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MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO VOID: VOIDABLE AND UNENFORCEABLE CONTRACT Which of the following best describes a void contract? a) A contract that is valid and enforceable b) A contract that is illegal and unenforceable c) A contract that is voidable at the option of one party d) A contract that lacks consideration Answer: […]
MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO -GOVERNMENT: EXECUTIVE: LEGISLATURE: AND JUDICIARY Which branch of government is responsible for making laws? A) Executive B) Legislature C) Judiciary D) Administrative Answer: B) Legislature Who is the head of the executive branch in a parliamentary system? A) President B) Prime Minister C) Governor D) Chief Justice Answer: B)
MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO TORT: GENERAL PRINCIPLES OF TORT Which of the following is a fundamental principle in tort law? A) Strict liability B) Res ipsa loquitur C) Reasonable foreseeability D) Absolute privilege Answer: C) Reasonable foreseeability What is the primary objective of tort law? A) Punishment B) Compensation C) Imprisonment D) Rehabilitation
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MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO INDIVIDUAL AND MARKET DEMAND SCHEDULES What does the individual demand schedule represent? A. Total quantity demanded at different prices by all consumers B. Quantity demanded by an individual at various prices C. Quantity supplied by an individual at different prices D. Total quantity supplied in the market at various
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MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO PRICE MECHANISM What is the primary function of the price mechanism in an economy? a) To regulate government policies b) To distribute resources efficiently c) To control inflation d) To increase government revenue Answer: b) To distribute resources efficiently Which of the following is NOT a determinant of the
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MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO ELASTICITY What does elasticity measure in economics? a) The responsiveness of quantity demanded to a change in income b) The responsiveness of quantity demanded to a change in price c) The responsiveness of supply to a change in income d) The responsiveness of supply to a change in price
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MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO CONSUMPTION What does the term “discretionary spending” refer to in economics? a) Spending on essential goods and services b) Spending on luxury and non-essential items c) Government spending on social programs d) Investment in long-term assets Answer: b) Spending on luxury and non-essential items Which of the following is
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100 MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO ORGANISATION AND PROFIT Which of the following is a primary function of an entrepreneur in an organization? a) Resource allocation b) Employee motivation c) Legal compliance d) Financial auditing Answer: a) Resource allocation Profit is best defined as: a) Total revenue minus total cost b) Total revenue divided
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100 MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO LAW OF ARBITRATION AND CONCILIATION Which of the following is a primary objective of the Arbitration and Conciliation Act? A) Mandating litigation over arbitration B) Encouraging alternative dispute resolution C) Discouraging settlements D) None of the above Answer: B) Encouraging alternative dispute resolution Who can appoint an arbitrator
100 MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO INDIAN LEGAL SYSTEM Which of the following is the supreme law of India? A) Indian Penal Code B) Constitution of India C) Code of Criminal Procedure D) Indian Evidence Act Answer: B) Constitution of India The Indian legal system is primarily based on which legal system? A) Roman
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100 MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO CAPITAL AND INTEREST What is the definition of capital? A) Money used for investment B) The profit earned from an investment C) The total assets owned by a company D) The interest accrued on an investment Answer: A) Money used for investment Which of the following is NOT
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100 MULTIPLE-CHOICE QUESTIONS WITH ANSWERS RELATED TO LAWS OF CONTRACT Which of the following is essential for a valid contract? A) Offer and acceptance B) Consideration C) Legal capacity D) All of the above Answer: D) All of the above An offer must be communicated to: A) A specific person B) A group of people
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