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CMA Foundation Exam: Fundamentals of Economics Practice Test
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The fundamentals of economics and management include:
Basic concepts of economics
Demand
Supply
Equilibrium
Theory of production
Theory of cost
Forms of market
National income
Money
Banking
Financial institutions

CMA Foundation Exam: Fundamentals of Economics Practice Test
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25 Questions

1. ___________ is a gift of nature.
2. A Production Function refers to ________________
3. __________ is the centre of all marketing policies.
4. __________ account can be opened by business persons only.
5. The primary functions of money are of ______ types.
6. Wealth was defined by
7. ________ refers to the quantity of a commodity which a firm is willing to produce and offer for sale.
8. ___________ market is the nerve centre of the financial system.
9. ________ is one among the quantitative methods of credit control.
10. The Growth definition of Economics was introduced by
11. Commercial banks provide collateral loans against
12. ‘Scarcity’ definition of Economics is given by P.A. Samuelson.
13. Oligopoly means _________
14. Production creates __________ utility.
15. On the basis of time element, markets can be classified into __________ types.
16. If a firm produces 200 units of commodity X by employing 10 workers and 240 units of the same commodity by employing 12 workers, then the Average Product of the worker is
17. When excess demand occurs in an unregulated market, there is a tendency for:
18. __________ was established as the apex bank for industrial credit.
19. On the basis of area, markets are classified into _________ types.
20. Pricing for selling the same commodity at different selling prices is known as ______
21. The concept of ‘Consumer Surplus’ was introduced in Economics by
22. ___________ is an act to use the goods or service to satisfy the wants.
23. In the long run, a firm in perfect competition earns _____________
24. Cash Balance Approach was given by
25. Cash Money is created by the _________________

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