Economics ยท 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 softskills communication
  1. double the apples that it has

  2. twice as many apples as it did

  3. as much as twice the apples it has

  4. two times as many apples as there were

  5. a doubling of the apples that it did

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The correct comparative structure is 'twice as many...as' with tense matching. Since 1910 is in the past, we use 'did' (past tense), not 'has' (present perfect). 'Double the apples that it has' is incorrect because 'has' doesn't agree with the past timeframe and the structure 'double that it has' is non-standard.

Multiple choice softskills leadership
  1. a doubling of the apples that it did

  2. twice as many apples as it did

  3. as much as twice the apples it has

  4. two times as many apples as there were

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

When comparing quantities of countable nouns like 'apples', 'twice as many as' is the correct idiomatic expression. 'Double the apples' is less formal, and 'as much as' is used for uncountable quantities. 'Did' correctly provides the past tense comparison to 1910.

Multiple choice softskills communication
  1. capable of working successfully

  2. variable in amount.

  3. a suspect.

  4. valued artcles left unused.

Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Viable means capable of working successfully, feasible, or able to survive and develop. Option A correctly captures the core meaning. Options B, C, and D are either unrelated or play on the V-I-A-B-L-E spelling to create false associations.

Multiple choice technology
  1. Can be a production facility and location for storing stocks

  2. Can be assigned to several company codes

  3. Is assigned to a credit control area

  4. Is assigned to a combination sales organization and distribution channel

  5. Can represent one or more material stock locations

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

In SAP, a plant can be assigned to only ONE company code, not several - this is a fundamental organizational principle. All other statements are true: plants are production facilities and stock storage locations, assigned to credit control areas, assigned to sales organization+distribution channel combinations, and represent one or more stock locations. The question asks for the FALSE statement, making B the correct answer.

Multiple choice technology
  1. 2

  2. 3

  3. 5

  4. 7

Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The SLA (Service Level Agreement) for a production change to be closed is 7 days, meaning that production changes must be resolved and closed within 7 business days according to organizational policy. This timeframe allows adequate testing and validation while ensuring timely completion of changes. The other options (2, 3, 5 days) are shorter periods that would not provide sufficient buffer for production-grade change management workflows.

Multiple choice technology
  1. 2

  2. 3

  3. 5

  4. 7

Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Production changes typically require 7 days to close to ensure proper testing, documentation, and stakeholder communication. This SLA allows adequate time for validation while maintaining agility. Options A, B, and C (2, 3, 5 days) are too short for proper production change management.

Multiple choice technology testing
  1. Term

  2. Term UL

  3. Colony Term

  4. Colony Term UL

Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Colony Term UL combines fixed-term insurance coverage with life benefits, making it the correct choice among the options. Regular Term insurance provides only death benefit without the additional life benefits component, while Term UL and Colony Term do not offer the same combination of fixed term and life benefits.

Multiple choice technology mainframe
  1. Material Supply Operations

  2. Production Programming and Scheduling

  3. Global Logistics and Customs

  4. Advanced Material Handling Engineering

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Capacity Database and Volume Variance are key responsibilities of Production Programming and Scheduling, which manages production capacity, plans volume requirements, and schedules manufacturing operations. Material Supply Operations focuses on parts logistics, not production capacity planning.

Multiple choice technology
  1. Full Time Equals

  2. Full Time Equivalent

  3. Final Time Equals

  4. Final Time Equivalent

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

FTE stands for Full Time Equivalent, a unit that measures the workload of an employed person in a way that makes them comparable to other full-time employees. One FTE equals the hours worked by one full-time employee (typically 40 hours per week).

Multiple choice technology packaged enterprise solutions
  1. Raw Materials

  2. Pack Materials

  3. IM&S Stocked Item

  4. Finished Products

Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

In this procurement mapping quiz, item '6' is paired with Raw Materials. Other choices such as Pack Materials, Finished Products, or stocked items under IM&S represent different inventory and material types within the supply chain categorization framework, making Raw Materials the correct specific match.