500+ MCQs Series For CA FOUNDATION ECONOMICS CHAPTER 2 DEMAND FORECASTING OBJECTIVE QUESTIONS MCQ'S TEST

CA FOUNDATION PAPER - 4 (BUSINESS ECONOMICS) 500+ MCQs

CHAPTER - 2 DEMAND FORECASTING MOST IMPORTANT OBJECTIVE QUESTIONS

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Theory of Demand

Theory of Supply 

Theory of Consumer Behaviour

Demand Forecasting

1. Which of the following statements is correct?

(a) With the help of statistical tools, the demand can be forecasted accurately
(b) The more the number of substitutes of a commodity, more elastic is the demand.
(c) Demand for butter is perfectly elastic.
(d) Gold jewellery will have negative income elasticity.

Answer - (b)

2. Method of demand forecasting does not include?

(a) Mathematical method
(b) Barometric method
(c) Expert opinion method
(d) Statistical method

Answer - (a)

3. Forecasting of demand is the Art and Science of predicting?

(a) Actual demand of a product at same future date
(b) Probable demand in future
(c) Total demand in future
(d) None of these

Answer - (b)

4. Forecasting refers to knowing or measuring the status or nature of an event or variable__________it occurs.

(a) Before
(b) When
(c) After
(d) Both (b) & (c)

Answer - (a)

5. The demand for cement in India is forecasted. It refers to______________

(a) Micro level forecasting
(b) Long Term forecasting
(c) Industry level forecasting
(d) Firm level forecasting.

Answer - (c)

6. demand forecasting is generally useful in tactical decisions

(a) Short-term
(b) Long-Term
(c) Very Long Period
(d) Both (a) & (b)

Answer - (a)

7. The demand for a commodity that arises because of the demand for same other commodity (prevent product) is called as_____________

(a) Demand
(b) Direct Demand
(c) Derived Demand
(d) Implied Demand

Answer - (c)

8. If the demand for a product is independent of the demand for other goods, then it is called as______________

(a) Derived Demand
(b) Autonomous Demand
(c) Industry Demand
(d) Implied Demand.

Answer - (b)

9. Which of the following are consumer's goods?

(a) Readymade clothes
(b) Prepared Food
(c) Residential Houses
(d) All of the above.

Answer - (d)

10. Identify Producer's goods out of following:

(a) Plant and Equipment
(b) Readymade clothes
(c) Residential Houses
(d) All of the above

Answer - (a)

11. Which of the following factors affects demand for non-durable consumer goods?

(a) Disposable Income
(b) Price
(c) Demography
(d) All of the above.

Answer - (d)

12. In order to find out turning points, it is necessary to find out the general behaviour of the economy. This method of forecasting is called as :

(a) Controlled Experiments
(b) Barometric Method
(c) Statistical Method
(d) None of these this tool

Answer - (b)

13.____________ method of forecasting includes the methods: # Complete Enumerations
# Sample Survey
# End Use

(a) Collective opinion
(b) Survey of Buyer's intentions
(c) Expert Opinion
(d) Barometric

Answer - (b)

14. Under____________method of demand forecasting, the fu- ture demand is estimated by conducting market studies and experiments on consumer behaviour under actual, though controlled, market conditions.

(a) Controlled Experiment method
(b) Market Experiment Method
(c) Barometric Method
(d) Both (a) & (b)

Answer - (d)

15. Which one of the following is the statistical method of demand forecasting?

(a) Trend Projection Method
(b) Fitting Equation Method
(c) Regression Analysis
(d) All of the above

Answer - (d)

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