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First Semester B.Com.

Degree Examination, Feb 2019


BUSINESS ECONOMICS
Subject code: 18BCMHN12/18BCMACI2/
17BCMHN 12/17BCMAC 12/17BCM CA 12/17BCMAM 12
Time: 2 Hours Max. Marks: 50

A. India follows economic system


a. Social
b. Capitalist
c. Mixed
d. None of these

B. Managerial economics deals with the problem of _


a. Global economy
b. An industry
c. An economy
b. An individual fim1

C. What is FEMA?
a. First Exchange Management Act
b. Foreign Exchequer Management Act
c. Foreign Exchange Management Act
d. ForeignEvaluationManagementAct

D. What is 'Bank rate'?


a. The rate at which commercial banks borrow money from RBI
b. The rate at which commercial banks lend money to customers
c. The rate at which commercial banks lend money to RBI
d. None of the above

E. Which market has got free entry and exit?


a. Imperfect competition
b. Perfect competition
c. Oligopoly
d. Monopoly

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


a. Large number of buyers and sellers
b. Ifomogeneous product
c. Freedom of entry
d. Absence of transport cost
G. When a firm doubles its inputs, and finds that its output has more than doubled, this is
known as:
a. Economies of scale.
b. Constant returns to scale.
c. Diseconomies of scale.
d. A violation of the law of diminishing returns.

H. Diminishing marginal returns implies:


a. Decreasing Average Variable Costs.
b. Decreasing Marginal Costs.
c. Increasing Marginal Costs.
d. Decreasing Average Fixed Costs.

I. Demand for a commodity refers to:


a. Need for the commodity
b. Desire for the commodity
c. Amount of the commodity demanded at a particular price and at a particular time
d. Quantity demanded of that commodity

J. A product that is similar to another, and can be consumed in place of it is called


a. A normal good.
b. An inferior good.
c. A complementary good.
d. A substitute good

K. The horizontal demand curve parallel to x-axis implies that the elasticity of demand
IS:
a. Zero
Infinite
Equal to one
Greater than zero but less than infinity

L. When the price of a product is increased 10 percent, the quantity demanded decreases
15 percent. In this range of prices, demand for this product is:
a. Elastic
b. Inelastic.
c. Unitary elastic
d. Perfectly elastic

UNIT - I
2. Define Business and its meaning? Explain the objectives of Business.

OR
3.Briefly explain the external factors affecting Business Environment.
OR
5.What do you mean economic system? Explain its types.