Font size
WorksheetsMCQ MANAGERIAL ECONOMICS VST
Total questions: 71
Worksheet time: 38mins
Father of economics?
Adam smith
Charles Babbage
Martin Luther King
Economics is a________
Science
Social science
Arts
Economics means_____
Study of wealth of Nations
Study of commerce
Study of account
Economics is necessary for______
Human resources management
Any society
Management
Economic is a study of______
Human behaviour
Mathematics
Community
_____ is the primary function of economics.
Financial study
Maintaining rules
Controlling on staff
Micro and macro economics are___________ of economics.
Function
Scope
Objective
Economics is very useful in any business organisation.
True
False
In economics cost control means_______
Determining cost
Decision of production
Prepare plan for products
Price determination and cost control both are different things.
True
False
Economics helps to understand taxation and government policies.
True
False
Economics helps to understand taxation and government policies.
True
False
Economics gives a_________ to any business organisation.
Objective
Goals
Directions
Economic helps to measurement ___________ of firm.
Efficiency
Demand
Wealth
All of these
Management depends on______
Economics
Demand
Business policies
Managerial economics helps to management for finalising_____
Financial issues
Human resources
Wealth of organisation
All of these
A rational consumer always tries to
Minimise his/her utility
Optimise his/her utility
Maximise his/her utility
None of the above
In terms of demand analysis, an income effect of a price change means
Change in the income of the consumer
Change in the income of the supplier
Change in the real income of the consumer
All of the above
The world famous painting Mona Lisa by Leonardo da Vinci is an example of
Perfectly elastic supply
Perfectly inelastic supply
Elastic supply
Inelastic supply
Marginal Rate of Technical Substitution (MRTS) is equivalent to
(a)
Under law of variable proportion, if labour is assumed as a variable factor, then when Marginal Product of labour (MPL) falls but still above the Average Product of labour (APL), Total product (TP)
Increases at an increasing rate
Increases at a decreasing rate
Reaches at its maximum level
Becomes negative
Father of economics?
Adam smith
Charles Babbage
Martin Luther King
Economics is a________
Science
Social science
Arts
Economics means_____
Study of wealth of Nations
Study of commerce
Study of account
Economics is a________
Science
Social science
Arts
Economics means_____
Study of wealth of Nations
Study of commerce
Study of account
Managerial Economics applies microeconomics theories and techniques in management decision.
True
False
Microeconomics and managerial economics both encourage the use of quantitative methods to analyze economic data
True
False
Managerial Economics basically comprises of two main divisions namely Microeconomics and Macroeconomics
True
False
Statement 1: Managerial Economics covers both micro and macro economics.
Statement 2: All economic theories, tools and concepts are covered under the scope of managerial economics to analyze business environment.
Only statement 1 is correct
Only statement 2 is correct
Both statements are correct
Both statements are incorrect
Statement 1: Demand and forecasting involves huge amount of decision making.
Statement 2: In Managerial economics, demand analysis and forecasting holds a very least important.
Only statement 1 is correct
Only statement 2 is correct
Both statements are correct
Both statements are incorrect
Statement 1: Appropriate planning and measuring profit which is the most important and challenging area on managerial economics.
Statement 2: Success of a firm depends on its primary measure and that is profit.
Only statement 1 is correct
Only statement 2 is correct
Both statements are correct
Both statements are incorrect
Statement 1: Capital management involves planning and controlling of expenses.
Statement 2: Managerial economics is not merely important in capital management to identify the rate of return.
Only statement 1 is correct
Only statement 2 is correct
Both statements are correct
Both statements are incorrect
Statement 1: The demand for the study of managerial economics is increasing because of globalization.
Statement 2: Economy increasing the demand for professional trained management personnel.
Only statement 1 is correct
Only statement 2 is correct
Both statements are correct
Both statements are incorrect
Statement 1: Business firms are combination of manpower, financial and physical resources which help in managerial decisions.
Statement 2: Societies can be classified into 2 categories which are production and consumption.
Only statement 1 is correct
Only statement 2 is correct
Both statements are correct
Both statements are incorrect
The following are the steps in decision making except.
Define the problem
Determine the objective
Discover alternatives and make a choice
Forecast the weather
The following are the steps in decision making except.
Define the problem
Determine the objective
Discover alternatives and make a choice
Forecast the weather
Sensitivity analysis help us determining the weakest features of the optimal choice of action.
True
False
What is Supply?
how much of a good will be offered for sale at a given time
How much of a good will be purchased
Distributing the goods
Marketing the Goods
When the supply may be elastic?
Small change in price causes less changes in supply
Small change in price causes more changes in supply
Large change in price causes more changes in supply
Small Change in price causes less changes in supply
If the new supply curve is drawn to the right of the old curve parallel to it, which means supply has ----------------------
(a)
Which of the following factors affect the supply?
Price Expectations
Labour trouble
Cost of production
All the above
Large quantities are supplied at ------- prices and small quantities are supplied at -------- prices.
(a)
The supply curve slopes -------
(a)
What is Elasticity of supply?
Responsiveness of supply
to changes in price
Rate of change in price
Rate of change in quantity demanded
None of the above
Considered as Economics applied to "Problem of Choice".
Applied Economics
Managerial Economics
Business Economics
Decision Making
It helps in covering the gap between the problems of logic and the problems of policy
Applied Economics
Managerial Economics
Business Economics
Decision Making
The field in applied economics in which quantitative methods and economic theory to analyze business enterprises
Micro Economics
Macro Economics
Business Economics
Scarcity
The field in applied economics in which quantitative methods and economic theory to analyze business enterprises
Micro Economics
Macro Economics
Business Economics
Scarcity
The field of economics that deals with the economic concepts and analysis of problems that are required to formulate rational managerial decisions
Positive Economics
Normative Economics
Macro Economics
Managerial Economics
The most important function in managerial economics
Application of theory and concept
Decision making
Data Gathering
Economic Analyzation
It studies the actions of individual consumers and firms
Microeconomics
Macroeconomics
Consumer demand
Supply of goods
The study of aggregate income and expenditures and the Per Capita income of one country
Micro Economics
Macro Economics
Capital Management
Government Budget
This concept is very useful in explaining what is happening in the market and economy
Demand Analysis and Forecasting
Demand and Supply
Law of Demand
Law of Supply
The art of predicting demand for products or services at some future time
Demand Analysis
Demand Forecasting
Quantitative method
Qualitative method
Characteristics of Managerial Economics that concerned with what management should do under particular circumstances
Normative economics
Positive Economics
Profit Management
Capital Management
It is a Financial Gain, especially the difference between the amount earned and the amount spent
Profit
Capital
Investment
Expenditure
A financial strategy aimed at ensuring maximum efficiency in a company’s cash flow.
Working Capital
Capital Management
Cash Inflow
Cash Outflow
The organization that has a combination of manpower, financial, and physical resources that helps the management in decision making
Corporation
Government
Consumers
Business Firm
Steps for Decision Making after group members determine their needs and decide what they want to accomplish, they should write a general goal (or goals) for their project.
Define the Problem
Determine the Objective
Discover Alternatives
Forecast the Consequences
It helps the organization and management in determining the strong features of the optimal choice of action
Capitalism
Monopoly
Oligopoly
Sensitivity Analysis
The foremost objective of a Business Organization is ?
Revenue maximization
Output maximization
Utility maximization
Profit maximization
The manager of a business organization is responsible for ?
Decision making
Educating people
Looking for markets
Earning social status
Economic Profit of the business organization is obtained by ?
Adding average revenue
Subtracting costs
Adding costs
Finding gap between TR and TC
The total cost of a business organization is ?
Sum of explicit costs
Sum of implicit costs
Sum of explicit and implicit costs
Difference of explicit and implicit costs
The break-even point is obtained by ?
TC - TR > 0
TC - TR < 0
TC - TR = 0
TC + TR = 0
Managerial Economics is based on the principles of ....?
Macroeconomics
Monetary Economics
Microeconomics
Government Economics
The first order derivative of total cost is ....?
Average cost
Average variable cost
Average fixed cost
Marginal cost
Total revenue of the firm is obtained by ......?
MR × Q
AR × Q
Sum of AC and MC
Difference of AC and MC
Total revenue of the firm is obtained by ......?
MR × Q
AR × Q
Sum of AC and MC
Difference of AC and MC
