV Sir) 33

Important MCQs- Economics & BCK CA Foundation- July 21

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When the price of commodity increases by 40% and its quantity demanded falls
63. from 150 to 105 units , then the price elasticity of demand for a commodity
is-

a) -0.75
b) 0.75
c) 0.5
d) -0.5

MV Sir

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64. The slope of consumer’s budget line is –

(a) Positive and constant

(b) Negative and decreasing
(c) Negative and constant
(d) Positive and increasing

MV Sir

CA Mohnish Vora (MV Sir) 34

Important MCQs- Economics & BCK CA Foundation- July 21

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65. Inferior goods are those goods whose income effect is-

(a) Negative
(b) Positive
(c) Zero
(d) None of these

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66. Demand for pepsi is elastic because-

(a) Its falls under luxuries

(b) Its consumption can be postponed
(c) Its substitutes are available in the market
(d) It is a multiple use product

MV Sir

CA Mohnish Vora (MV Sir) 35

Important MCQs- Economics & BCK CA Foundation- July 21

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A consumer of two goods X and Y is in equilibrium. The price of good X is Rs.
67. 10 and price of the good Y is Rs. 20 respectively. If the MUx is 60 utils , then
the MUy is-

(a) 120 utils

(b) 20 utils
(c) 60 utils
(d) 6 utils

MV Sir

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68. Diminishing returns occur-

(a) When units of a variable input are added to a fixed input and total product falls
(b) When units of a variable input are added to a fixed input and marginal product falls
(c) When the size of the plant is increased in the long run.
(d) When the quantity of the fixed input is increased and returns to the variable input falls.

MV Sir

CA Mohnish Vora (MV Sir) 36

Important MCQs- Economics & BCK CA Foundation- July 21

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(a) The seed and fertilizer used when the crop is planted
(b) The field that has been cleared of trees and in which the crop is planted
(c) The tractor used by the farmer in planting and cultivating wheat, corn and barley
(d) The number of hours that the farmer spends in cultivating the wheat fields

MV Sir

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70. Which of the following cost curve is termed as a rectangular hyperbola-

(a) TVC curve

(b) AVC Curve
(c) TFC curve
(d) AFC curve

MV Sir

CA Mohnish Vora (MV Sir) 37

Important MCQs- Economics & BCK CA Foundation- July 21

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ANSWER KEY- SET 1

1 C 11 B 21 B 31 A 41 A 51 A 61 D
2 D 12 C 22 C 32 C 42 C 52 B 62 A
3 B 13 B 23 A 33 A 43 A 53 A 63 A
4 C 14 A 24 A 34 D 44 B 54 A 64 C
5 B 15 A 25 C 35 B 45 C 55 D 65 A
6 C 16 D 26 B 36 C 46 B 56 D 66 C
7 C 17 C 27 B 37 A 47 C 57 D 67 A
8 D 18 B 28 D 38 B 48 C 58 A 68 B
9 A 19 B 29 D 39 A 49 D 59 C 69 B
10 C 20 C 30 B 40 A 50 D 60 A 70 D

MV Sir

Don’t Stress
Do your BEST
Forget the Rest

MV Sir

CA Mohnish Vora (MV Sir) 38

Important MCQs- Economics & BCK CA Foundation- July 21

You have to become a CA

not just for yourself
BUT
For your PARENTS.

MV Sir

Important MCQs
Of Economics & BCK
For July 2021 Exams
SET 2
MV Sir

CA Mohnish Vora (MV Sir) 39

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A firm under perfect competition will be making minimum losses (in the short
1
run) at a point where:

a) MC > MR
b) MR> MC
c) MC = MR
d) AC = AR

MV Sir

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2 In case of a Giffen good, the demand curve will be:

(a) Horizontal
(b) Downward – sloping to the right
(c) Vertical
(d) Upward – sloping

MV Sir

CA Mohnish Vora (MV Sir) 40

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3 Price discrimination occurs when:

a) Producer sells a specific commodity or service to different buyers for the same price
b) Producer sells specific commodity or service to different buyers at two or more different
prices due to difference in cost
c) Producer sells a specific commodity or service to different buyers at two or more
different prices for reasons not associate with difference in cost
d) Producer under perfect competition sells different goods to consumers at different
prices

MV Sir

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a) Just half of the rate of decline of AR

b) Just equal to the rate of decline of AR
c) Just triple the rate of decline of the average revenue
d) Just double the rate of decline of the average revenue

MV Sir

CA Mohnish Vora (MV Sir) 41

Important MCQs- Economics & BCK CA Foundation- July 21

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(a) Infinite
(b) Zero
(c) Marginally positive
(d) Marginally Negative

MV Sir

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A firm has producing 9 units of output has an average total cost of Rs. 200 and
6 has to pay Rs. 540 to its fixed factors of production whether it produces or
not. How much of the average total cost is made up of variable cost?

(a) 200
(b) 340
(c) 60
(d) 140

MV Sir

CA Mohnish Vora (MV Sir) 42

Important MCQs- Economics & BCK CA Foundation- July 21

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7 When economists speak of utility of a certain good, they are referring to:

(a) the demand for the good

(b) The usefulness of the good in consumption
(c) the expected satisfaction derived from the consumption of good.
(d) The rate at which consumers are willing to exchange one good for another

MV Sir

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8 Which of the following statements is correct?

a) Firms in a perfectly competitive market are price maker

b) Industry in a perfectly competitive market is a price taker
c) AR curve and demand curve are same
d) Monopolist can earn only profits

MV Sir

CA Mohnish Vora (MV Sir) 43

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When price is less than average variable cost at the profit maximizing level of
9
output, a firm should :

(a) Shut down, since it cannot recover its variable cost

(b) Produce where MC = MR, if operating in short run
(c) Produce where MC = MR, if operating in long run
(d) None of the above

MV Sir

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10 Economic goods are goods which:

(a) Cannot be increased in quantity

(b) Obey the law of Micro Economics
(c) Are limited in supply and are scarce
(d) Are limited to man-made goods

MV Sir

CA Mohnish Vora (MV Sir) 44

Important MCQs- Economics & BCK CA Foundation- July 21

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(a) Capitalist Economy

(b) Socialist Economy
(c) Mixed Economy
(d) None of the above

MV Sir

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(a) 30 Sandwiches Mohan sweets is a small restaurant and a price taker. The table
(b) 40 Sandwiches below provides the data of Mohan’s Sandwich output and costs in
Rupees
(c) 50 Sandwiches
Quantity TC TFC TVC AVC AC MC
(d) 60 Sandwiches 100
0
10 210
20 310
30 400
40 540
50 790
60 1060

MV Sir

CA Mohnish Vora (MV Sir) 45

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13 Between 10 to 20 sandwiches, what is the marginal cost per sandwich?

(a) Rs. 11 Mohan sweets is a small restaurant and a price taker. The table
(b) Rs. 10 below provides the data of Mohan’s Sandwich output and costs in
Rupees
(c) Rs. 14
Quantity TC TFC TVC AVC AC MC
(d) Rs. 9 100
0
10 210
20 310
30 400
40 540
50 790
60 1060

MV Sir

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(a) Monopoly
(b) Perfect competition
(c) Monopolistic competition
(d) Oligopoly

MV Sir

CA Mohnish Vora (MV Sir) 46

Important MCQs- Economics & BCK CA Foundation- July 21

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15 Which of the following has replacement demand ?

a) Non-durable consumer Goods

b) Durable consumer Goods
c) Perishable Goods
d) (a) & (c)

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16 Larsen & Toubro ranked on Forbes World's Best Employer's List 2019.

(a) 102nd
(b) 82nd
(c) 22nd
(d) 29th

MV Sir

CA Mohnish Vora (MV Sir) 47

Important MCQs- Economics & BCK CA Foundation- July 21

Forbes World's Best Employers List

2019 2020
S. No. Company Rank S. No. Company Rank

1 Microsoft 2 1 Amazon 2

2 Apple 4 2 IBM 3

3 IBM 11 3 Microsoft 4
Larsen & Turbo 4
4 29 Apple 6
(L&T)
5 American Express 43 5 Intel 55

6 Intel 64 6 Reliance 81

7 Nestle 79

MV Sir

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17 Economic Reforms introduced in India in 1992 are called LPG, that refers to

(a) Liquidation of loss making units

(b) Popularise Public private partnership
(c) Good governance
(d) None of the above

MV Sir

CA Mohnish Vora (MV Sir) 48

Important MCQs- Economics & BCK CA Foundation- July 21

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(a) Pre-Emptive Pricing

(b) Price Sensitivity
(c) Price Discrimination
(d) Price Elasticity

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19 Mark incorrect as Globalization refers to:

(a) Encouraging regional economic cooperation.

(b) Integrating the world into one economic global village.
(c) It pares the way for higher factor mobility.
(d) Drawing countries out of their insulation.

MV Sir

CA Mohnish Vora (MV Sir) 49

Important MCQs- Economics & BCK CA Foundation- July 21

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(a) Identify, appraise

(b) Monitor, adapt
(c) Identify, monitor
(d) Monitor, appraise

MV Sir

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21 Which one is not correct about Bank rate?

(a) It is a quantitative measure.

(b) It differs from repo rate.
(c) It is also known as discount rate.
(d) It influences credit availability to particular sector.

MV Sir

CA Mohnish Vora (MV Sir) 50

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22 Under the income tax Act, A HUF cannot earn income from:

(a) House property

(b) Salary
(c) Profits
(d) Other sources

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23 Which of the following is an economic activity:

(a) Social interest

(b) Social security
(c) Selfless concern
(d) Self interest

MV Sir

CA Mohnish Vora (MV Sir) 51

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24. Example of Fixed cost is-

(a) Electricity bill

(b) Interest on loans
(c) Expenses on raw material
(d) Wages of daily workers

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25 The AR curve and industry demand curve are same:

(a) In the case of monopoly

(b) In the case of oligopoly
(c) In the case of perfect competition.
(d) None of the above.

MV Sir

CA Mohnish Vora (MV Sir) 52

Important MCQs- Economics & BCK CA Foundation- July 21

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(a) GATT
(b) OPEC
(c) WTO
(d) UNIDO

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27 Marginal revenue will be negative if elasticity of demand is________.

(a) Less than one

(b) More than one.
(c) Equal to one
(d) Equal to zero

MV Sir

CA Mohnish Vora (MV Sir) 53

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When _________ we know that the firms must be producing at the minimum
28
point of the average cost curve and so there will be productive efficiency.

(a) AC=AR
(b) MC=AC
(c) MC=MR
(d) AR=MR

MV Sir

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Read the following data and answer
A shopkeeper sells gel pen at Rs. 10 per pen. At this price he can sell 60 per month. After
some time, he raises the price to Rs. 12 per pen. Following the price rise:
• Only 36 pens were sold every month
• The number of refills bought were down from 96 to 84.
• The number of ink pen customers bought went up from 108 to 120 per month.
The price elasticity of demand when gel pen’s price increases from Rs.10 per
29
pen to Rs.12 per pen is equal to: (Use Arc Elasticity)

(a) 2.5
(b) 1.0
(c) 1.75
(d) 2.75

MV Sir

CA Mohnish Vora (MV Sir) 54

Important MCQs- Economics & BCK CA Foundation- July 21

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Read the following data and answer
A shopkeeper sells gel pen at Rs. 10 per pen. At this price he can sell 60 per month. After
some time, he raises the price to Rs. 12 per pen. Following the price rise:
• Only 36 pens were sold every month
• The number of refills bought were down from 96 to 84.
• The number of ink pen customers bought went up from 108 to 120 per month.
The cross elasticity of monthly demand for refills when the price of gel pen
30
increase from Rs. 10 to Rs. 12 is equal to:

(a) -0.73
(b) + 0.25
(c) -0.1
(d) + 0.38

MV Sir

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Read the following data and answer.

A shopkeeper sells gel pen at Rs. 10 per pen. At this price he can sell 60 per month. After
some time, he raises the price to Rs. 12 per pen. Following the price rise:
• Only 36 pens were sold every month
• The number of refills bought were down from 96 to 84.
• The number of ink pen customers bought went up from 108 to 120 per month.
The cross elasticity of monthly demand for ink pen when the price of gel pen
31
increases from Rs. 10 to Rs. 12 is equal to:

(a) + 1.66
(b) -1.05
(c) -2.09
(d) + 0.58

MV Sir

CA Mohnish Vora (MV Sir) 55

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32 Which of the following is not an essential condition of pure competition?

(a) Large number of buyers and sellers

(b) Homogeneous product
(c) Freedom of entry
(d) Absence of transport cost

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33 A market induces cartel is –

(a) Perfect competition

(b) Monopoly
(c) Oligopoly
(d) None of these

MV Sir

CA Mohnish Vora (MV Sir) 56

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34 A combination of monopoly market and a monopsony market is known as-

(a) Duopoly
(b) Monopsony
(c) Oligopsony
(d) Bilateral monopoly

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35. A firm encounters its “shutdown point” when-

(a) Average total cost equals price at the profit-maximising level of output
(b) Average variable cost equals price at the profit-maximising level of output
(c) Average fixed cost equals price at the profit-maximising level of output
(d) Marginal cost equals price at the profit-maximising level of output

MV Sir

CA Mohnish Vora (MV Sir) 57

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36. In a very short period market-

(a) The supply is fixed

(b) The demand is fixed
(c) Demand and supply are fixed
(d) None of the above

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37. Which gas company owns India’s largest pipeline network?

(a) GAIL (India) Ltd.

(b) Bharat Petroleum Corporation Ltd.
(c) Reliance Industries Ltd.
(d) ONGC

MV Sir

CA Mohnish Vora (MV Sir) 58

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38 Which of the following is not a function of RBI?

(a) Monetary Policy

(b) Fiscal Policy
(c) Custodian of Foreign Exchange Reserves
(d) Controller of Credit

MV Sir

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39. The slope of Isocost line is

(a) w/r
(b) r/w
(c) r x w
(d) None of these

MV Sir

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40 Which of the following is organic objective of business?

(a) Economic Value added

(b) Fitness of Human resource
(c) Community Service
(d) Effective waste handling and disposal

MV Sir

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ANSWER KEY- SET 2

1 C 11 B 21 D 31 D
2 D 12 A 22 B 32 D
3 C 13 B 23 D 33 C
4 D 14 C 24 B 34 D
5 A 15 B 25 A 35 B
6 D 16 D 26 B 36 A
7 C 17 D 27 A 37 A
8 C 18 A 28 B 38 B
9 A 19 A 29 D 39 A
10 C 20 B 30 A 40 B

MV Sir

Important MCQs
Of Economics & BCK
For July 2021 Exams
SET 3
MV Sir

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1. A decrease in the demand for mobiles, other things remaining the same will

(a) Increase the number of mobiles bought

(b) Decrease the price but increase the number of mobiles bought
(c) Increase the price of mobiles
(d) Decrease the price and decrease in the number of mobiles bought

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Which of the following statements about inferior goods is/are false?

I. Inferior goods are those that we will never buy, no matter how cheap they are.
2.
II. Inferior goods are those that we buy more of, if we become poorer.
III. Inferior goods are those that we buy more of, if we become richer.

(a) I and III only.

(b) I only
(c) III only.
(d) I, II, and III.

MV Sir

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(a) 4
(b) -2
(c) -5
(d) 2

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A firm learns that the own price elasticity of a product it manufactures is 3.5.
4. What would be the correct action for this firm to take if it wishes to raise its
total revenue?

(a) Lower the price because demand for the good is elastic.
(b) Raise the price because demand for the product is inelastic.
(c) Raise the price because demand is elastic.
(d) We need information in order to answer this question.

MV Sir

CA Mohnish Vora (MV Sir) 63

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5. A Monopolistic Competitive firm advertises:

(a) Because it has no control over price of its product.

(b) To lower its cost of production
(c) To increase its sales and profits
(d) Because it cannot raise price of its product.

MV Sir

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6. Generally, perishable goods like butter, eggs, milk, vegetables etc., will have

(a) International market

(b) Local market
(c) National market
(d) None of the above

MV Sir

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7. Pure oligopoly is based on the ________________ products

(a) Differentiated
(b) Homogeneous
(c) Unrelated
(d) None of the above

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8. If a firm’s average variable cost curve is rising, its marginal cost curve must be

(a) Constant
(b) Above the total cost curve
(c) Above the average variable cost curve
(d) All of the above

MV Sir

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9. When the products are sold through a centralized body, oligopoly is known as

(a) Organized oligopoly

(b) Partial oligopoly
(c) Competitive oligopoly
(d) Syndicated oligopoly

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10. When __________ , we know that the firms are earning just normal profits

(a) AC = AR
(b) MC = MR
(c) MC = AC
(d) AR = MR

MV Sir

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11. The most probable outcome of an increase in the money supply is

(a) Interest rates to rise, investment spending to rise, and aggregate demand to rise
(b) Interest rates to rise, investment spending to fall, and aggregate demand to fall
(c) Interest rates to fall, investment spending to rise, and aggregate demand to rise
(d) Interest rates to fall, investment spending to fall, and aggregate demand to fall

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Suppose the technology for producing personal computers improves and, at the
same time, individuals discover new uses for personal computers so that there is
12.
greater utilisation of personal computers. Which of the following will happen to
equilibrium price and equilibrium quantity?

(a) Price will increase; quantity cannot be determined.

(b) Price will decrease; quantity cannot be determined.
(c) Quantity will increase; price cannot be determined.
(d) Quantity will decrease; price cannot be determined

MV Sir

CA Mohnish Vora (MV Sir) 67

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a) Trend

b) Event

c) Issue

d) Expectation

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14. Where is India's largest SEZ?

a) Hazira

b) Dhamra

c) Tehri

d) Mundra

MV Sir

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15. Indigo, Spice Jet and Vistara, operating in Indian aviation, are a result of?

a) Privatisation

b) Liberalisation

c) Globalisation

d) Foreign Direct Investment

MV Sir

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Which of the following is Government’s initiative for furthering and facilitating

16.
businesses in India?

a) Good and Service Tax

b) Make in India

c) Skill India

d) Beti Bachao Beti Padhao

MV Sir

CA Mohnish Vora (MV Sir) 69

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Which of the following internal strategies to respond to environment involves

17.
formulation and clarification of organization’s mission?

a) Competitive Response

b) Administrative Response

c) Dynamic Response

d) Collective Response

MV Sir

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18. In which state did Jamnalal Bajaj start Bajaj Auto Limited?

a) Maharashtra

b) Madhya Pradesh

c) Rajasthan

d) Haryana

MV Sir

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A company is said to undergo ______ when its assets are sold off piecemeal
19.
rather than one single operating entity?

a) Acquisition

b) Merger

c) Liquidation

d) Sale off

MV Sir

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20. Which of the following is the Vision of Airtel?

a) Make best quality Calls

b) Win customers for life

c) Win over competition

d) Provide cheapest internet in India

MV Sir

CA Mohnish Vora (MV Sir) 71

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All scheduled banks are required to maintain a certain minimum cash reserve
21.
ratio with the RBI. This provision enables RBI to ensure what?

a) Forex Rate Fluctuation

b) Credit Position of the Country

c) Savings of People

d) Collect Public Data of Money held by People

MV Sir

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The marketing department of Go Now Pvt. Ltd. divided the consumers into
different groups based on their characteristics, like buying frequency, actuals
22.
spend, age and preferences. Which of the following has the marketing
department focused on?

a) Market Segmentation

b) Market Division

c) Market Analysis

d) Market Grouping

MV Sir

CA Mohnish Vora (MV Sir) 72

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23. How many SBU (Strategic Business Units) does Bharat Petroleum Ltd. have?

a) 5

b) 3

c) 7

d) 10

MV Sir

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24. Under which section of IRDAI Act can IRDAI function and impart its duties?

a) Section 11 of IRDAI Act, 1999

b) Section 21 of IRDAI Act, 1999

c) Section 19 of IRDAI Act, 1999

d) Section 14 of IRDAI Act, 1999

MV Sir

CA Mohnish Vora (MV Sir) 73

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25. Token money paid in the early stages of Negotiation is called?

a) Early Money Deposit

b) Earning Money Deposit

c) Earning Monthly Deposit

d) Earnest Money Deposit

MV Sir

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26. FDI is allowed in which of the following sectors of economy in India?

a) Business of Chit Fund

b) Manufacture of cigarillos

c) Development of seeds

d) Atomic Energy

MV Sir

CA Mohnish Vora (MV Sir) 74

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(a) Average cost

(b) Marginal revenue
(c) Demand
(d) Supply

MV Sir

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(a) 1100
(b) 280
(c) 220
(d) 500

MV Sir

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29 Capital is a :

(a) Stock concept

(b) Flow Concept
(c) Both (a) and (b)
(d) None of the above

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30 An economy achieves “productive efficiency” when:

(a) The best quality goods are produced

(b) The highly skillful resources in the country are fully employed
(c) All resources are utilized and goods and services are produced at least cost
(d) None of the above

MV Sir

CA Mohnish Vora (MV Sir) 76

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In the case of a straight line demand curve meeting the two axes, the price
31
elasticity of demand at y-axis of the line would be equal to

a) 1
b) infinity
c) 3
d) 1.25

MV Sir

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a) Given scale of preferences as between different combinations of two goods.

b) Diminishing marginal rate of substitution
c) Constant marginal utility of money
d) Consumers would always prefer more of a particular good to less of it, other things
remaining the same

MV Sir

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33 The total effect of a price change of commodity is

(a) substitution effect plus price effect

(b) substitution effect plus income effect
(c) substitution effect plus demonstration effect
(d) substitution effect minus income effect

MV Sir

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A drought in India leads to unusually low level of wheat production. This would
34 lead to a rise in price of wheat and fall in the quantity of wheat demanded due
to:

(a) excess demand at the original price.

(b) excess supply at the original price.
(c) the supply curve shifting to the right.
(d) the demand curve shifting to the left.

MV Sir

CA Mohnish Vora (MV Sir) 78

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Nicole owns a small pottery factory. She can make 1,000 pieces of pottery per year and
sell them for Rs. 100 each. It costs Nicole Rs. 20,000 for the raw materials to produce
the 1,000 pieces of pottery. She has invested Rs. 1,00,000 in her factory and
equipment: Rs. 50,000 from her savings and Rs. 50,000 borrowed at 10 percent.
(Assume that she could have loaned her money out at 10 per cent too.) Nicole can work
at a completing pottery factory for Rs. 40,000 per year.

35 The accounting cost at Nicole’s pottery factory is:

(a) Rs.25,000
(b) Rs.50,000
(c) Rs.80,000
(d) Rs.75,000

MV Sir

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36 The economic profit at Nicole’s factory is:

(a) Rs. 75,000

(b) Rs. 35,000
(c) Rs. 80,000
(d) Rs. 30,000

MV Sir

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(a) Rs. 5000

(b) Rs. 600
(c) Rs. 250
(d) Rs. 30

MV Sir

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38 Which of the following is not an example of business cycle?

a) During 1920s, UK saw rapid growth in gross domestic Product, production levels and living
standards.
b) Due to bursting of Information Technology bubble stock markets crashed and countries
began feeling of down turn in their economies.
c) The Sub-prime crisis led to chain effect and it had worldwide impact.
d) The cycle business has seen a slowdown in growth over a period of time.

MV Sir

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39 On May 9, 2018, Walmart acquires what percentage of shares in Flipkart?

(a) 67%
(b) 77%
(c) 51%
(d) 90%

MV Sir

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40 Which one of the following is NOT related to funds transfer in banks?

(a) RTGS
(b) CRR
(c) IFSC
(d) NEFT

MV Sir

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Companies Product
1 Apple i) Maggie
2 Maruti ii) Macintosh
3 Nestle iii) Ciaz
4 Airtel iv) Mobile Phone Service

41 Match the following:

(a) 1-ii, 2-iii, 3-i, 4-iv

(b) 1-iv, 2-i, 3-iii, 4-ii
(c) 1-iii, 2-iv, 3-ii, 4-i
(d) 1-I, 2-ii, 3-iv, 4-iii

MV Sir

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42 Mark Incorrect:

(a) Development banks provide funds to new and upcoming business houses
(b) Development banks accept long term deposits from individual and firms
(c) IFCI was the first development bank in India
(d) The other two Banks ICICI & IDBI have been converted into commercial banks

MV Sir

CA Mohnish Vora (MV Sir) 82

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43 Burman Shell refineries Ltd. was taken over by Government of India to form

(a) IOCL
(b) NTPC
(c) ONGC
(d) BPCL

MV Sir

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Price-taking firms, i.e., firms that operate in a perfectly competitive market,
44 are said to be “small” relative to the market. Which of the following best
describes this smallness?

(a) The individual firm must have fewer than 10 employees

(b) The individual firm faces a downward-sloping demand curve
(c) The individual firm has assets of less than Rs. 20 lakh
(d) The individual firm is unable to affect market price through its output decisions

MV Sir

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If one unit of labour and one unit of capital give 200 units of output, two units
45. of labour and two units of capital give 400 units of output and 5 units of labour
and five units of capital give 1000 units of output then this is a case of:

(a) Constant returns of scale

(b) Increasing returns to scale
(c) Decreasing returns to scale
(d) None of these

MV Sir

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If increasing air fares increases revenues and decreasing them decreases
46.
revenues, then the demand for air travel has a price elasticity of:

(a) Zero
(b) Greater than zero but less than one
(c) One
(d) Greater than one

MV Sir

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47. ________ expressed the view the “Economics is neutral between end”.

(a) Robbins
(b) Marshall
(c) Pigou
(d) Adam Smith

MV Sir

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(a) Sells below costs of production in both markets

(b) Practices price discrimination.
(c) Equates the volume of sales in both markets.
(d) Equates marginal costs with marginal revenue in one market only

MV Sir

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49. Which of the following is incorrect?

(a) The cross elasticity of demand for two substitutes is positive.

(b) The income elasticity of demand is the percentage change in quantity demanded of a good
due to a change in the price of a substitute.
(c) The cross elasticity of demand for two complements is negative.
(d) The price elasticity of demand is always negative, except for Giffen goods.

MV Sir

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(a) An increase in demand, without a change in supply

(b) A decrease in supply accompanied by an increase in demand
(c) A decrease in supply without a change in demand
(d) An increase in supply accompanied by a decrease in demand

MV Sir

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Suppose you find Rs. 2000. If you choose to use Rs. 2000 to go to a cricket
51.
match, your opportunity cost of going to the game is __________.

a) Nothing, because you found the money

MV Sir

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Suppose consumer tastes shift toward the consumption of apples. Which of the
52. following statements is an accurate description of the impact of this event on
the market for apples?

(a) There is an increase in the quantity demanded of apples and in the supply for apples
(b) There is an increase in the demand and supply of apples.
(c) There is an increase in the demand for apples and a decrease in the supply of apples.
(d) There is an increase in the demand for apples and an increase in the quantity supplied.

MV Sir

CA Mohnish Vora (MV Sir) 87

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If a fisher man must sell all of his daily catch before its spoils for whatever
53. price he is offered, once the fish are caught the fisherman’s price elasticity of
supply for fresh fish is

(a) Zero
(b) Infinite
(c) One
(d) Unable to determine

MV Sir

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54. Which one is NOT a part of environmental scanning?

(a) Identify opportunities & threats affecting business.

(b) It takes events, trends, issues and expectations in the consideration.
(c) It is done by government to know if the firm is engaged in any anti national activity.
(d) It helps in formulating future path of the firm.

MV Sir

CA Mohnish Vora (MV Sir) 88

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55. ‘Economics is a Science which deals with wealth’ was referred by

(a) Alfred Marshal

(b) J.B. Say
(c) Adam Smith
(d) A.C. Pigou.

MV Sir

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56. In the long run, normal profits are included in the _____ curve.

(a) LAC
(b) LMC
(c) AFC
(d) SAC

MV Sir

CA Mohnish Vora (MV Sir) 89

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57. Which of the following statements is false with respect to Business Cycles:

(a) They occur periodically.

(b) They generally originate in free market economies.
(c) They are international in character.
(d) They do not affect capitalist economies.

MV Sir

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(a) Relatively High

(b) Relatively Low
(c) Unaffected
(d) None of the above

MV Sir

CA Mohnish Vora (MV Sir) 90

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During 1920s, UK saw rapid growth in GDP, production levels and living
59. standards. The economic growth also caused an unprecedented rise in stock
market values. This is an example of:

(a) Boom
(b) Recession
(c) Contraction
(d) Trough

MV Sir

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(a) 250/Q
(b) 250
(c) 10
(d) 250/Q+10

MV Sir

CA Mohnish Vora (MV Sir) 91

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Gopal inherited 1 acre of land from his father in 1960. Today the value of that
61. land is Rs 90 lakh per acre. What is the opportunity cost of Gopal for keeping
that land? His father paid Rs 50,000 for this land.

(a) Nothing, since the land was inherited

(b) Rs 50,000 which his father paid
(c) Rs 90 lakh, since the amount Gopal is getting now if he sells it
(d) Both (b) and (c)

MV Sir

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Suraj is a high school senior thinking about becoming an economic research
assistant, Shyam just graduated from college with an economic degree and is
62.
looking for a job as an economic research assistant. For whom is the college
tuition an opportunity cost?

(a) Suraj
(b) Shyam
(c) Both Suraj and Shyam
(d) Neither Suraj nor Shyam

MV Sir

CA Mohnish Vora (MV Sir) 92

Important MCQs- Economics & BCK CA Foundation- July 21

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(a) Perfect competition

(b) Oligopoly
(c) Monopolistic Competition
(d) Monopoly

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(a) Hawtrey
(b) Pigou
(c) Schumpeter
(d) Keynes

MV Sir

CA Mohnish Vora (MV Sir) 93

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65. Which of the following statements does not comprise business activity?

(a) Sale of old furniture by a household for a profit

(b) A carpenter made furniture for his domestic use
(c) Steel furniture industry
(d) Domestic appliances industry

MV Sir

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66. State Bank of India was formerly known as:

(a) Bank of Madras

(b) Bank of Calcutta
(c) Imperial Bank
(d) Indian Bank

MV Sir

CA Mohnish Vora (MV Sir) 94

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67. What is the constitution of Competition Commission of India?

(a) A chairperson and 6 members appointed by the Central Government

(b) A chairperson and 5 members appointed by the Central Government
(c) A chairperson and 5 members appointed by the RBI
(d) A chairperson and 6 members appointed by the RBI

MV Sir

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68. The performance of business in the private sector is measured by:

(a) Profitability
(b) Customer Satisfaction
(c) No of employees
(d) The salary of Managing Director

MV Sir

CA Mohnish Vora (MV Sir) 95

Important MCQs- Economics & BCK CA Foundation- July 21

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(a) Divestment in Public Sector Unit

(b) Joint Venture
(c) By creating a 100% Indian subsidiary
(d) Replacement of a government sector business

MV Sir

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a) Brand Equity
b) Brand Recognition
c) Brand Loyalty
d) Business Portfolio

MV Sir

CA Mohnish Vora (MV Sir) 96

Important MCQs- Economics & BCK CA Foundation- July 21

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1 D 11 C 21 B 31 B 41 A 51 B 61 C
2 A 12 C 22 A 32 C 42 B 52 D 62 A
3 D 13 A 23 C 33 B 43 D 53 A 63 A
4 A 14 D 24 D 34 A 44 D 54 C 64 D
5 C 15 A 25 D 35 A 45 A 55 B 65 B
6 B 16 B 26 C 36 D 46 D 56 A 66 C
7 B 17 B 27 D 37 C 47 A 57 D 67 A
8 C 18 C 28 C 38 D 48 B 58 A 68 A
9 D 19 C 29 A 39 B 49 B 59 A 69 C
10 A 20 B 30 C 40 B 50 D 60 A 70 C

MV Sir

New Equi
Question Point
Assume X is a normal good. Holding everything else constant, assume that
1.
income rises and the price of a factor of production also increases.
We are analyzing the market for good Z. The price of a complement good,
2. good Y, declines. At the same time, there is technological advance in the
production of good Z.
Heavy rains in Maharashtra during 2005 and 2006 caused havoc with the
3.
rice crop.
Assume that consumers expect the prices of new cars to significantly
4.
increase next year.

CA Mohnish Vora (MV Sir) 97

Important MCQs- Economics & BCK CA Foundation- July 21

MV Sir

Answers
When income of people rises, the demand curve will shift to right (becomes D2) as X
is given to be a normal good. An increase in the price of factors of production used
1. in the production of the good under consideration will decrease its supply and shift
the supply curve to the left to S3. The new demand and supply of X will meet at
Point 2.
When the price of a complementary good falls, the demand for the good in question
increases. Therefore, when price of the complementary good Y falls, the demand
2. curve for Z will move to right and become D2 and due to technological advancement
the supply of Z will increase and become S2. The new demand and supply of Z will
meet at Point 7.
Due to heavy rains, the supply of rice will fall and the new equilibrium point will be
3.
3. It is assumed that there is no change in demand.
If prices of cars are expected to increase in future, the demand curve will shift to
4.
right. Assuming that the supply remains constant, the new equilibrium point will be 5.

CA Mohnish Vora (MV Sir) 98

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