Economics · General Awareness

Economic Principles

1,097 Questions

Economic principles form the foundation of how societies allocate resources and produce goods. This topic covers factors of production, types of capital, and demand classifications. It is a vital component of the economics syllabus in many civil services and banking exams.

Factors of productionCapital typesDemand classificationsEconomic activities

Economic Principles Questions

Multiple choice function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

A simple and flexible_____________ is helpful in running industries, maximizing production and generating employment.

  1. marketing faciities

  2. labour legislation

  3. industrial rules

  4. All of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Labour legislation is widely used both to regulate individual employment relationships and to establish the framework within which workers and employers can determine their own relations on a collective basis, for example through collective bargaining between trade unions and employers or employers' organizations

Multiple choice civics understanding media media and democracy role and importance of media role of media in democracy

Due to the costs of technologies, that mass media use, keep changing the mass media needs a great deal of _________ to do its work.

  1. Money

  2. Natural resources

  3. Mineral resources

  4. None of these
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The different technologies that mass media use are expensive. Also, the technologies that mass media use keep changing and so a lot of money is spent on getting the latest technology. Due to these costs, the mass media needs a great deal of money to do its work. As a result, most television channels and newspapers are part of big business houses.

Multiple choice business organisation and correspondence middlemen 1 - wholesaler characteristics of wholesale trade kinds of mercantile agents or agent middlemen wholesale trade characteristics, necessity, services and survival of a wholesaler

_________ distribution occurs between a producer and industrial users of raw materials needed for the manufacture of finished products.

  1. Customer-to-customer (C2C)

  2. Business-to-business (B2B)

  3. Business-to-customer (B2C)

  4. Customer-to-Business (C2B)
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Business-to-business is a situation where one business makes a commercial transaction with another. This typically occurs when: A business is sourcing materials for their production process for output .Example- Providing raw material to the other company that will produce output

Multiple choice business organisation and correspondence middlemen 1 - wholesaler characteristics of wholesale trade kinds of mercantile agents or agent middlemen wholesale trade characteristics, necessity, services and survival of a wholesaler

Today's large, progressive wholesalers have successfully reacted to rising costs by ________. 

  1. investing little money in equipment or systems

  2. locating in low-rent, low-tax areas

  3. investing in information technology systems

  4. reducing promotional activities
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Product and service promotion is the most common form of marketing. Promotional activities can include: advertising you can advertise your product, service or brand in newspapers, radio, television, magazines, outdoor signage and online

Multiple choice commercial applications industrial relations, trade unions and social security need for an eco-friendly form of industrial development objectives, causes and methods towards industrial relations industrial pollution and degradation of environment

Industry analysis is given by which of the following _______________.

  1. Porter

  2. H.N. Hansen

  3. Koonts o'donnel

  4. Joseph Schumpeter
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Porter's force analysis aims at understanding the important forces of a industry such as supplier power, buyer power, competitive rivalry, threat of substitution and new entry to determine the degree of competition in the business. 

Multiple choice commercial applications industrial relations, trade unions and social security need for an eco-friendly form of industrial development objectives, causes and methods towards industrial relations industrial pollution and degradation of environment

Industrial Relation is dynamic and developing socioeconomic process.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Industrial Relation is dynamic and developing in socioeconomic process- this is a true statement. Industrial relations is concerned with the employer and the employee with their respective organization, at work or arising out of the working situation. The objective of the industrial relations is to raise productivity in the organization to curb employees turnover.

Multiple choice geography rocks and rock cycle rock cycle and uses of rocks rocks - introduction and importance lithosphere and asthenosphere

Gypsum is used in _______ industry.

  1. Textile

  2. Food

  3. Construction

  4. None of these
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Gypsum Products and Properties as a Building Material for Construction. Gypsum is one of the widely used construction material mainly in interior designing. Gypsum is used as surface materials. Its application is prominent in wall and ceiling construction.

Multiple choice elements of business fundamentals of business activities factors affecting business interrelationship between industry, commerce and trade other aspects of a business

The business environmental factors are _________.

  1. static

  2. dynamic

  3. both (A) and (B)

  4. none of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Business environment is a mixture of many factors and changes in some or the other factors continue to take place. Therefore, it is said that business environment is dynamic.

Multiple choice business organisation and correspondence components of business studies factors affecting business interrelationship between industry, commerce and trade other aspects of a business

Business produces goods and supplies the goods that are required for the development of a nation. This forms a part of ______ objective of the business.

  1. Economic

  2. Environmental

  3. Technological

  4. Social
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Social objective are those objectives of business, which are desired to be achieved for the benefit of the society. Since business operates in a society by utilizing its scarce resources, the society expects something in return for its welfare.

Management is responsible for setting and achieving objectives for the organisation. The main objective of any organization should be to utilise human and material resources to the maximum possible advantage, i.e., to fulfill the economic objectives of a business.

Multiple choice business organisation and correspondence meaning, scope, nature and importance of business organisation factors affecting business interrelationship between industry, commerce and trade other aspects of a business

Business contributes a fair share for the social welfare of the nation by starting and running of ______________.

  1. schools

  2. hospitals

  3. colleges

  4. all of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Small businesses contribute to local economies by bringing growth and innovation to the community in which the business is established. Owning and running your own business can be more satisfying and fulfilling than working for someone else. 

Many successful small business owners find they enjoy the respect they earn from their peers for having the courage to go out on their own. Power. Don't be surprised if power is one of your goals.

Multiple choice backward classes commissions in karnataka karnataka - economic and social transformation history

The land holdings which enable the cultivator to earn sufficient income for a comfortable life of his family after accounting for all his expenses, are called ____________.

  1. Financial Holdings

  2. Work Holdings

  3. Economic Holdings

  4. None
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The land holdings which enable the cultivator to earn sufficient income for a comfortable life of his family after accounting for all his expenses, are called Economic holdings.The standard of life of many farmers improved after the consolidation of holdings and implementation of maximum  limit on land holdings in Karnataka.

Multiple choice business organisation and correspondence transport: economic and social importance and kinds of transport modes and choice of transportation meaning and definition of transport transport services

_____________ makes goods available to the consumer from the place of production.

  1. Communication

  2. Transportation

  3. Warehousing

  4. All of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
  • Transportation comprises freight services together with supporting and auxiliary services by all modes of transportation i.e., rail, road, air and sea for the movement of goods and international carriage of passengers.
  • Transportation removes the hindrance of place, i.e., it makes goods available to the consumer from the place of production.
Multiple choice elements of business recent trends in marketing product life cycle e-marketing role of a marketer definition and functions of purchasing and storage department purchasing and stores

Family Market existed during.

  1. Village economy

  2. Town economy

  3. Both (A) and (B)

  4. None of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

In a village economy, the family often acted as the primary unit of production and consumption, with a 'family market' or self-sufficient system where goods were produced and exchanged within the household or local community.