NEW
Font size
S
M
L
XL
WorksheetsManagerial Economics
Total questions: 50
Worksheet time: 50mins
Name
Class
Date
1.
Managerial Economics facilitates
a)
Goodwill
b)
Market Share
c)
Decision Making
d)
Design Thinking
2.
The demands for the firms product would change in response to change in
a)
Price
b)
Ownership
c)
Climate
d)
Culture
3.
Profit planning become necessary under the conditions of
a)
Certainty
b)
Uncertainty
c)
Seasonal Demand
d)
Long Term Demand
4.
The benefit of the next best alternative which had been sacrificed due to the choice of the best alternative is known as
a)
Sunk Cost
b)
Total Cost
c)
Average Cost
d)
Opportunity Cost
5.
_______ is defined as change in total cost as a result of change in the level of output
a)
Opportunity Cost
b)
Total Cost
c)
Incremental cost
d)
Sunk Cost
6.
Aim of the firm is to make profit in the ______
a)
long run
b)
Short run
c)
medium run
d)
none
7.
The change in the total cost on account of one additional unit produced is known as
a)
Marginal Revenue
b)
Marginal Cost
c)
Average Cost
d)
Average Revenue
8.
The sum total of the sale proceeds from units sold is known as
a)
Total Cost
b)
Marginal Cost
c)
Marginal Revenue
d)
Total Revenue
9.
_______ is obtained by dividing the total revenue by the number of units of quantity sold.
a)
Average Cost
b)
Marginal Cost
c)
Average Revenue
d)
Marginal Revenue
10.
Which is NOT the factor of production?
a)
Land
b)
Labor
c)
Capital
d)
Performance Appraisal
11.
_________ is an association of individuals who have organized themselves for the purpose of turning inputs into output.
a)
Firm
b)
Market
c)
Service
d)
Club
12.
The demand for Product A and B influence each other is known as ________.
a)
Unit Demand
b)
Joint Demand
c)
Total Demand
d)
Composite Demand
13.
_________ demand happens when there are multiple uses for a single product
a)
Unit
b)
Total
c)
Composite
d)
Average
14.
Cereal and Milk is an example of __________.
a)
Joint Demand
b)
Composite Demand
c)
Short Term Demand
d)
Long Term Demand
15.
Budget Line is also known as ___________.
a)
Budget Scale
b)
Budget Constraint
c)
Budget Constant
d)
Budget Estimate
16.
The desire backed by the willingness to buy a commodity and purchasing power to pay is known as ___________.
a)
Demand
b)
Supply
c)
Elasticity
d)
Inelasticity
17.
_________ measures the change in quantity demanded to a change in price.
a)
Income Elasticity of Demand
b)
Cross Elasticity of Demand
c)
Price Elasticity of Demand
d)
Supply Elasticity of Demand
18.
Demand for necessary goods is always ______.
a)
Elastic
b)
Adjustable
c)
Inelastic
d)
Controllable
19.
The demand for the goods which have no substitutes is always _______.
a)
Inelastic
b)
Elastic
c)
Fluctuate
d)
Adjustable
20.
Urgent Commodity has _________demand.
a)
Controllable
b)
Adjustable
c)
Inelastic
d)
Elastic
21.
Demand for shoes is _____in nature.
a)
Inelastic
b)
Elastic
c)
Controllable
d)
Adjustable
22.
______ is the estimation of future demand for a product.
a)
Sales Forecasting
b)
Market Forecasting
c)
Supply Forecasting
d)
Demand Forecasting
23.
Making use of outside experts for estimating future demand is called as ________.
a)
Expert Opinion
b)
External Opinion
c)
Opinion Survey
d)
Interview
24.
This method is also known as Sales- Force –Composite method or collective opinion method.
a)
Delphi Method
b)
Interview
c)
Opinion Survey
d)
Expert Opinion
25.
It is a sophisticated statistical method to arrive at a consensus.
a)
Expert Opinion
b)
Opinion Survey
c)
Interview
d)
Delphi
26.
IC refers to
a)
Indifference Cost
b)
Indifference Curve
c)
Indifference Consumption
d)
Ideal Cost
27.
Perfect competition is characterized by
a)
large number of buyers and sellers
b)
homogeneous product
c)
free entry and exit of firms
d)
All of these
28.
The proportionate change in the quantity demanded of a commodity in response to change in the price of another related commodity is called
a)
Cross Elasticity
b)
Price Elasticity
c)
Income Elasticity
d)
None of these
29.
Psychological pricing is also called as
a)
Penetration Pricing
b)
Skimming Pricing
c)
Odd Pricing
d)
Even Pricing
30.
Car and petrol are
a)
Supplementary Goods
b)
Complementary Goods
c)
Inferior Goods
d)
Substitute Goods
31.
Criteria for good demand forecasting includes
a)
Plausibility
b)
Simplicity
c)
Economy
d)
All of these
32.
The function of combining the other factors of production is done by
a)
Entrepreneurship
b)
Capital
c)
Labour
d)
Land
33.
The market with a single producer
a)
Oligopoly
b)
Duopoly
c)
Monopoly
d)
None of these
34.
Want satisfying power of commodity is called
a)
Demand
b)
Utility
c)
Satisfaction
d)
Consumption
35.
The relationship between price and quantity demanded is
a)
Direct
b)
Linear
c)
Non-Linear
d)
Inverse
36.
Decision making and ______________ are the two important functions of executive of business firms
a)
Directing
b)
Supervision
c)
Forward Planning
d)
Motivation
37.
Functional relationship between input and output known as
a)
Production Function
b)
Marketing Function
c)
Sales Function
d)
Output Function
38.
In economics ______________ means 'a state of rest 'or 'stability'
a)
Maturity
b)
Equilibrium
c)
Growth
d)
Depression
39.
Which one of the following is not an internal factor influencing pricing policy
a)
Cost
b)
Objectives
c)
Marketing Mix
d)
Demand
40.
Which of the following is not a function of managerial economists?
a)
Advice on trade and public relations
b)
Investment analysis
c)
Supervision and Control
d)
Economic Analysis of Agriculture
41.
In the case of ______________ Consumer may moves to higher or lower demand curve
a)
Shift in Demand
b)
Extraction of Demand
c)
Contraction of Demand
d)
Slopes in Demand
42.
______________ means an attempt to determine the factors affecting the demand of a commodity or service and to measure such factors and their influences
a)
Demand Forecasting
b)
Demand Planning
c)
Demand Estimation
d)
Demand Analysis
43.
Demand for tyres depends on demand of vehicles, the demand for tyres called as
a)
Composite Demand
b)
Derivative Demand
c)
Joint Demand
d)
Unit Demand
44.
In a perfect market both buyers and sellers are
a)
Price Maker
b)
Price Giver
c)
Price Taker
d)
None of these
45.
The properties of indifference curves are:
a)
Indifference curve slops downwards from left to right
b)
Two indifference curve cut each other
c)
Concave to the point of origin
d)
All of these
46.
The opportunity cost of a given activity is
a)
the value of material used
b)
the cost of input used
c)
the cost of output used
d)
the value of next best activity
47.
The claim that, other things equal, the quantity supplied of a goods rises when the price of goods raises known as:
a)
Law of Demand
b)
Law of Supply
c)
Law of Economics
d)
Law of Consumption
48.
The demand curve of a firm in the case of perfect competition is:
a)
Parallel to Input Axis
b)
Parallel to Income
c)
Parallel to Output Axis
d)
Parallel to Purchasing Power
49.
When the quantity demanded falls due to a rise in price, it is called
a)
Contraction
b)
Extension
c)
Upward Lift
d)
Downward Lift
50.
Determinants of demand includes
a)
Price of a commodity
b)
Nature of commodity
c)
Income and wealth of consumer
d)
All of these
Reset
