MCQ On Economics And Finance

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| By Mehtajimmit
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Mehtajimmit
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Quizzes Created: 12 | Total Attempts: 30,560
| Attempts: 604
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  • 1/5 Questions

    What is the amount of del-credere commission when credit sale is Rs.200000 & cash sale is Rs.150000, the amount of commission being 10%?

    • 20000
    • 15000
    • 35000
    • None of the three
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About This Quiz

Explore key economic and financial concepts through this engaging MCQ quiz. Assess your understanding of market behaviors, financial calculations, and economic impacts on employment, with practical scenarios to enhance learning.

MCQ On Economics And Finance - Quiz

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  • 2. 

    When the invoice/bill is made payable on a specific date then the due date is

    • That specific date

    • Date on which the term of the bill expires

    • The date which comes after adding stated number of days

    • The due date of the last bill

    Correct Answer
    A. That specific date
    Explanation
    The due date refers to the specific date mentioned on the invoice or bill when the payment is expected to be made. This is the date by which the payment should be received to avoid any late fees or penalties. Therefore, the correct answer is "That specific date."

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  • 3. 

    Unemployment is lower in

    • Rural than urban areas

    • Urban than rural areas

    • Same in both rural and urban areas

    • None of these

    Correct Answer
    A. Rural than urban areas
    Explanation
    Unemployment is lower in rural than urban areas because rural areas typically have fewer job opportunities and a smaller population, leading to less competition for employment. Additionally, rural areas often have a higher reliance on agriculture and natural resources, which can provide more stable employment opportunities compared to urban areas that are more susceptible to economic fluctuations.

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  • 4. 

    If each item is reduced by 15 , the standard deviation is

    • Increased by 15

    • Decreased by 15

    • Unchanged

    • None

    Correct Answer
    A. Unchanged
    Explanation
    When each item in a set is reduced by the same value, it does not affect the spread or variability of the data. The standard deviation measures the dispersion of the data points from the mean, and reducing each item by 15 does not change the relative distances between the data points. Therefore, the standard deviation remains unchanged.

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  • 5. 

    If electricity demand is inelastic and electric rates increase, which of the following is likely to occur?

    • Quantity demanded will fall by relatively large amount.

    • Quantity demanded will fall by relatively small amount.

    • Quantity demanded will rise in the short-run but fall in the long-run.

    • Quantity demanded will fall in the short-run but rise in the long-run.

    Correct Answer
    A. Quantity demanded will fall by relatively small amount.
    Explanation
    When electricity demand is inelastic, it means that consumers are not very responsive to changes in price. Therefore, if electric rates increase, the quantity demanded will only decrease by a relatively small amount. This is because consumers are not easily deterred by the higher prices and still require electricity for their daily needs. In other words, the demand for electricity remains relatively stable even when prices go up.

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  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Apr 10, 2016
    Quiz Created by
    Mehtajimmit
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