Managerial Economics Quiz

Economics is primarily concerned with:

• Unlimited resources and limited wants

• Unlimited wants and limited resources

• Fixed income and expenditure

• Maximizing wealth without work

Managerial Economics mainly helps in:

• Reducing taxes

• Hiring managers

• Making business decisions

• Social work

Which of the following is a scope of Managerial Economics?

• Ritual planning

• Demand forecasting

• Disaster relief

• Weather reporting

Managerial Economics is a ______ discipline.

• Theoretical

• Descriptive

• Normative and pragmatic

• Legal

The study of individual consumer and firm behavior falls under:

• Macroeconomics

• International economics

• Microeconomics

• Econometrics

Which of the following is NOT a factor of production?

• Land

• Demand

• Capital

• Labor

Which factor of production involves natural resources?

• Labor

• Capital

• Land

• Entrepreneurship

Human effort in production is referred to as:

• Capital

• Entrepreneurship

• Labor

• Machinery

Capital refers to:

• Money in the bank

• Land used for agriculture

• Tools and machines used in production

• Human skills

Who combines land, labor, and capital in business?

• Manager

• Entrepreneur

• Banker

• Employee