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WorksheetsMANEGRIAL ECONOMICS QUIZ
Total questions: 25
Worksheet time: 13mins
Managerial economics helps in decision making through application of
Economic theory only
Economic theory and methods of science
Economic theory and methods of decision science
None of the above
Managerial economics uses
Micro Economics only
Macro Economics only
Both Micro & Macro Economics
None of the above
Business Profit is ………………….
An accounting concept
An accrual concept
Both (a) and (b)
None of the above
Business Profit
Total Sales Revenue – Implicit Costs
Total Sales Revenue – Explicit Costs
Total Sales Revenue – Total Costs
None of the above
Implicit Cost refers to
Marginal cost
Total Average Cost
Opportunity cost of resources
None of the above
Economic Profit
Sales Revenue – (Implicit Costs + Explicit Costs)
Sales Revenue – Explicit Costs
Sales Revenue – Implicit Costs
None of the above
Analysis of an industry falls under:
Macro Economics
Micro Economics
Financial Economics
Environmental Economics
Change in the demand of smartphones due to increase in its price is
Increase of its demand
Decrease of its demand
Contraction of its demand
None of the above
In case of…………….demand, a slight change in the price will make greater change in demand.
Inelastic
Elastic
Perfectly elastic
Perfectly inelastic
Normal demand curve of a commodity has
has negative slope
Is parallel to the base line
None of the above
When the price of Coffee increases and the demand for Coldrink increase then……..
Coffee and Coldrink are substitute
Coffee and Coldrink are complimentary for each other
Coffee and Coldrink are noncomplimentary for each other
None of the Above
Which of the followings can be regarded as an exception to law of demand
Cases of snob appeal (e.g. jewels)
Cases in which consumer judges quality by price
Cases of Giffen goods
All of the above
Consumer surplus is the state where a consumer willing to pay higher price actually pays
Higher price
Lower price
Sometimes higher & sometimes lower price
None of the above
Under „Law of variable proportions‟ a single factor is
Constant
Variable
Both constant and variable
None of the above
„Law of variable proportions‟ is also known as
Law of Diminishing Returns
Law of Increasing Returns
Law of Constant Returns
Law of Proportionality
Production function is
Purely an economic relationship between inputs and outputs
Purely a technical relationship between inputs and outputs
Both (a) and (b)
None of the above
„Return to scale‟ means
Change in output when only some factors of production are increased
Change in output when only variable factors of production are increased
Change in output when only fixed factors of production are increased
Change in output when all factors of production are increased simultaneously
In economics „Market‟ means:
A physical place to buy and sell goods / services
A Mechanism to exchange goods / services for a consideration
Local area market only
None of the above
In „Perfect competition‟ products are:
Heterogeneous
Homogeneous
Differentiated
None of the above
In „Perfect competition‟ firms are:
Price maker
Price influencer
Price taker
None of the above
In „Perfect competition‟ factors of production are:
Perfectly mobile
Perfectly immobile
Both (a) and (b)
None of the above
In monopoly a single firm is selling :
A single product for which there are close substitutes
Two product for which there are no close substitutes
A single product for which there are no close substitutes
None of the above
A monopolist is:
Price maker and not price taker
Price influencer
Price taker and not price maker
None of the above
In „Monopoly‟ firms entry of other firms are :
Free
Restricted
Sometimes free & sometimes restricted
None of the above
Price discrimination refers to
Selling the same commodity at same prices to buyers
Selling the same commodity at different prices to buyers
Selling the different commodity at same prices to buyers
commodity at same prices to buyers (d)
