Business Economics Quiz - 1

What does demand and supply analysis study in business economics?

• Government regulations

• Consumer behavior and market demand

• Long-term business strategies

• Production costs

When did India start liberalizing its economy with major reforms?

• 1980

• 1991

• 2000

• 2010

Which market structure involves a large number of firms producing identical products?

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

Which of the following remains a critical challenge in rural areas of India?

• High employment

• Low population density

• Unemployment

• Excessive urbanization

Which policy involves government spending and taxation to drive economic growth?

• Monetary policy

• Fiscal policy

• Industrial policy

• Trade policy

India is a global leader in which of the following services?

• Textile manufacturing

• Agricultural production

• Information technology and business process outsourcing

• Oil extraction

What is the primary focus of cost and production analysis?

• Analyzing economic growth

• Studying consumer behavior

• Minimizing costs and maximizing output

• Developing government policies

What is the main goal of privatizing state-owned enterprises in India?

• Increasing government control

• Promoting efficiency and competitiveness

• Reducing foreign investment

• Decreasing employment

Which aspect of business economics examines the behavior of individual firms and industries?

• Macroeconomic Analysis

• Managerial Economics

• Microeconomic Analysis

• Demand and Supply Analysis

What sector employs a large portion of India's population but has a declining contribution to GDP?

• Manufacturing

• Agriculture

• Telecommunications

• IT services