If the hire vendor may take away all the goods on which there is default of installment it is called ____________
1.repossession
2.partial repossession
3.complete repossession
4.purchase
Imperfect competition was introduced by ����-
1.variable cost
2.Chamberlin
3.Keynes
4.None
In cross elasticity of demand for unrelated goods the demand curve will be��-
1.Horizontal straight line
2.rectangular hyperbola
3.vertical line
4.none of the above
In single entry system of accounting ___________
1.Dual aspects of a transaction is recorded
2. Single aspect of a transaction is recorded
3. Important transactions are recorded
4. All of them
In the books of hirer for payment of installment hire vendor account will be ___________
1.rectifie
2.credite
3.debite
4.reverse
Opening balance of creditors will be posted in which side of creditors account?
1.Debit
2.Credit
3.Outside
4.Inside
The short run is a time period in which ��-
1.all resources are fixed
2.the level of output is fixed
3.the size of the production plant is variable
4.some resources are fixed and others are variable
Total creditors account is prepared to find out _______
1.opening balance of debtors
2.closing balance of debtors
3.opening balance of creditors
4.closing balance of creditors
Under hire purchase system interest is calculated on _______
1.cash price
2.hire purchase price
3.MRP
4. outstanding balance
Which of the following are not related to factors of production(FOP)
1.land
2.capital
3.raw material
4.labour
A bills payable account is prepared to ascertain bills __________
1.accepte
2.receive
3.drawn
4.endorse
A bills receivable account is prepared to ascertain bills _______
1.accepte
2.receive
3.drawn
4.endorse
A company purchased a vehicle for $6000 I will be used for 5 years and its residual value is expected to be Rs1000 What is the annual amount of deprecation using straight line method of depreciation?
1.Rs3000
2.Rs2000
3.Rs1000
4.Rs3300
A distinguishing characteristic of monopolistic competition is ������
1.Large number of firms
2.Low entry barriers
3.product standardisation
4.product differentiation
A fixed asset was bought for Rs5000 Its accumulated depreciation is Rs3000 and rate of depreciation is 20% Calculate its depreciation expenses for the current accounting period using reducing balance method?
1.Rs600
2.Rs500
3.Rs750
4.Rs400
A graph showing all the combination of capital and labour available for a given total cost is the ��-
1.isoquant
2.budget constraint
3.isocost line
4.expenditure set
An agreement of hiring with option to buy is ____________
1.installment system
2.credit system
3.hire purchase system
4.cash system
An LAC curve is not known as �����
1.Envelope curve
2.Planning curve
3.operating curve
4.plant curve
Bills payable account closing balance will appear in ____________
1.debit
2.credit
3.outside
4.inside
Bills payable account opening balance will appear in ____________
1.debit
2.credit
3.outside
4.inside
Bills payable dishonoured will be posted in which side of bills payable account?
1.Debit
2.Credit
3.Outside
4.Inside
Bills receivable account opening balance will appear in _________
1.debit
2.credit
3.outside
4.inside
Bills receivable dishonored will be posted in ___________
1.debit
2.credit
3.outside
4.inside
Bills receivable dishonored will be posted to _______ side of debtors account
1.debit
2.credit
3.outside
4.inside
car and petrol are �- goods
1.substitutes
2.complementary
3.producers
4.None of the above
Cartel is a part of ������
1.Monopoly
2.Oligopoly
3.Duopoly
4.Perfect competition
Cash account closing balance will appear in __________
1.debit
2.credit
3.outside
4.inside
Cash account opening balance will appear in _______
1.debit
2.credit
3.outside
4.inside
Cash price plus interest is _________
1.installment price
2.hire purchase price
3.maximum retail price
4. retail price
Closing balance of creditors will be posted in which side of creditors account?
1.Credit
2.Debit
3.Outside
4.Inside
Cobb Douglas production function mainly studies ���
1.capital and labour
2.labour and expenditure
3.land and labour
4.land and capital
Concentration of monopoly is implemented under ������
1.FERA
2.MRTP
3.FEMA
4.None
Gradual long term movement in time series data is called ���
1.Seasonal variation
2.cycles
3.trends
4.exponential variation
Hire purchase system is governed by ___________
1.Hire Purchase Act 1972
2. Hire Purchase Act 1973
3. Hire Purchase Act 1974
4. Hire Purchase Act 1975
If firms can neither enter nor leave an industry the relevant time period is the ���
1.Short run
2.Intermediate run
3.Immediate run
4.none
If the hire purchaser fails to make payment of any installment it is called _______
1.default
2.repossession
3.sale
4. purchase
Implicit costs are ��-
1.equal to total fixed costs
2.comprised entirely of variable costs
4.always greater in the short run than in the long run
In case of monopoly a firm in the long run can have �����
1.Loss
2.Profit
3.Supernormal profit
4.All of the above
In perfect competition equilibrium is attained when ������
1.AR = AC
2.TR=TC
3.MR=MC
4.Q=P
In sample survey method �� technique is adopted
1.deliberate
2.convenience
3.quota
4.random
In the books of hire vendor which account will be debited for hire sales _______
1.buyer
2.hirer
3.hire vendor
4.debtor
In the books of hirer for interest due at the end of the year hire vendor account will be _______
1.debite
2.credite
3.rectifie
4.reverse
In the books of hirer for payment of down payment hire vendor account will be _______
1.debited
2.credite
3.rectifie
4.reverse
In the books of Hirer the interest and depreciation account will be transferred to ______
1.Trading account
2.P & L account
3.P & L appropriation account
4.Balance sheet
In the books of hirer when the asset is repossessed asset account will be ______
1.debite
2.credite
3.rectifie
4.reverse
In the books of hirer when the asset is repossessed hire vendor account will be ______
1.debite
2.credite
3.rectifie
4.reverse
In the Law of variable proportion when TP is maximum then the MP = ��
1.MP = 1
2.MP<0
3.MP=0
4.MP>!
Installment system is governed by __________ Properties Registration Act
1.Hire Purchase Act
2.Sale of Goods Act
3.Installment Act
4.Properties Registration Act
Inthe short run as economists use the phrase is characterised by ��-
1.all inputs being variable
2.a period where the law of diminishing return does no hold
3.at least one fixed factor of production and firms neither leaving nor entering the industry
4.no variable inputs
�- input factor is divided as skilled semiskilled unskilled
1.land
2.capital
3.Technology
4.labour
�- is the remuneration for organisation
1.rent
2.wages
3.interest
4.profit
�� costs are business costs which do not involve any cash payments but for them a provision is made in accounts
1.private cost
2.social cost
3.accounting cost
4.book cost
�� Economics views on reducing the production costs
1.internal
2.inventory
3.pecuniary
4.External
kinked demand curve is associated with ������
1.Cournot
2.Chamberlin
3.Edgeworth
4.Sweezy
Marginal cost curve cuts the average cost curve �����
1.at the left of its lowest point
2.at its lowest point
3.at the right of its lowest point
4.at its highest point
Marginal cost is defined as
1.change in total cost due to change in output
2.total cost divided by output
3.change in output due to a change in an input
4.total product divided by the quantity of input
Marginal cost means ��������
1.Substitutional cost
2.addition to the total cost
3.multiplication to the total cost
4.variable cost
Miroeonomi theory is lso known s ��
1.usiness Theory
2.ost Theory
3. Iniviul Theory
4. Prie Theory
Money paid to an unskilled labour is called �����
1.Wages
2.Salary
3.Royalty
4.None
Opening balance of debtors will be posted in which side of debtors account?
1.Debit
2.Credit
3.Outside
4.Inside
Passive factor of production is ��-
1.only land
2.only capital
3.both land and capital
4.neither land nor capital
Reasons for increasing return in stage I of law of variable proportion is ���
1.Indivisibility
2.Specialisation
3.both a and b
4.none of the above
Revenue Reserve does not include __________
1.Profit & Loss Account
2.Secret Reserve
3.General Reserve
4.Securities Premium
Statement of financial position produced from incomplete accounting record is commonly known as ____________
1.Balance sheet
2. Cash flow statement
3. Statement of affairs
4. Statement of financial operations
Supply is a function of ��
1.a straight line
2.a parabolaL
3.a hyperbola
4.convex to the origin
Tea and coffee are �� goods
1.substitutes
2.complementary
3.producers
4.none of the above
The advance amount under hire purchase system is called __________
1.cash price
2.retail price
3.interest
4.down payment
The cost with which the concept of marginal cost is closely related
1.variable cost
2.fixed cost
3.opportunity cost
4.economic cost
The costs that depend on output in the short run are ��-
1.total variable costs only
2. both total variable costs and total costs
3.total costs only
4.total fixed cost only
The formula for average fixed costs is ���-
1.TFC/Q
2.DQ/DFC
3.Q/TFC
4.TFC � Q
The hire vendor takes away only a portion of the goods on which there is default of Installments it is called _________
1.repossession
2.partial repossession
3. complete repossession
4.purchase
The supply of a product does not depend on ��-
1.labour costs
2.the number of sellers in the market
3.consumers tastes
4.existing technology
The total outlay method explains the relationship between price and ��A
1.demand
2.supply
3.expenditure
4.income
The upper portion of the kinked demand curve is relatively �����
1.More inelastic
2.More elastic
3.Less elastic
4.Less inelastic
The vertical difference between TVC and TC is equal to ��
1.MC
2.AVC
3.TFC
4.none
Time-series data may exhibit which of the following behaviours?
1.Trend
2.Random variation
3.Seasonality
4.Cycles
Under hire purchase system each installment is treated as __________
1.interest
2.cash price
3.hire charges
4.advance
Under hire purchase system if installment is not paid the hire vendor has right to ___________
1.sell the goods
2.repossession of goods
3.repair the goods
4.purchase the goods
Under hire purchase system the agreement can be _________
1.renewe
2.registere
3.terminate
4.endorse
Under hire purchase system the buyer is called _________
1.buyer
2.hirer
3.hire vendor
4.debtor
Under hire purchase system the relationship of hirer and hire vendor is ______
1.buyer and seller
2.bailor and bailee
3.pawner and pawnee
4.debtor and creditor
Under hire purchase system the retail price of the articles is called ________
1.MRP
2.wholesale price
3.retail price
4.cash price
Under hire purchase system the risk of loss is borne by ____________
1.buyer
2.hirer
3.debtor
4.hire vendor
Under hire purchase system the seller is called _________
1.buyer
2.hirer
3.hire vendor
4.debtor
Under hire purchase system who has the right of sell __________
1.buyer
2.hirer
3.hire vendor
4.debtor
Under installment system the relationship between the buyer and seller is that of a _________
1.buyer and seller
2.bailor and bailee
3.pawner and pawnee
4.debtor and creditor
Under installment system the risk of loss is borne by ________
1.buyer
2.hirer
3. hire vendor
4.debtor
Under which system ownership is transferred on payment of final installment?
1.Installment system
2.Credit system
3.Hire purchase system
4.Cash system
Under which system ownership is transferred on signing of the agreement? Installment system
1.Installment system
2.Credit system
3.Hire purchase system
4.Cash system
Variable costs are ��������
1.Sunk costs
2.Multiplied by fixed cost
3.Cost that change with the level of productio
4.the change in total cost resulting from the production of an additional unit of output
What are homogenous products?
1.Undifferentiated products
2.Differentiated products
3.Both (a) and (b)
4.None
What is depreciation?
1.Cost of a fixed asset
2. Cost of a fixed assets repair
3. The residual value of fixed asset
4.Portion of a fixed assets cost consumed during the current accounting period
What is the accumulated deprecation? Sum of all depreciation expenses of a fixed asset
1.Depreciation expenses
2.Cost of depletion of assets
3.Future value of fixed asset
4.None of them
When the total product curve is falling ���-
1.marginal product curve is zero
2.marginal product curve is negative
3.average product is increasing
4.average product is negative
Which factor of production is considered as fixed input
1.labour
2.technology
3.capital
4.land
Which of the following is correct?
1.TC = TFC+TVC
2.TFC=TC-TVC
3.TVC=TC-TFC
4.None of the above
Which of the following is not present in a time series?
1.Seasonality
2.operational variations
3.trend
4.random variations
Which of the following techniques uses variables such as price and promotional expenditures which are related to the product demand to predict demand
1.Associative models
2.exponential smoothing
3.weighted moving average
4.simple moving average
Whih will use hnge in the emn for goo X?
1.hnge in tste
2. hnge in Inome
3. hnge in the prie of X
4. hnge in the prie of omplementry prout