June 2014 - Paper 3

66:  

Which is not the limitation of budgetary control?

A.

Budgets are based on forecasts which may not be true

B.

Installation and operation of a system of budgetary control is costly.

C.

Budget is a tool of management and not a substitute of management

D.

Budgets do not pinpoint the lack of efficiency or the presence of it.

 
 

Option: D

Explanation :

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67:  

Who observed that a worker's behavior and sentiments are closely related?

A.

Peter Drucker

B.

Elton Mayo

C.

F. W. Taylor

D.

Dale Yoder

 
 

Option: B

Explanation :

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68:  

Duty levied on the value of goods imported is referred to as

A.

Ad valorem Duty

B.

Compound Duty

C.

Specific Duty

D.

Import Duty

 
 

Option: A

Explanation :

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69:  

The equilibrium level of output for a perfect competitive firm is given by the point where :

A.

MR = MC

B.

MR < MC

C.

MR > MC

D.

MR = MC, and MC starts rising.

 
 

Option: D

Explanation :

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70:  

Which of the following is not one of the components of 'International Reserve'?

A.

Special Drawing Rights

B.

Reserve Position in IMF

C.

Monetary Gold

D.

Money Market Instruments

 
 

Option: D

Explanation :

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