What’s better than using your phone while being online and enhancing your knowledge skills? It is always great to learn about things that could benefit us in various ways. Here we are with yet another interesting quiz that contains general knowledge questions about Economics and Business. So, take this quiz and see how much you know about this subject and enhance your knowledge. Read on!

1. Who is the father of modern economics?

Answer: Adam Smith

2. What is not an example of direct tax?

Answer: GST

3. Name three examples of direct tax?

Answer: Individual income tax, estate tax and property taxes

4. The co-existence of inflation and unemployment is called?

Answer: Stagflation

5. The critical minimum effort theory is associated with the name?

Answer: H Leibenstein

6. The National Income is equal to?

Answer: Net National Product – Indirect Taxes + Subsidies

7. In macroeconomics disposable income refers to what?

Answer: After-tax income

8. If the total expenditure on a commodity increases after a price increase, what will be the elasticity of demand?

Answer: Less than one

9. Rational Expectation Theory is associated with whom?

Answer: Lucas

10. How would you describe an authoritarian or controlling management style?

Answer: A manager who likes to make all decisions by himself

11. Describe democratic management style?

Answer: A manager who also involves employees in decision making

12. A plan is a proposed method used to achieve the organization’s objectives and goals

Answer: True

13. What are the types of activity within demand management?

Answer: Activity based, business activity patterns and user profiles

14. Sales commissions are classified as?

Answer: Period costs

15. Name the four functions of management?

Answer: Controlling, leading, organizing and planning

16. Informal structure often works well for?

Answer: Small businesses

17. Name one characteristic of a formal structure.

Answer: Departmentalization

18. A firm that has a centralized organization concentrates authority with whom?

Answer: Top managers

Other than Interesting GK questions on Economics & Business, you can also read General knowledge questions about the universe

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