MANAGERIAL ECONOMICS FINAL EXAM

Managerial Economics is concerned with the application of economic principles and methodologies to the decision-making process within the firm or organization.

• True

• False

According to Douglas, Managerial Economics seeks to establish rules and principles to facilitate the attainment of the desired economic goals of management.

• True

• False

Managerial Economics undertakes the study of different economic tools that are used in business decision-making.

• True

• False

According to Mansfield, Managerial Economics is concerned with the application of economic concepts and economics to the problem of formulating rational decision making.

• True

• False

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

According to Spencer, Managerial economics is the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management.

• True

• False

Microeconomics applies to operational or internal issues.

• True

• False

Macroeconomics applies to environmental or external issues.

• True

• False

Market is a group of buyers and sellers of a particular good or service.

• True

• False

In a competitive market, there are many buyers and sellers, each has a negligible impact on market price.

• True

• False

In a perfectly competitive market, all goods are exactly the same. Buyers and sellers are so numerous that no one can affect the market price, “Price Takers”.

• True

• False