MBA ICFAI Question Papers Free Download

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I am in first semester of MBA Course of ICFAI University. The University has released date sheet of this semester examination. I want to download free question papers of 1st semester course, so will you tell me how I can download question papers of MBA 1st Semester Course of ICFAI University?

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As you want to download question paper of MBA 1st Semester Course of ICFAI University, so here I am providing question paper:

ICFAI University MBA 1st Semester Question Paper
Business Economics I (MB1B3)

1. Which of the following are not the assumptions made in constructing a Production Possibility Curve (PPC)?
I. The economic resources available for use in the year are variable.
II. The economic resources can be used to produce two broad classes of goods.
III. Some inputs are better used in producing one of these classes of goods, rather than other.
IV. Technology changes during the year.
(a) Both (I) and (II) above
(b) Both (I) and (III) above
(c) Both (I) and (IV) above
(d) Both (II) and (III) above
(e) Both (III) and (IV) above.

2. According to general equilibrium analysis, who among the following is/are considered as decision making agent(s)?
I. Consumers.
II. Producers.
III. Resource owners.
(a) Only (I) above
(b) Only (II) above
(c) Only (III) above
(d) Both (II) and (III) above
(e) All (I), (II) and (III) above

3. An educational institution is considering an increase in course fees of a particular course to enhance its revenue. If the institute expects that raising course fees would enhance revenue, then
(a) It is ignoring the law of demand
(b) It is assuming that the demand for the course is elastic
(c) It is assuming that the supply of the course is elastic
(d) It is assuming that the demand for the course is inelastic
(e) It is assuming that the supply of the course is inelastic

4. Which of the following statements is false?
(a) A change in demand, due to factors other than price is described as shift in demand curve
(b) Demand tends to be more inelastic for those products that account for a small proportion of consumers total spending
(c) Demand is more elastic in the long run than in the short run
(d) Inferior goods have negative income elasticity
(e) The value of cross-price elasticity for two complementary products is positive

5. When the value of elasticity of supply is less than one but greater than zero, it is known as
(a) Perfectly elastic supply
(b) Relatively elastic supply
(c) Unitary elastic supply
(d) Perfectly inelastic supply
(e) Relatively inelastic supply.

6. When a unit tax is imposed, this will cause
(a) The supply curve to shift rightward
(b) The supply curve to shift leftward
(c) The demand curve to shift rightward
(d) The demand curve to shift leftward
(e) No change in the positions of demand and supply curves

7. In which of the following situation(s) is the entire tax borne by the consumer?
I. If the demand curve is perfectly inelastic, the price rises by the full amount of the tax and the supply remains unchanged.
II. If the supply curve is perfectly inelastic, there will be no increase in the price or decrease in supply.
III. If the demand curve is perfectly elastic, the price does not rise at all.
(a) Only (I) above
(b) Only (II) above
(c) Only (III) above
(d) Both (I) and (II) above
(e) Both (I) and (III) above

8. The supply and demand functions of a commodity are estimated as
Qd = 2,000 450P
Qs = 800P 3,000.
At equilibrium, the elasticity of supply for the commodity is
(a) 2
(b) 4
(c) 6
(d) 8
(e) 16.

9. The demand function for a product is estimated as P = 40 4Q. If the current market price is Rs.8, what is the price elasticity of demand?
(a) 0.333
(b) 0.250
(c) 1.321
(d) 1.321
(e) 1.891.

10.The demand and supply functions of a commodity are given as follows:
Qs = 500P 500
Qd = 1,150 50P.
The equilibrium output for the product is
(a) 750 units
(b) 1,000 units
(c) 1,250 units
(d) 1,400 units
(e) 1,500 units

11.The demand function for a commodity is estimated to be Qd = 12,00,000 40P.The theoretical highest price that can prevail in the market is
(a) Rs.90,000
(b) Rs.30,000
(c) Rs.10,000
(d) Rs.20,000
(e) Rs.40,000.