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Objective Questions

Latest CMA Foundation Exam Question (Objective Questions), MCQ in English

Subjects : Fundamentals of Business Mathematics and Statistics, Fundamentals of Business Economics and Management

Question Bank CMA Foundation Exam (Session 2) - English
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Fundamentals of Business Mathematics and Statistics

Question 1Single Answer
Which of the following is the central problem of an economy?
  1. A
    Unlimited wants
  2. B
    Limited resources
  3. C
    Scarcity
  4. D
    All of the above
Question 2Single Answer
Economics is considered as which type of science?
  1. A
    Exact science
  2. B
    Applied science Social science
  3. C
    Natural science
  4. D
    Social science Applied science
Question 3Single Answer
What is the fundamental economic problem that gives rise to the study of economics?
  1. A
    Inflation
  2. B
    Profit
  3. C
    Taxation
  4. D
    Scarcity
Question 4Single Answer
Which of the following is not one of the fundamental questions of an economy?
  1. A
    Why to produce?
  2. B
    How to produce?
  3. C
    What to produce?
  4. D
    For whom to produce?
Question 5Single Answer
Microeconomics is the study of which of the following?
  1. A
    National income
  2. B
    Inflation
  3. C
    Individual economic units
  4. D
    Aggregate demand
Question 6Single Answer
Which branch of economics studies the economy as a whole?
  1. A
    Macroeconomics
  2. B
    Microeconomics
  3. C
    Managerial economics
  4. D
    Business economics
Question 7Single Answer
Which of the following is not studied under macroeconomics?
  1. A
    Inflation
  2. B
    Price of a single product
  3. C
    Unemployment
  4. D
    National income
Question 8Single Answer
Which of the following best defines business economics?
  1. A
    Study of agriculture
  2. B
    Application of economic theory to business decisions
  3. C
    Study of national income
  4. D
    Study of government policies
Question 9Single Answer
Which of the following statements is normative in nature?
  1. A
    Inflation rate is 6%
  2. B
    India’s GDP is growing at 7%
  3. C
    Government should reduce unemployment
  4. D
    Unemployment rate is 8%
Question 10Single Answer
What does positive economics deal with?
  1. A
    Opinions
  2. B
    What ought to be
  3. C
    What is
  4. D
    Norms
Question 11Single Answer
Which of the following is a feature of business economics?
  1. A
    Abstract theory only
  2. B
    Interdisciplinary nature
  3. C
    Normative only
  4. D
    Independent of economics
Question 12Single Answer
Who is considered the father of modern economics?
  1. A
    Karl Marx
  2. B
    J.M. Keynes
  3. C
    Adam Smith
  4. D
    Alfred Marshall
Question 13Single Answer
In which book did Adam Smith introduce the concept of the ‘invisible hand’?
  1. A
    The Communist Manifesto
  2. B
    The Wealth of Nations
  3. C
    Principles of Economics
  4. D
    Das Kapital
Question 14Single Answer
Business economics is also known as:
  1. A
    Macroeconomics
  2. B
    Managerial economics
  3. C
    Labour economics
  4. D
    Development economics
Question 15Single Answer
Which of the following is not an objective of business economics?
  1. A
    Profit maximization
  2. B
    Demand forecasting
  3. C
    Decision-making
  4. D
    Wealth distribution
Question 16Single Answer
Which of these is not a microeconomic issue?
  1. A
    Unemployment rate
  2. B
    Price of tomatoes
  3. C
    Demand for smartphones
  4. D
    Output of a car company
Question 17Single Answer
Which of the following statements is positive?
  1. A
    Government should increase spending
  2. B
    Unemployment rate is 5%
  3. C
    Unemployment harms the economy
  4. D
    Government must reduce fiscal deficit
Question 18Single Answer
The term “economy” refers to:
  1. A
    A political system
  2. B
    A method of producing goods and services
  3. C
    Government budget
  4. D
    National development plans
Question 19Single Answer
Which one is a normative statement?
  1. A
    Inflation was 7% last year
  2. B
    India’s GDP is $3 trillion
  3. C
    Government should focus on employment
  4. D
    The interest rate is 6%
Question 20Single Answer
Which of the following is not a function of business economics?
  1. A
    Policy formulation
  2. B
    Capital budgeting
  3. C
    Demand forecasting
  4. D
    Supply chain logistics
Question 21Single Answer
Business economics integrates tools from which of the following?
  1. A
    Engineering
  2. B
    Psychology
  3. C
    Physics
  4. D
    Economic theory
Question 22Single Answer
Microeconomics is also known as:
  1. A
    Income theory
  2. B
    Output theory
  3. C
    Growth theory
  4. D
    Price theory
Question 23Single Answer
A firm deciding how much to produce is a part of:
  1. A
    Macroeconomics
  2. B
    Microeconomics
  3. C
    Public economics
  4. D
    Labour economics
Question 24Single Answer
The study of aggregates is the concern of:
  1. A
    Macroeconomics
  2. B
    Microeconomics
  3. C
    Urban economics
  4. D
    Business economics
Question 25Single Answer
The term “scarcity” in economics means:
  1. A
    Lack of money
  2. B
    Limited wants
  3. C
    Limited supply of currency
  4. D
    Limited resources for unlimited wants
Question 26Single Answer
Opportunity cost is:
  1. A
    Cost of all alternatives
  2. B
    Cost of future investment
  3. C
    Accounting cost
  4. D
    Cost of the next best alternative foregone
Question 27Single Answer
Which of the following tools is used in business economics?
  1. A
    Engineering formulae
  2. B
    Philosophical concepts
  3. C
    Statistical tools
  4. D
    Chemical equations
Question 28Single Answer
Managerial economics is mostly:
  1. A
    Theoretical only
  2. B
    Positive in nature
  3. C
    Abstract in nature
  4. D
    Normative in nature
Question 29Single Answer
The difference between macro and micro economics is of:
  1. A
    Price vs. cost
  2. B
    Value vs. volume
  3. C
    Profit vs. loss
  4. D
    Individual vs. aggregate
Question 30Single Answer
Normative economics gives:
  1. A
    Descriptive statements
  2. B
    Neutral analysis
  3. C
    Statistical data
  4. D
    Value-based judgments
Question 31Single Answer
A positive statement:
  1. A
    Is based on opinions
  2. B
    Cannot be tested
  3. C
    Always incorrect
  4. D
    Is based on facts
Question 32Single Answer
Which of these best defines scarcity?
  1. A
    Unlimited wants and limited means
  2. B
    Demand > supply
  3. C
    Lack of access
  4. D
    Inefficiency in production
Question 33Single Answer
Business economics helps in:
  1. A
    Political analysis
  2. B
    Scientific theory building
  3. C
    Investment decisions
  4. D
    Social welfare
Question 34Single Answer
Which of the following is an example of macroeconomic issue?
  1. A
    Demand for smartphones
  2. B
    Price of a product
  3. C
    GDP growth rate
  4. D
    Choice of inputs
Question 35Single Answer
Which of the following is not a characteristic of business economics?
  1. A
    Abstract only
  2. B
    Uses economic theory
  3. C
    Practical in nature
  4. D
    Applied economics
Question 36Single Answer
What type of economics is concerned with how things ought to be?
  1. A
    Positive economics
  2. B
    Descriptive economics
  3. C
    Business economics
  4. D
    Normative economics
Question 37Single Answer
Which of the following is a concern of macroeconomics?
  1. A
    Output of a single firm
  2. B
    Employment in a factory
  3. C
    Price of apples
  4. D
    National unemployment rate
Question 38Single Answer
Which of the following does not fall under the scope of economics?
  1. A
    Resource allocation
  2. B
    Making personal judgments
  3. C
    Production and distribution
  4. D
    Economic growth
Question 39Single Answer
Which of the following best represents a microeconomic decision?
  1. A
    Government increasing interest rate
  2. B
    Central bank controlling inflation
  3. C
    Firm deciding the price of its product
  4. D
    Government preparing the union budget
Question 40Single Answer
Business economics helps managers in:
  1. A
    Reducing social inequality
  2. B
    Making better decisions
  3. C
    Ensuring public welfare
  4. D
    Setting up political goals
Question 41Single Answer
Who defined economics as a science of wealth?
  1. A
    Adam Smith
  2. B
    Alfred Marshall
  3. C
    Robbins
  4. D
    Keynes
Question 42Single Answer
Who defined economics as the science of human welfare?
  1. A
    Adam Smith
  2. B
    Alfred Marshall
  3. C
    Robbins
  4. D
    Samuelson
Question 43Single Answer
What does Robbins define economics as?
  1. A
    Science of growth
  2. B
    Science of wealth
  3. C
    Science of human well-being Science of scarcity and choice
  4. D
    Science of scarcity and choice Science of human well-being
Question 44Single Answer
Which economic problem is faced by every society?
  1. A
    Inflation
  2. B
    Recession
  3. C
    Scarcity
  4. D
    Tax evasion
Question 45Single Answer
What do we call the next best alternative foregone?
  1. A
    Sunk cost
  2. B
    Opportunity cost
  3. C
    Marginal cost
  4. D
    Fixed cost
Question 46Single Answer
Which concept explains the trade-offs faced in resource allocation?
  1. A
    Marginal utility
  2. B
    Production possibility frontier
  3. C
    Elasticity
  4. D
    Law of demand
Question 47Single Answer
What does the Production Possibility Curve (PPC) show?
  1. A
    Actual production
  2. B
    Maximum production possibilities
  3. C
    Unused resources
  4. D
    Demand of consumers
Question 48Single Answer
A point inside the PPC indicates:
  1. A
    Full employment
  2. B
    Efficient production Inefficient resource use
  3. C
    Unattainable production
  4. D
    Inefficient resource use Efficient production
Question 49Single Answer
A rightward shift in the PPC indicates:
  1. A
    Economic growth
  2. B
    Increased unemployment
  3. C
    Economic decline
  4. D
    Inflation
Question 50Single Answer
The shape of the PPC is:
  1. A
    Linear
  2. B
    Vertical
  3. C
    Convex to the origin
  4. D
    Concave to the origin
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