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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. Which factor of production is considered as a produced means of production?
2. Marginal cost is defined as
3. In a competitive market, _______ is the price – maker.
4. Total input is maximum when _____________
5. On the basis of area, markets are classified into _________ types.
6. ________ refers to the quantity of a commodity which a firm is willing to produce and offer for sale.
7. When the output is zero, variable cost is also zero.
8. When the price level increases, the value of money also increases.
9. Which one of the following is not a factor of production?
10. __________ was established as the apex bank for industrial credit.
11. Law of Variable Proportions was developed by _____________
12. Commercial banks provide collateral loans against
13. Let a firm employs 10 labourers to produce 150 units of output. If 11 labourers are employed to produce 166 units of output, then the marginal product is
14. Securities market in India is regulated by the ___________
15. There exists no clear distinction between Firm and Industry in Monopoly.
16. Micro-economics deals with the ___________
17. The concept of ‘Consumer Surplus’ was introduced in Economics by
18. In the long run, a firm in perfect competition earns _____________
19. The money supply affects the rate of interest; when the money supply increases, rate of interest will be decreased. It is explained by _____________
20. Average revenue curve under perfect competition is vertical straight line.
21. __________ account can be opened by business persons only.
22. All economic goods are called as wants.
23. ________ competition exists when the basic features of Perfect Competition are not present.
24. Long-run equilibrium price is known as ________
25. _________ demand is also known as Direct Demand.

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