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Question 1 reset

What is the characteristic of a purely competitive market?

Large number of buyers and sellers

A few sellers

A few buyers

Abnormal profit

Question 2 reset

Willingness to pay minus actual payment is called

Consumer’s surplus

Producer’s surplus

Utility cost

Supplier’s surplus

Question 3 reset

Which of the following is an example of an external threat?

Decreased competition

New Trade Regulations

Global Sales Potential

Economies of Scale

Question 4 reset

When analysing your business and its environment, it is useful to carefully inspect

Threats

Opportunities

Strengths and weaknesses

All of the above

Question 5 reset

The term Opportunity Cost refers to

Variable Cost

Short-run cost

The cost forgone in favour of production of another product

Cost related to an optimum level of production

Question 6 reset

If two commodities are complementary, then a rise in the price of one commodity will induce

A rise in the price of the other commodity

An upward shift of demand curve

No shift in demand for the other commodity

A backward shift in demand for the other commodity

Question 7 reset

Expectancy Theory of Motivation was propounded by

Porter and Lawler

McGregor

Vroom

J. Stacy Adams

Question 8 reset

Which one of the following is not a step in planning?

Establishing objectives

Developing premises

Determining alternative courses

Identifying needs of employees

Question 9 reset

Planning is looking ahead and control is

Scanning environment

Looking back

Setting targets

Defining objectives

Question 10 reset

Human Resource Management (HRM) is a part of the broad Human Resource Development (HRD) System, as this focus to

Selection, Induction, Training and Development

Operational and Organisational Options

Both the above

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