Managerial Economics SCDL Assignments

Managerial Economics SCDL Assignments
SCDL Assignment on Managerial Economics
List Of Attempted Questions And Answers
Select The Blank

Question The sum of all individual demands constitutes________
Correct Answer market demand
Your Answer market demand
True/False
Question Under perfect competition, price is determined by the interaction of total
demand and total supply in the market.
Correct Answer False
Your Answer True
Multiple Choice Single Answer

Question Price of a product under perfect competition is determined by the
interaction of total supply and
Correct Answer total demand
Your Answer total demand
Select The Blank

Question The cost which enter the accounts book of the firm are referred as
________.
Correct Answer Accounting cost
Your Answer Accounting cost
Multiple Choice Multiple Answer

Question Keynes’s theory of employment explains
Correct Answer Effective demand , Aggregate supply , Aggregate demand
Your Answer Effective demand , Aggregate supply , Aggregate demand

Question The type economic problem is
Correct Answer universal
Your Answer universal

Question An individual consumer or particular market for a given commodity are the
subject matter of
Correct Answer Micro Economics
Your Answer Micro Economics

Question Features of the firm are
Correct Answer It is a business unit organized under one ownership , It is a sole
proprietorship , It is a partnership or joint stock company
Your Answer It is a business unit organized under one ownership , It is a sole

Question Whether the economy's capacity to produce goods and services is growing
from year to year or remaining static is studied under the
Correct Answer Theory of economic growth
Your Answer Theory of economic growth

Question Co-operative organizations is
Correct Answer voluntary organization , managed by democratic principle ,
organization, which performs its business within the members
Your Answer voluntary organization , managed by democratic principle , non profit
motive organization

Question Assumptions underlying the law of Supply are
Correct Answer The cost of production is unchanged , No change in technique of
production , Government policies are unchanged
Your Answer The cost of production is unchanged , No change in technique of
True/False
Question Macro-economies is a policy oriented science.
Correct Answer True
Your Answer True

Question Expansion of supply is shown by the movement in the supply curve which is
Correct Answer upward
Your Answer upward

Question Liability of a sole trader is
Correct Answer unlimited
Your Answer unlimited
Select The Blank

Question If the output rises in the greater proportion than that of the increase in
factor inputs, it is referred to as ________.
Correct Answer increasing returns to scale.
Your Answer increasing returns to scale.
Select The Blank

Question An upward sloping demand curve is called ________
Correct Answer exceptional demand curve
Your Answer exceptional demand curve

Question Every nation’s resources which are used to produce the quantities of goods
and services that would be required to satisfy all its citizen’s wants are
Correct Answer insufficient
Your Answer insufficient

Question The act of making goods and services is called
Correct Answer production
Your Answer production

Question Question related to the efficient production and allocation belong to the
branch of economic theory called
Correct Answer Welfare Economics
Your Answer Welfare Economics

Question The act of using goods and services to satisfy wants is called
Correct Answer consumption
Your Answer consumption

Question Explicit costs are
Correct Answer Out of pocket costs , These are firms accounting expenses ,
Expenditure costs
Your Answer Out of pocket costs , These are firms accounting expenses , Expenditure
costs
Select The Blank

Question In the 3rd stage of operation of the law of variable proportions, the
marginal product becomes ________.
Correct Answer negative
Your Answer negative
True/False
Question The Keynesian theory emphasizes effective supply as a crucial factor in
determining the level of income and employment.
Your Answer False

Question The things that are produced by factors of production are called
Correct Answer commodities
Your Answer commodities
Select The Blank

Question By ' profits', the accountant means total revenue minus________.
Correct Answer Explicit costs
Your Answer Explicit costs

Question All the buyers and sellers operating under perfect competition have
knowledge which is
Correct Answer perfect
Your Answer perfect
Match The Following

Question Correct Answer Your Answer
Resource allocation decisions in free market economy Theory of price Theory of

price
Economic problem Universal Universal
Managerial Economics Applied branch of knowledge Applied branch of knowledge
Inflation Reduction in purchasing power Theory of price
Waste of resources Involuntary unemployment Involuntary unemployment

Question 16. The phase of recovery denotes
Correct Answer More employment opportunities , Increase in profitability , Wage
rate increase
Your Answer More employment opportunities , Increase in profitability , Wage rate
increase
Select The Blank

Question Supply is predominantly determined by ________.
Correct Answer stock
Your Answer demand
Select The Blank

Question The form of organization which is best for self employment is ________.
Correct Answer Sole trader
Your Answer Sole trader

Question The suggestion of maximization of balanced growth rate as another
alternative objective of a firm's profit is suggested by
Correct Answer Prof. Morris
Your Answer Baumol
True/False
Question Under perfect competition,firms are free to enter and exit in the market.
Correct Answer True
Your Answer True

Question J.M. Keynes, on the basis of a fundamental psychological law of
consumption, observed that as income increases, consumption also increases, but
proportionately
Correct Answer less
Your Answer less

Question The Risk theory of profit was developed by
Correct Answer Hawley
Your Answer Hawley
True/False
Question The congress government led by Narsimha Rao announced the New
Industrial Policy in July 1991.
Correct Answer True
Your Answer True
Select The Blank

Question Perfectly elastic demand curve is ________
Correct Answer horizontal
Your Answer horizontal
True/False
Question The distinction between fixed costs and variable costs is relevant in the
short period only.
Correct Answer True
Your Answer True

Question The term externalities may also be referred as:
Correct Answer Spill-over effects , Neighborhood effects , Third party effects
Your Answer Spill-over effects , Neighborhood effects , Third party effects

Question Methods of forecasting demand for new products are
Correct Answer Product life cycle analysis , Test marketing , Evolutionary approach
Your Answer Evolutionary approach

Question Often monopolies purposely keep certain factors of production idle creating
artificial scarcities of their products as a result the prices
Correct Answer rise
Your Answer rise

Question The methods of calculating depreciation is
Correct Answer Diminishing Balance Method , Annuity Method , Service Unit Method
Your Answer Diminishing Balance Method , Annuity Method , Service Unit Method
Match The Following

Human wants unlimited unlimited

General Theory of Employment, Interest and Money J. M. Keynes J. M. Keynes
Managerial economics Decision making and forward planning Decision making and
forward planning
Resources scarce scarce
Commodities goods and services goods and services
Select The Blank

Question In the context of formulating an investment project, ________ feasibility
means the availability of supervisors for implementing and running the project
smoothly and professionally.
Correct Answer management
Your Answer management
True/False
Question The sum of total fixed costs and total variable costs is the total cost.
Correct Answer True
Your Answer True

Question Features of Market are
Correct Answer Place where buyers and sellers meet each other , A building where a
number of shops dealing in a particular commodity exist , A place where transaction
of goods and services is undertaken
Your Answer Place where buyers and sellers meet each other , A building where a
number of shops dealing in a particular commodity exist , A place where transaction
of goods and services is undertaken

Question Managerial economics is also understood to refer to
Correct Answer applied economics
Your Answer applied economics
SCDL Assignment on Managerial Economics Set IV
Managerial Economics Set IV SCDL Assignments

Question
Managerial economics generally refers to the integration of economic theory with
business
Correct Answer
Practice
Your Answer
Practice

Question
Every nation’s resources which are used to produce the quantities of goods and
services that would be required to satisfy all its citizen’s wants are
Correct Answer
insufficient
Your Answer
sufficient

Question
All the buyers and sellers operating under perfect competition have knowledge
Correct Answer
perfect
Your Answer
perfect
True/False
Question
Inflation reduces the purchasing power of money and savings.
Correct Answer
True
Your Answer
False

Question
The supply curve during market period is perfectly
Correct Answer
inelastic
Your Answer
inelastic
True/False
Question
Micro-economics is primarily concerned with the problem of what, how and for whom
to produce
Correct Answer
True
Your Answer
True
Match The Following

Question
Correct Answer
Your Answer
Managerial economics
Decision making and forward planning
Resources
scarce
goods and services
Commodities
goods and services
scarce
Human wants
unlimited
unlimited
General Theory of Employment, Interest and Money
J. M. Keynes
J. M. Keynes
True/False
Question
The price policy under monopolistic competition is dependent on the prices charged
by other rival firms
Correct Answer
True
Your Answer
False

Question
All firms producing the same or similar product together make
Correct Answer
an industry
Your Answer
an industry

Question
Joint Stock Company succession is
Correct Answer
perpetual
Your Answer
perpetual
True/False
Question
Private profit motive is an essential feature of Capitalism
Correct Answer
True
Your Answer
True
True/False
Question
‘Free riders’ is a term associated with the people who would like to have benefit of a
good without sharing the cost of its supply
Correct Answer
True
Your Answer
False

Question
Macro – economics provides an exploration to the functioning of an economy in
Correct Answer
general
Your Answer
general
True/False
Question
Inflation is a great opportunity for merchants to benefit more.
Correct Answer
True
Your Answer
True
True/False
Question
The various phases of business cycles are shown by the line of cycle which moves up
and down the steady growth line
Correct Answer
True
Your Answer
True
True/False
Question
In the measurement of profit, the differences in the concept of profit arise out of the
differences in cost concepts
Correct Answer
True
Your Answer
False

Question
In economics demand means desire backed by adequate
Correct Answer
purchasing power
Your Answer
ability to pay

Question
The law of diminishing returns is applicable to agriculture provided the state of
technology is given and
Correct Answer
constant
Your Answer
constant

Question
Under the monetary measures to control inflation, the R. B. I relies heavily on
selective credit controls on bank loans against food grains, sugar, oils, oilseeds, cotton
etc so as to discourage
Correct Answer
Speculative hoarding
Your Answer

Question
Slope of supply curve is
Correct Answer
positive
Your Answer
positive

Question
Costs which increase because of the expansion of a firm are called costs
Correct Answer
incremental
Your Answer
incremental
True/False
Question
The opportunity cost of a product is the opportunity gained of being able to produce
some other product.
Correct Answer
False
Your Answer
False
True/False
Question
The supply curve in case of unitary elastic supply is rectangular hyperbola.
Correct Answer
False
Your Answer
False

Question
An Industry
Correct Answer
Is a group of firms , All firms dealing in the same line of business , The ownership and
management of each firm is different
Your Answer
Is a group of firms , All firms dealing in the same line of business , The ownership and
management of each firm is different
Select The Blank

Question
Under monopoly, there is ________ seller who controls the entire ________ in the
market
Correct Answer
only one
Your Answer
only one
Correct Answer
supply
Your Answer
supply
Select The Blank

Question
Under monopsony, there are ________ sellers but ________ buyer
Correct Answer
many
Your Answer
many
Correct Answer
only one
Your Answer
only one
Match The Following

Question
Correct Answer
Your Answer
Marginal utility
Addition to total utility
Total utility increases marginal
Posative and declining
Marginal utility is zero
At the saturation point for a commodity x the Mux is
Zero
Demand curve of a commodity
Marginal utilities are
Total utility is
Zero
Select The Blank

Question
By using cost-benefit analysis we can show the ________ necessary for attaining
maximum ________ and optimal policy aiming at this goal
Correct Answer
measures
Your Answer
Gross Domestic Product
Correct Answer
net wealth
Your Answer
gross wealth

Question
Average propensity to consume
Correct Answer
It is defined as the ratio of consumption expenditure to any particular level of
income , It is found by dividing consumption expenditure by income , It is expressed as
the percentage of income consumed
Your Answer
It is derived by dividing income by consumption expenditure

Question
Inflation means
Correct Answer
It is a phenomenon of rising prices , It is a general and dynamic phenomenon , It
includes an excess of demand
Your Answer
It is a phenomenon of rising prices
Select The Blank

Question
Aggregate supply function refers to a ________ of the various minimum amounts of
proceeds or ________ , which must be expected to be received by the entrepreneur
class from the sale of output result
Correct Answer
schedule
Your Answer
demand
Correct Answer
revenues
Your Answer
revenues
Select The Blank

Question
In the ________ terminology, the ________ demand function refers to the schedule of
maximum sales proceeds, which the entrepreneurial community actually does expect
to be received from the sale of
Correct Answer
Keynesian
Your Answer
Keynesian
Correct Answer
aggregate
Your Answer
aggregate

Question
The fiscal policy includes
Correct Answer
Formation of taxation policy , It is an instrument for economic stabilization ,
Monitoring of public expenditure
Your Answer

Question
The meaning of monetary policy
Correct Answer
It is programme of the central bank , It controls the total supply of money , The basic
objective is to achieve economic stability
Your Answer
It is programme of the central bank , It controls the total supply of money , The basic
objective is to achieve economic stability

Question
Causes for rise in prices in India
Correct Answer
Mounting government expenditure , Deficit financing and increase in money supply ,
Role of black money
Your Answer
Mounting government expenditure , Deficit financing and increase in money supply ,
Role of black money

Question
Managerial economics deals with
Correct Answer
Integration of economic theory with business practice , Using logic of economics,
mathematics & statistics. , The use of economic modes of thought to analyze business
solution.
Your Answer
Integration of economic theory with business practice , Using logic of economics,
mathematics & statistics.

Question
The sources of economic problems are:
Correct Answer
Man has unlimited wants or ends , The means or resources to satisfy them are
limited. , These resources are not specific but have alternative uses.
Your Answer

Question
Different types of business organizations are;
Correct Answer
Private sector. , Public sector. , Joint sector.
Your Answer
Joint sector.

Question
Proprietary firm is
Correct Answer
Owned by a single person. , Easy to form. , An organization of single person.
Your Answer
Owned by a single person.

Question
Methods of measurement of elasticity
Correct Answer
Percentage Method , Point elasticity Method , Total outlay expenditure method
Your Answer

Question
Demand forecasts are necessary for:
Correct Answer
Fulfillment of objective of the plans , Preparation of a budget , Expansion of firms
Your Answer
Preparation of a budget , Expansion of firms
Select The Blank

Question
Economic theory provides the basis for the ________ _ making process, there is some
difference between the generalization based on abstraction and actual practices.
Besides economic theory, mat
Correct Answer
decision making
Your Answer
optimal
Correct Answer
statistics
Your Answer
Select The Blank

Question
The resources of a society consist not only of the free gifts of nature such as ________
but also of ________ and of all sorts of man made aids to further production.
Correct Answer
land and minerals
Your Answer
land and minerals
Correct Answer
human capacity
Your Answer
human capacity
Select The Blank

Question
Individual or sole ________ , which is also called sole- ________ , or single
entrepreneurship is the most common, the simplest and the oldest form of business
organisation.
Correct Answer
proprietorship
Your Answer
proprietorship
Correct Answer
trader ship
Your Answer
trader ship
Select The Blank

Question
Nominal cost is the ________ cost of production, it is also called expenses of
production. The real cost is the ________ cost of production.
Correct Answer
money
Your Answer
opportunity
Correct Answer
opportunity
Your Answer
gross
Select The Blank

Question
Costs may be classified as : (a) ________ , including material costs, wage cost and
interest cost (b) ________ , including costs of advertising and (c) other costs, including
insurance ch
Correct Answer
Production costs
Your Answer
Production costs
Correct Answer
Selling costs
Your Answer
Selling costs
Select The Blank

Question
The costs of self owned resources, which are employed by the ________ , are non-
expenditure or , ________
Correct Answer
firm
Your Answer
firm
Correct Answer
implicit costs .
Your Answer
implicit costs .
Posted by Computechguide at 1:44 AM 2 comments

Labels: Managerial Economics, SCDL Assignments, SCDL Papers, SCDL PGDBA
Assignments, SCDL Solved Assignment
MONDAY, DECEMBER 21, 2009

Managerial Economics SCDL Assignments, SCDL Assignment on
Managerial Economics
Managerial Economics SCDL Assignments

SCDL Assignment on Managerial Economics
Select The Blank

True/False
Your Answer True

Select The Blank

Question The cost which enter the accounts book of the firm are referred as ________.



Question An individual consumer or particular market for a given commodity are the
subject matter of


Question Whether the economy's capacity to produce goods and services is growing
from year to year or remaining static is studied under the

Your Answer voluntary organization , managed by democratic principle , non profit
motive organization

Correct Answer The cost of production is unchanged , No change in technique of
True/False
Correct Answer True
Your Answer True

Question Expansion of supply is shown by the movement in the supply curve which is
Your Answer upward

Select The Blank

Question If the output rises in the greater proportion than that of the increase in
factor inputs, it is referred to as ________.
Select The Blank




Question Question related to the efficient production and allocation belong to the
branch of economic theory called


Expenditure costs
Your Answer Out of pocket costs , These are firms accounting expenses , Expenditure
costs
Select The Blank

Question In the 3rd stage of operation of the law of variable proportions, the marginal
product becomes ________.
True/False
Question The Keynesian theory emphasizes effective supply as a crucial factor in
Your Answer False

Select The Blank


knowledge which is
Your Answer perfect
Match The Following

Resource allocation decisions in free market economy Theory of price Theory of price
Managerial Economics Applied branch of knowledge Applied branch of knowledge

Correct Answer More employment opportunities , Increase in profitability , Wage rate
increase
Your Answer More employment opportunities , Increase in profitability , Wage rate
increase
Select The Blank

Your Answer demand
Select The Blank


Your Answer Baumol
True/False
Question Under perfect competition,firms are free to enter and exit in the market.
Correct Answer True
Your Answer True

consumption, observed that as income increases, consumption also increases, but
proportionately
Correct Answer less
Your Answer less

Your Answer Hawley
True/False
Question The congress government led by Narsimha Rao announced the New Industrial
Policy in July 1991.
Correct Answer True
Your Answer True
Select The Blank

True/False
Question The distinction between fixed costs and variable costs is relevant in the short
period only.
Correct Answer True
Your Answer True

Correct Answer Product life cycle analysis , Test marketing , Evolutionary approach

Question Often monopolies purposely keep certain factors of production idle creating
artificial scarcities of their products as a result the prices
Correct Answer rise
Your Answer rise

Correct Answer Diminishing Balance Method , Annuity Method , Service Unit Method
Your Answer Diminishing Balance Method , Annuity Method , Service Unit Method
Match The Following


Managerial economics Decision making and forward planning Decision making and
forward planning
Select The Blank

Question In the context of formulating an investment project, ________ feasibility
means the availability of supervisors for implementing and running the project
True/False
Correct Answer True
Your Answer True
Correct Answer Place where buyers and sellers meet each other , A building where a
number of shops dealing in a particular commodity exist , A place where transaction of
goods and services is undertaken
Your Answer Place where buyers and sellers meet each other , A building where a
number of shops dealing in a particular commodity exist , A place where transaction of
goods and services is undertaken

Select The Blank

True/False
Question Under perfect competition, price is determined by the interaction of
total demand and total supply in the market.
Your Answer True

Select The Blank

Question The cost which enter the accounts book of the firm are referred as
________.



Question An individual consumer or particular market for a given commodity
are the subject matter of


Question Whether the economy's capacity to produce goods and services is
growing from year to year or remaining static is studied under the

Your Answer voluntary organization , managed by democratic principle , non
profit motive organization

Correct Answer The cost of production is unchanged , No change in technique
of production , Government policies are unchanged
True/False
Correct Answer True
Your Answer True

Question Expansion of supply is shown by the movement in the supply curve
which is
Your Answer upward

Select The Blank

Question If the output rises in the greater proportion than that of the increase
in factor inputs, it is referred to as ________.
Select The Blank

Question Every nation’s resources which are used to produce the quantities of
goods and services that would be required to satisfy all its citizen’s wants are


Question Question related to the efficient production and allocation belong to
the branch of economic theory called


Expenditure costs
Your Answer Out of pocket costs , These are firms accounting expenses ,
Expenditure costs
Select The Blank

Question In the 3rd stage of operation of the law of variable proportions, the
marginal product becomes ________.
True/False
Question The Keynesian theory emphasizes effective supply as a crucial factor
in determining the level of income and employment.
Your Answer False
Select The Blank


knowledge which is
Your Answer perfect
Match The Following

Resource allocation decisions in free market economy Theory of price Theory of

price
Managerial Economics Applied branch of knowledge Applied branch of
knowledge

Correct Answer More employment opportunities , Increase in profitability ,
Wage rate increase
Your Answer More employment opportunities , Increase in profitability , Wage
rate increase
Select The Blank

Your Answer demand
Select The Blank


Your Answer Baumol
True/False
Question Under perfect competition,firms are free to enter and exit in the
market.
Correct Answer True
Your Answer True

consumption, observed that as income increases, consumption also increases,
but proportionately
Correct Answer less
Your Answer less

Your Answer Hawley
True/False
Question The congress government led by Narsimha Rao announced the New
Industrial Policy in July 1991.
Correct Answer True
Your Answer True
Select The Blank

True/False
Question The distinction between fixed costs and variable costs is relevant in
the short period only.
Correct Answer True
Your Answer True


Correct Answer Product life cycle analysis , Test marketing , Evolutionary
approach

Question Often monopolies purposely keep certain factors of production idle
creating artificial scarcities of their products as a result the prices
Correct Answer rise
Your Answer rise

Correct Answer Diminishing Balance Method , Annuity Method , Service Unit
Method
Your Answer Diminishing Balance Method , Annuity Method , Service Unit
Method
Match The Following


Managerial economics Decision making and forward planning Decision making
and forward planning
Select The Blank

Question In the context of formulating an investment project, ________
feasibility means the availability of supervisors for implementing and running
the project smoothly and professionally.
True/False
Correct Answer True
Your Answer True

Correct Answer Place where buyers and sellers meet each other , A building
where a number of shops dealing in a particular commodity exist , A place
where transaction of goods and services is undertaken
Your Answer Place where buyers and sellers meet each other , A building where
a number of shops dealing in a particular commodity exist , A place where
transaction of goods and services is undertaken

True/False
Question Private profit motive is an essential feature of Capitalism.
Correct Answer True
Your Answer True
at 5:20 AM 0 comments Links to this post
Labels: Managerial Economics
Monday, February 4, 2008

Managerial Economics - 1
LIST OF ATTEMPTED QUESTIONS AND ANSWERS
True/False
Question
In case of a proprietary firm the liability of the proprietor is limited.
Correct Answer
False
Your Answer
False

Question
Accounting profit includes :-
Correct Answer
Wages , Rent , Interest
Your Answer
Interest , Total revenue
True/False
Question
In experimental price approach the firms takes some cognizance of the
demand for the product and proceeds to fix a price by a trial and error method.
Correct Answer
True
Your Answer
True

Question
Defects of market system:-
Correct Answer
Inequalities of income and wealth , Emergence of monopolies , Failure to
provide full employment
Your Answer
Emergence of monopolies , Failure to provide full employment , Prevailing of
barter system

Question
In case of perfectly elastic supply, the supply curve is :-
Correct Answer
Horizontal
Your Answer
Vertical

Question
Correct Answer
insufficient
Your Answer
insufficient

Question
Managerial economics is also understood to refer to
Correct Answer
applied economics
Your Answer
applied economics

Question
Economists have pointed out that the real world is full of :-
Correct Answer
Imperfect competition
Your Answer
Pure competition

Question
Characteristics of Pure Public goods are:-
Correct Answer
They are completely indivisible , Their marginal cost would be zero or close to
zero , Their benefits cannot be priced
Your Answer
They are completely indivisible , Their benefits cannot be priced

Question
Main aims of the New Industrial Policy (1991) are :-
Correct Answer
To unshackle the Indian industrial economy from the cobwebs of unnecessary
bureaucratic control , To introduce liberalization with a view to integrate the
Indian economy with the world economy , To remove restrictions on direct
foreign investment as also to free the domestic entrepreneur from the
restriction of MRTP act
Your Answer
To unshackle the Indian industrial economy from the cobwebs of unnecessary
Indian economy with the world economy , To remove restrictions on direct

Question
Under perfect competition, generally demand and supply act and react upon
each other and determine the price
Correct Answer
equilibrium
Your Answer
equilibrium

Question
Factors leading to differences in the economic & the traditional concepts of
valuation are :-
Correct Answer
Inventory Valuation , Depreciation , Unaccounted value changes in the assets &
liabilities
Your Answer
Inventory Valuation , Depreciation , Unaccounted value changes in the assets &
liabilities
Select The Blank

Question
Super-normal profit is also called ________.
Correct Answer
Excess profit
Your Answer
Excess profit

Question
Under cost plus pricing :-
Correct Answer
Actual costs, standard costs are included , Certain percentage of profit also
included , The price is set to cover material, labour cost
Your Answer
The price is set to cover material, labour cost , Actual costs, standard costs are
included
Match The Following

Question
Correct Answer
Your Answer
Human wants
unlimited
unlimited
J. M. Keynes
J. M. Keynes
Resources
scarce
scarce
Commodities
goods and services
goods and services
True/False
Question
Consumer’s protection involves protection to the consumers from unfair trade
practices.
Correct Answer
True
Your Answer
True
Select The Blank

Question
When Government repays old loans, the purchasing power at the disposal of
the people ________.
Correct Answer
Increases
Your Answer
Becomes negative
True/False
Question
The law of supply is not hypothetical.
Correct Answer
False
Your Answer
True

Question
A firm gets an opportunity to produce multiple products because changes in
business activity in a firms is :-
Correct Answer
Cyclical
Your Answer
Cyclical
True/False
Question
When a change in income has no effect upon the quantity demanded of a
product, the income elasticity of demand is zero.
Correct Answer
True
Your Answer
True

Question
Managerial economics generally refers to the integration of economic theory
with business
Correct Answer
Practice
Your Answer
Practice
Select The Blank

Question
Propensity to consume is defined as the relationship between consumption and
________.
Correct Answer
Income
Your Answer
Income
True/False
Question
Public enterprises have shown a very high rate of return of the capital invested.
Correct Answer
False
Your Answer
False
Select The Blank

Question
________ effects are those externalities which flow from the production or use of
the good to other parties or economic units.
Correct Answer
Third party
Your Answer
External
True/False
Question
In the traditional concept of equilibrium, a firm attains the equilibrium when the
firm’s Total Revenue (T.R.) =Total Cost (T.C.).
Correct Answer
False
Your Answer
True

Question
The method of inventory valuation in which, the cost of production is calculated
on the assumption that the material which was last to enter the inventory of
the company was used first is :-
Correct Answer
LIFO
Your Answer
LIFO
True/False
Question
Supply management is related to the volume of supply & its distribution
system.
Correct Answer
True
Your Answer
True

Question
Demand is determined by :-
Correct Answer
Price of the product , Relative prices of other goods , Tastes and habits
Your Answer

Question
Different types of Elasticity of Demand are :-
Correct Answer
Cross elasticity of demand , Price elasticity of demand , Income elasticity of
demand
Your Answer
Price elasticity of demand , Income elasticity of demand , Cross elasticity of
demand

Question
In case of a Joint-Stock Company, the liability of share holders is :-
Correct Answer
Limited
Your Answer
Limited

Question
Expansion of supply is shown by the movement in the supply curve which is :-
Correct Answer
Upward
Your Answer
Upward

Question
Saving is a :-
Correct Answer
Private virtue
Your Answer
Private virtue

Question
According to the Government, the building up of inflationary pressure during
the Nineties was attributed to :-
Correct Answer
Higher Fiscal deficit
Your Answer

Question
A competitive industry has three basic characteristics :-
Correct Answer
Large Number of Firms , Homogeneous Product , Free entry and exit
Your Answer
Large Number of Firms , Homogeneous Product , Free entry and exit

Question
The income which a businessman might expect from the second best
alternative use of his resources is called as :-
Correct Answer
Opportunity cost
Your Answer
Opportunity cost
Select The Blank

Question
Advertising forms an integral part of decision-making and________.
Correct Answer
Forward - planning
Your Answer
Forward - planning

Question
Exceptions to the Law of Demand are :-
Correct Answer
Griffin goods , Articles of snob appeal , Speculation
Your Answer
Griffin goods , Articles of snob appeal , Speculation
Select The Blank

Question
True inflation starts only after reaching ________.
Correct Answer
Level of full employment
Your Answer
Level of full employment
Select The Blank
Question
The financing of ________ goods is done through Public expenditure.
Correct Answer
Public
Your Answer
Public

Question
Assumptions of the Law of Demand are :-
Correct Answer
No change in consumer’s income , No change in consumer’s preferences , No
change in fashion
Your Answer
change in fashion

Question
Types of Share capital of Joint-Stock Company are :-
Correct Answer
Registered or authorized capital , Issued capital , Paid-up capital
Your Answer
Registered or authorized capital , Issued capital , Paid-up capital
True/False
Question
The sum of total fixed costs and total variable costs is the total cost.
Correct Answer
True
Your Answer
True
True/False
Question
During the period of depression, a large part of a country’s resources lie
involuntarily idle.
Correct Answer
True
Your Answer
True
True/False
Question
Under the New Industrial Policy, in order to invite foreign investment in high
priority industries, it was decided to provide approval for direct foreign
investment upto 51% equity in such industries.
Correct Answer
True
Your Answer
True
Labels: Managerial Economics
Thursday, January 24, 2008


Question
The concept of Perfect competition includes all the features of :-
Correct Answer
Pure competition
Your Answer
Pure competition

Question
An entrepreneur may earn high profits just by luck, say because of outbreak of
war. This is known as :-
Correct Answer
Chance Profits
Your Answer
Monopoly Profits

Question
Correct Answer
applied economics
Your Answer
applied economics

Question
Features of Dumping are :-
Correct Answer
It is possible in the case of monopoly market , Selling same good at higher
price in home market and at lower price in international market , It is
encouraged with a view to promote the exports
Your Answer
It is possible in the case of monopoly market , It is encouraged with a view to
promote the exports

Question
The type economic problem is
Correct Answer
universal
Your Answer
universal
True/False
Question
In macro – economic analysis the behavior of economic agents such as firms,
households and government is seen in total, disregarding details at particular
level.
Correct Answer
True
Your Answer
True
True/False
Question
Changes in the value of money because of inflation, make inventory valuation
of finished products difficult.
Correct Answer
True
Your Answer
True

Question
The method of inventory valuation in which, the cost of production is calculated
on the assumption that the material which was last to enter the inventory of
the company was used first is :-
Correct Answer
LIFO
Your Answer
LIFO

Question
The act of making goods and services is called
Correct Answer
production
Your Answer
production
Select The Blank

Question
The partnership between private sector & government is called ________.
Correct Answer
Joint sector enterprise
Your Answer

Question
According to Keynes there are three motives for holding cash for liquidity
preference :-
Correct Answer
The speculative motive , The transactions motive , The precautionary motive
Your Answer
The transactions motive , The precautionary motive , The speculative motive

Question
If the substitutes are relatively costly then the demand for the commodity in
question will be :-
Correct Answer
More
Your Answer
More

Question
The Laws of Returns to scale are :-
Correct Answer
Law of Increasing Returns to Scale , Law of Constant Returns to Scale , Law of
Decreasing Returns to scale
Your Answer
Law of Decreasing Returns to scale

Question
Increasing Returns explains :-
Correct Answer
Total product increases at an increasing rate , Marginal product increasing and
it is maximum , Average product is increasing but it is below MP
Your Answer
Total product increases at an increasing rate , Marginal product increasing and
it is maximum , Average product is increasing but it is below MP

Question
An individual consumer or particular market for a given commodity are the
subject matter of :-
Correct Answer
Micro Economics
Your Answer
Micro Economics
True/False
Question
The prosperity phase is characterized by rise in the level of employment.
Correct Answer
True
Your Answer
True
Select The Blank

Question
Baumol has suggested as an alternative objective for profit maximization, the
maximization of ________.
Correct Answer
Sales
Your Answer
Sales

Question
The profit which is surplus of revenue over and above all paid out cost is :-
Correct Answer
Accounting Profit
Your Answer
Gross Profit
Select The Blank

Question
In perfect competition various factors of production are assumed to be ________.
Correct Answer
Perfectly mobile
Your Answer
Perfectly mobile
Select The Blank

Question
Keynes, on the basis of a fundamental psychological law, observed that as
income ________, consumption Increases.
Correct Answer
Increases
Your Answer
Increases
True/False
Question
During the period of depression, a large part of a country’s resources lie
involuntarily idle.
Correct Answer
True
Your Answer
True
True/False
Question
Pure private goods are completely divisible and to them the principle of
exclusion applies in full measure.
Correct Answer
True
Your Answer
False
Select The Blank

Question
The taxation & public expenditure policies are called as ________ ..
Correct Answer
Budgetary Policy
Your Answer
Budgetary Policy

Question
The disinvestments of industries is needed for :-
Correct Answer
Phased privatization , Reducing deficit , Capital support to plans
Your Answer
Phased privatization , Reducing deficit , Capital support to plans

Question
The act of using goods and services to satisfy wants is called
Correct Answer
consumption
Your Answer
consumption

Question
The things that are produced by factors of production are called
Correct Answer
commodities
Your Answer
commodities
Select The Blank

Question
In the context of externalities, driving the smoke-emitting buses and trucks in
the cities is an example of ________ cost.
Correct Answer
Social
Your Answer
Social

Question
The concept of just distribution of national product is a
Correct Answer
normative
Your Answer
normative
True/False
Question
The government also fixes minimum procurement prices for major crops on the
recommendation of the Agricultural Prices Commission (APC).
Correct Answer
True
Your Answer
True

Question
According to Lionel Robbins definition of economics, "Economics is a science
which :-
Correct Answer
Studies human behaviour , Relationship between ends and scares resources ,
Scarce means have alternate uses
Your Answer
Studies human behaviour , Relationship between ends and scares resources ,
Scarce means have alternate uses
Select The Blank
Question
Under perfect competition, price is determined by the interaction of total
demand and ________.
Correct Answer
Total supply
Your Answer
Total selling cost

Question
Features of monopolistic Competition are :-
Correct Answer
Fairly large number of firms , Product differentiation , Selling costs are existed
Your Answer
Fairly large number of firms , Product differentiation , Selling costs are existed

Question
Steps in cost benefit analysis are :-
Correct Answer
Identification of a project , Formulation of the project , Appraisal and selection
of the project
Your Answer
of the project
True/False
Question
There is no separation of ownership and management in case of a Joint Stock
Company.
Correct Answer
False
Your Answer
False

Question
During a period of rising prices (inflation), the goods and services are :-
Correct Answer
Scarce
Your Answer
Scarce

Question
The cost recorded in the books of accounts are considered as :-
Correct Answer
Explicit costs
Your Answer
Explicit costs

Question
Variable cost are those costs which vary with the level of :-
Correct Answer
Output
Your Answer
Output
Select The Blank

Question
Open market operations measures are ________.
Correct Answer
Quantitative credit control
Your Answer
Quantitative credit control
Select The Blank

Question
Managerial ________ lies on the borderline of management and Economics.
Correct Answer
Economics
Your Answer
Economics
True/False
Question
The demand for life saving drugs is elastic.
Correct Answer
False
Your Answer
False

Question
with business
Correct Answer
Practice
Your Answer
Practice
Match The Following
Question
Correct Answer
Your Answer
Resource allocation decisions in free market economy
Theory of price
Theory of price
Economic problem
Universal
Universal
Applied branch of knowledge
Applied branch of knowledge
Inflation
Reduction in purchasing power
Waste of resources
Involuntary unemployment
Involuntary unemployment

Question
According J.B.Clark, profit is the reward paid for :-
Correct Answer
Dynamism
Your Answer
Risk bearing

Question
The characteristics of a sole proprietorship firm is :-
Correct Answer
Unlimited Capital , Ownership by a single person , Easy to form
Your Answer
Ownership by a single person , Easy to form
Select The Blank

Question
The rate of interest, according to Keynes depends upon two factors: the
liquidity preference function and ________.
Correct Answer
The quantity of money.
Your Answer
The quantity of money.
Match The Following

Question
Correct Answer
Your Answer
Human wants
unlimited
unlimited
J. M. Keynes
J. M. Keynes
Resources
scarce
scarce
Commodities
goods and services
goods and services

Question
Correct Answer
insufficient
Your Answer
insufficient
6

Question
In economics the question related to the selection of methods with which
commodities are produced is a subject matter of
Correct Answer
theory of production
Your Answer

Question
In economics the questions related to the division of society’s output of goods
and services among its members are topics in
Correct Answer
theory of distribution
Your Answer
theory of distribution

Question
In economics the questions related to the dynamic or static ( otherwise)
capacity of the economy to produce goods and services are topics in the
Correct Answer
theory of economic growth
Your Answer

Question
All the free gifts of nature which are commonly called natural resources are
known to economists as
Correct Answer
Land
Your Answer
capital

Question
All the man made resources which are used in the process of making other
goods and services are called
Correct Answer
capital
Your Answer
labor

Question
Managerial economics aims at providing help in the firms is
Correct Answer
decision making
Your Answer
decision making
True/False
Question
Economic problem is faced by poor countrys only.
Correct Answer
False
Your Answer
False

Question
An industry is a group of firms dealing in the same line of
Correct Answer
business
Your Answer
business
True/False
Question
Micro-economics is primarily concerned with the problem of what, how and for
whom to produce
Correct Answer
True
Your Answer
True
True/False
Question
Pure public goods must be in the hands of public sector only.
Correct Answer
True
Your Answer
False
Select The Blank

Question
The goods become ________ only when each individual has an access to the
entire amount of it and its use by the individual does not reduce its availability
to others.
Correct Answer
indivisible
Your Answer
public
Select The Blank

Question
The externality which causes an economic gain or an economic loss to other
economic units is also referred to as ________ externality.
Correct Answer
Pecuniary
Your Answer
Economic
Select The Blank

Question
In a market economy ________ is the best judge of personal interest.
Correct Answer
individual
Your Answer
firm
Match The Following

Question
Correct Answer
Your Answer
Resources
Scarce
Scarce
Commodities
Goods and services
Goods and services
Human wants
Unlimited
Unlimited
Match The Following

Question
Correct Answer
Your Answer
General theory of employment, interest and money
J. M. Keynes
J. M. Keynes
Inflation
Services
Intangible goods
Intangible goods
Methods of production of commodities
Theory of production
Theory of production

Question
The characteristics of a sole proprietorship firm is
Correct Answer
Your Answer

Question
Different types of business organizations are
Correct Answer
private sector , public sector , joint sector
Your Answer
private sector , public sector , joint sector
Select The Blank

Question
Reasonable profit target as an alternative to the objective of profit
maximization was suggested by ________.
Correct Answer
Joel Dean
Your Answer
Joel Dean
Select The Blank

Question
The form of organization which is best for self employment is ________.
Correct Answer
Sole trader
Your Answer
Sole trader

Question
Economic Profit takes in to account the
Correct Answer
implicit cost
Your Answer
implicit cost
True/False
Question
In any business, while formulating a profit policy, the possibility of emergence
of rival firms must be taken in to account
Correct Answer
True
Your Answer
True

Question
The payments made out of the Gross Profit are
Correct Answer
Remuneration to factors of production , Depreciation , Maintenance Charges
Your Answer

Question
reasonable profit' are
Correct Answer
Capital Attraction , Plough Back , Normal earnings
Your Answer
Capital Attraction , Plough Back , Normal earnings

Question
Complementary goods are demanded
Correct Answer
jointly
Your Answer
separately

Question
Emergence of close substitutes to the commodity in question may bring about
demand to
Correct Answer
decrease
Your Answer
decrease
Question
The demand for a commodity depends on the prices of its substitutes which are
Correct Answer
relative
Your Answer
relative
True/False
Question
Demand curve slopes downwards from left to right.
Correct Answer
True
Your Answer
True
Select The Blank

Question
The index numbers which measure the changes in the general price level of a
country refers to ________
Correct Answer
Wholesale prices index
Your Answer

Question
Different types of Elasticity of Demand are
Correct Answer
demand
Your Answer
demand

Question
If the increase in all factors leads to a less than proportionate increase in
output, then the returns to scale are
Correct Answer
decreasing
Your Answer
decreasing
True/False
Question
The supply of factory made goods of daily consumption is inelastic.
Correct Answer
False
Your Answer
True

Question
Major types of costs are
Correct Answer
Accounting costs , Economic costs , Opportunity costs
Your Answer
Accounting costs , Economic costs , Opportunity costs
Select The Blank

Question
Output rises in a lesser proportion to that of the increase in input, under the
case of ________.
Correct Answer
decreasing returns to scale
Your Answer
decreasing returns to scale
Select The Blank

Question
If the output rises in the greater proportion than that of the increase in factor
inputs, it is referred to as ________.
Correct Answer
increasing returns to scale.
Your Answer
increasing returns to scale.

Question
Under monopoly the demand curve slopes
Correct Answer
downward
Your Answer
downward

Question
Dalal Street in Bombay is known as
Correct Answer
Bombay Stock Exchange
Your Answer
Bombay Stock Exchange
Question
The city of Banaras has specialized in the manufacture of
Correct Answer
silk
Your Answer
silk
True/False
Question
A firm under perfect competition is a price maker.
Correct Answer
False
Your Answer
False
True/False
Question
Long period supply is relatively inelastic.
Correct Answer
False
Your Answer
True

Question
Features of the firm are
Correct Answer
It is a business unit organized under one ownership , It is a sole proprietorship ,
It is a partnership or joint stock company
Your Answer

Question
Equilibrium is the stage of
Correct Answer
maximum satisfaction , balance , stationary
Your Answer
maximum satisfaction , balance , stationary
True/False
Question
The Keynesian theory emphasizes effective supply as a crucial factor in
Correct Answer
False
Your Answer
True

Question
According to the Government, the buildup of inflationary pressure during the
Nineties was attributed to
Correct Answer
Your Answer
True/False
Question
The government also fixes minimum procurement prices for major crops on the
recommendation of the Agricultural Prices Commission (APC).
Correct Answer
True
Your Answer
True
True/False
Question
There is considerable slush money with politicians & Government servants.
Correct Answer
True
Your Answer
True

Question
Government intervention is needed in free market mechanism to
Correct Answer
To provide employment to all who willing to work at prevailing wage rate ,
Factors of production are optimally allocated between the various industries ,
All will get sufficient income to meet their basic needs
Your Answer

Question
Defects of market system:
Correct Answer
Your Answer
Labels: Managerial Economics (Set II)

Question
with business
Correct Answer
Practice
Your Answer
Practice

Question
Correct Answer
insufficient
Your Answer
insufficient

Question
Correct Answer
applied economics
Your Answer
applied economics

Question
Correct Answer
universal
Your Answer
universal
Question
Correct Answer
production
Your Answer
production

Question
Correct Answer
consumption
Your Answer
consumption

Question
Correct Answer
normative
Your Answer
objective
True/False
Question
Resources are said to be involuntarily un employed when their wastage occur.
Correct Answer
True
Your Answer
True
Match The Following

Question
Correct Answer
Your Answer
Resources
scarce
scarce
Commodities
goods and services
goods and services
Human wants
unlimited
unlimited
J. M. Keynes
J. M. Keynes

Question
In cost - benefit analysis, after the step of appraisal and selection of the project
is the step of
Correct Answer
comparison of the cash flow
Your Answer
comparison of the cash flow
True/False
Question
Social costs cannot be included in a firm's account book.
Correct Answer
True
Your Answer
False

Question
Steps in cost benefit analysis
Correct Answer
of the project
Your Answer
of the project

Question
The advantage of cost-benefit analysis are
Correct Answer
Maximization of social welfare , Objective measurement of the trade-off ,
Maximization of difference between total benefits & total costs
Your Answer
Select The Blank
Question
Cost-Benefit analysis aims at ________ of social wealth.
Correct Answer
maximization
Your Answer
maximization
Select The Blank

Question
Modern economists treat social cost and benefits as ________ of private
investment and production decisions.
Correct Answer
externalities
Your Answer
externalities

Question
According to many economists, the root cause of economic problem is
Correct Answer
scarcity
Your Answer
scarcity

Question
Managerial economics aims at providing guidance to the firms for
Correct Answer
decision making
Your Answer
decision making

Question
In case of a Joint-Stock Company, the liability of share holders is
Correct Answer
limited
Your Answer
limited

Question
For an economist, Tata Eng & Locomotive Company Ltd is a
Correct Answer
firm
Your Answer
firm

Question
Preference Shares can be classified as
Correct Answer
Simple Shares , Cumulative Shares , Redeemable Shares
Your Answer
Simple Shares , Cumulative Shares , Redeemable Shares

Question
The promoters of a company can get incorporated by filing with the registrarof
companies various documents such as
Correct Answer
Memorandum of Association , Articles of Association , Prospectus
Your Answer
Memorandum of Association , Articles of Association

Question
Forms of Public Enterprises
Correct Answer
departmental management , company management or management by boards
, public corporations
Your Answer
departmental management , public corporations , non-profit organization
Select The Blank

Question
Baumol has suggested as an alternative objective for profit maximization , the
maximization of ________
Correct Answer
sales
Your Answer
sales
Select The Blank

Question
The partnership between private sector & government is called ________
Correct Answer
Your Answer
Select The Blank

Question
The minimum number of directors which public limited should have is ________.
Correct Answer
3
Your Answer
3

Question
The profit which is surplus of revenue over and above all paid out cost is
Correct Answer
Accounting Profit
Your Answer
Gross Profit
True/False
Question
Measurement of profit becomes difficult because of the difficulty involved in the
calculation of depreciation.
Correct Answer
True
Your Answer
True

Question
In economics, demand means desire backed by adequate
Correct Answer
purchasing power
Your Answer
purchasing power

Question
When more units of a commodity are purchased in response to decline in price
of that commodity, it is called as expansion of
Correct Answer
demand
Your Answer
demand

Question
Demand for products like tea, betel, tobacoo, sigaratte is a matter of
Correct Answer
habit
Your Answer
habit

Question
If the substitutes are relatively cheaper then the demand for the commodity in
question will be
Correct Answer
less
Your Answer
less
True/False
Question
A shift in the demand curve to the left shows increase in demand.
Correct Answer
False
Your Answer
False
True/False
Question
Demand for luxury goods is inelastic
Correct Answer
False
Your Answer
False
True/False
Question
The demand for life saving drugs is elastic.
Correct Answer
False
Your Answer
False
Select The Blank

Question
A normal demand curve has ________+B299
Correct Answer
negative slope
Your Answer
negative slope

Question
Cost function denotes
Correct Answer
The prices of such inputs as labour and capital material , The rate of output ,
The size of the plant
Your Answer
The prices of such inputs as labour and capital material , The rate of output ,
The size of the plant , The cost of technology
Select The Blank

Question
The law of constant returns to scale is depicted by the marginal output curve
which is ________.
Correct Answer
horizontal
Your Answer
upward sloping
Select The Blank

Question
In the 3rd stage of operation of the law of variable proportions, the marginal
product becomes ________.
Correct Answer
negative
Your Answer
negative
Select The Blank

Question
The costs which cover the cost of advertising is ________.
Correct Answer
Selling cost
Your Answer
Selling cost

Question
Features of Oligopoly Market are
Correct Answer
Few sellers , Restriction to entry of new firms , Price leadership
Your Answer
Few sellers , Restriction to entry of new firms , No Advertisement cost

Question
Saving is a
Correct Answer
private virtue
Your Answer
social virtue
True/False
Question
During periods of inflation, the income of farmers as a class decreases.
Correct Answer
True
Your Answer
False
True/False
Question
To solve the unemployment problem , the level of effective demand must
decrease.
Correct Answer
False
Your Answer
False
Match The Following

Question
Correct Answer
Your Answer
Prosperity
Expansion of credit
Contraction of credit
The general theory of employment, Interest and money
J.M. Keynes
J.M. Keynes
Trade cycle
Wave like movement
Wave like movement
Statutory reserve ratio
Quantitative credit control measure
Quantitative credit control measure

Question
The characteristics of Inflation are
Correct Answer
Excess of demand , Sustained rise in prices , Cannot be anticipated
Your Answer
Sustained rise in prices , Cannot be anticipated , It is limited to some
geographical areas
True/False
Question
Market system or market economy suffers from time to time from economic
depressions.
Correct Answer
True
Your Answer
True

Question
Main aims of the New Industrial Policy (1991) are
Correct Answer
To unshackle the indian industrial economy from the cobwebs of unnecessary
indian economy with the world economy , To remove restrictions on direct
Your Answer
To unshackle the indian industrial economy from the cobwebs of unnecessary
indian economy with the world economy , To remove restrictions on direct

Question
Economists call all human resources as
Correct Answer
labor
Your Answer
labor
True/False
Question
Economic problem arises only in case of an overpopulated country.
Correct Answer
False
Your Answer
False
Question
Correct Answer
perfect
Your Answer
perfect
True/False
Question
The meaning of the word “economic” is most closely associated with the word
unlimited
Correct Answer
True
Your Answer
True

Question
The conditions of equilibrium of a firm are applicable to all markets
Correct Answer
None
Your Answer
particular
True/False
Question
In case of the co-operative societies supplying cheap inputs or supplying
consumer products at fair prices, a system of subsidized pricing is followed
Correct Answer
True
Your Answer
True

Question
The price of a good and the exclusion princople together is
Correct Answer
divisibility
Your Answer
indivisibility

Question
The liability of a sole proprietary firm is
Correct Answer
unlimited
Your Answer
unlimited
True/False
Question
Institution of private property is not an essential feature of Capitalism
Correct Answer
False
Your Answer
False
True/False
Question
There never was in any country at any time ‘pure capitalism’ or ‘pure
communism
Correct Answer
True
Your Answer
True
True/False
Question
The railways using a lot of coal in firing the steam locomotives put the
residential and other areas near the loco – shades to a lot of sufferings on
account of smoke nuisance, is an example of pr
Correct Answer
False
Your Answer
True
True/False
Question
A Joint stock company has perpetual succession.
Correct Answer
True
Your Answer
True
True/False
Question
The management of the cooperative form of business organization is
totalitarian in nature.
Correct Answer
False
Your Answer
True

Question
In Trade cycles the economic activity are
Correct Answer
ups and downs
Your Answer
ups and downs
True/False
Question
level
Correct Answer
True
Your Answer
True

Question
Market economy or private enterprise economy is a economy which is
Correct Answer
planless
Your Answer
planned

Question
New commodities due to technotogical progress may result in demand for
traditional type of goods
Correct Answer
decrease
Your Answer
decrease

Question
If a person is habituated to the consumption of a commodity and if he cannot
easily give up its use, demand for it is generally
Correct Answer
inelastic
Your Answer
inelastic
Match The Following

Question
Correct Answer
Your Answer
Normal demand curve
Downwards to right
Downwards to right
Income consumption curve
Upwards to the right
Inelastic demand curve
Vertical straight line
Cross elasticity of demand between two perfect substitute will be
Infinity
Infinity
A demand curve, which takes the form of a horizontal line parallelto the
quantity axis illustrates elasticity
Infinity.
Infinity.

Question
Correct Answer
constant
Your Answer
resources

Question
Under the system of dual prices in case of essential goods, adopted by the
government, the weaker sections of the community are supplied these goods
through fair price shops whi
Correct Answer
fair
Your Answer
neo –rich

Question
The Government attempts to increase supplies of food grains and other
essential goods in times of internal shortage through larger
Correct Answer
imports
Your Answer
borrowings
True/False
Question
External economies are the advantages of large scale production enjoyed
exclusively an individual firm alone.
Correct Answer
False
Your Answer
False

Question
Equilibrium is
Correct Answer
The stage of maximum satisfaction , The stage of balance , The stage of
stationary
Your Answer
The stage of balance

Question
Conditions of equilibrium
Correct Answer
Marginal Revenue should be equal to Marginal Cost , The Marginal cost curve
should cut the marginal revenue curve from below at the equilibrium point ,
Marginal cost curve should be increasing at equilibrium point
Your Answer
Average cost curve should cut the Average Revenue curve
Select The Blank

Question
Cost-benefit analysis refers to the analysis undertaken to judge any projects
________ whether government or private and find out its ________ and facilities
its comparison with other available oppor
Correct Answer
investments
Your Answer
investments
Correct Answer
worth
Your Answer
profit

Question
Aggregate supply function
Correct Answer
Refers to that price at which the seller is willing to supply , Refers to show the
varying level of supply at different prices , Explains the level of out put varies
with the level of employment
Your Answer
Refers to show the varying level of supply at different prices

Question
Characteristics of Depression
Correct Answer
Decrease in economic activities , The growth rate becomes negative , The level
of national income declines rapidly
Your Answer

Question
Recession includes
Correct Answer
The demand is halted , Increase in production of goods , Inventories piling up in
stocks
Your Answer
The demand is halted , Inventories piling up in stocks , The growth of
discrepancy between supply and demand is very fast

Question
The causes of inflation
Correct Answer
Increase in public expenditure , Increase in private expenditure , Increase in
foreign demand
Your Answer
Increase in public expenditure , Increase in foreign demand , Increase in
taxation
Select The Blank

Question
In the ________ terminology, the ________ demand function refers to the
schedule of maximum sales proceeds, which the entrepreneurial community
actually does expect to be received from the sale of
Correct Answer
Keynesian
Your Answer
Keynesian
Correct Answer
aggregate
Your Answer
total
Select The Blank

Question
The rate of interest, according to ________ , depends upon two factors: (i)
________ and (ii) the quantity of money
Correct Answer
Keynes
Your Answer
Keynes
Correct Answer
the liquidity preference function
Your Answer
speculative

Question
Reasons for need of public distribution system
Correct Answer
To maintain stable price conditions , An efficient management of the supply ,
To supply the necessary goods to people at reasonable price
Your Answer
Question
The consumer protection Act includes
Correct Answer
Protection from hazardous commodities , Right to a competitive price , Right to
information regarding protection
Your Answer
Protection from hazardous commodities , Right to information regarding
protection , Protest against price discrimination

Question
Objectives of economic policy
Correct Answer
To increase the efficiency and international competitiveness of industrial
production , To improve the performance and rationalize the scope of the
public sector , To reform and modernize the financial sector
Your Answer

Question
Scope of Managerial Economics deals with:
Correct Answer
Demand analysis and forecasting. , Production function & cost analysis. ,
Inventory management adverting, price system.
Your Answer

Question
Assumptions of the Law of Demand are:
Correct Answer
change in fashion
Your Answer
change in fashion , No Change in government policy.
Question
Types of income elasticity of demand
Correct Answer
Negative income elasticity , Zero income elasticity , Unit income elasticity
Your Answer
Select The Blank

Question
Managerial ________s generally refers to the integration of economic theory with
________ practice.
Correct Answer
economic
Your Answer
economic
Correct Answer
business
Your Answer
business
Select The Blank

Question
The problem of unlimited wants and limited ________ with ________ uses has
been forever confronting mankind.
Correct Answer
means
Your Answer
means
Correct Answer
alternative
Your Answer
alternative
Select The Blank

Question
As per the International Labour Organisation (ILO), _ ________ is a ________
association of individuals with limited income on the basis of equal rights and
responsibilities for achieving certa
Correct Answer
Co-operation
Your Answer
Co-operation
Correct Answer
voluntary
Your Answer
voluntary
Select The Blank

Question
Like all organism, the ________ , too is an organism, according to the ________
theory.
Correct Answer
firm
Your Answer
firm
Correct Answer
life-cycle theory
Your Answer
homeostatic theory
Select The Blank

Question
The ________-taking theory was developed by the ________ . According to him,
profit arises because considerable amount of risk is involved in business.
Correct Answer
American economist Hawley
Your Answer
risk
Correct Answer
risk
Your Answer
Select The Blank

Question
The extent of the change of demand for a commodity to a given change in
________ , other demand determinants remaining constant, is termed as the
________ of demand.
Correct Answer
price
Your Answer
price
Correct Answer
price elasticity
Your Answer
price elasticity
Select The Blank

Question
Indices constructed for one ________ should not be ________ for other purposes
where they not be fully appropriate and given erroneous conclusions.
Correct Answer
purpose
Your Answer
purpose
Correct Answer
used
Your Answer
used
Select The Blank

Question
The law of diminishing returns states that, ‘as the proportion of one factor in a
combination of factors is ________ after a point, first the ________ and then the
average product of that factor w
Correct Answer
increased
Your Answer
increased
Correct Answer
marginal
Your Answer
marginal
Match The Following

Question
Correct Answer
Your Answer
Statutory Reserve Ratio
Quantitative credit Control Measure
Trade cycle
Wave – like movement
Keynesian theory
Short – Period Analysis
J. M. Keynes
Aggregate Demand Function
Maximum sale proceeds expected by entrepreneurs
Effective Demand
J. M. Keynes

Question
Economists call all human resources as
Correct Answer
labor
Your Answer
labor
True/False
Question
Economic problem arises only in case of an overpopulated country.
Correct Answer
False
Your Answer
False

Question
Correct Answer
perfect
Your Answer
perfect
True/False
Question
The meaning of the word “economic” is most closely associated with the word
unlimited
Correct Answer
True
Your Answer
True
Question
The conditions of equilibrium of a firm are applicable to all markets
Correct Answer
None
Your Answer
particular
True/False
Question
In case of the co-operative societies supplying cheap inputs or supplying
consumer products at fair prices, a system of subsidized pricing is followed
Correct Answer
True
Your Answer
True

Question
The price of a good and the exclusion princople together is
Correct Answer
divisibility
Your Answer
indivisibility

Question
The liability of a sole proprietary firm is
Correct Answer
unlimited
Your Answer
unlimited
True/False
Question
Institution of private property is not an essential feature of Capitalism
Correct Answer
False
Your Answer
False
True/False
Question
There never was in any country at any time ‘pure capitalism’ or ‘pure
communism
Correct Answer
True
Your Answer
True
True/False
Question
The railways using a lot of coal in firing the steam locomotives put the
residential and other areas near the loco – shades to a lot of sufferings on
account of smoke nuisance, is an example of pr
Correct Answer
False
Your Answer
True
True/False
Question
A Joint stock company has perpetual succession.
Correct Answer
True
Your Answer
True
True/False
Question
The management of the cooperative form of business organization is
totalitarian in nature.
Correct Answer
False
Your Answer
True

Question
In Trade cycles the economic activity are
Correct Answer
ups and downs
Your Answer
ups and downs
True/False
Question
level
Correct Answer
True
Your Answer
True

Question
Market economy or private enterprise economy is a economy which is
Correct Answer
planless
Your Answer
planned

Question
New commodities due to technotogical progress may result in demand for
traditional type of goods
Correct Answer
decrease
Your Answer
decrease

Question
If a person is habituated to the consumption of a commodity and if he cannot
easily give up its use, demand for it is generally
Correct Answer
inelastic
Your Answer
inelastic
Match The Following

Question
Correct Answer
Your Answer
Normal demand curve
Downwards to right
Downwards to right
Income consumption curve
Inelastic demand curve
Cross elasticity of demand between two perfect substitute will be
Infinity
Infinity
A demand curve, which takes the form of a horizontal line parallelto the
quantity axis illustrates elasticity
Infinity.
Infinity.

Question
Correct Answer
constant
Your Answer
resources

Question
Under the system of dual prices in case of essential goods, adopted by the
government, the weaker sections of the community are supplied these goods
through fair price shops whi
Correct Answer
fair
Your Answer
neo –rich

Question
The Government attempts to increase supplies of food grains and other
essential goods in times of internal shortage through larger
Correct Answer
imports
Your Answer
borrowings
True/False
Question
Correct Answer
False
Your Answer
False

Question
Equilibrium is
Correct Answer
The stage of maximum satisfaction , The stage of balance , The stage of
stationary
Your Answer
The stage of balance

Question
Conditions of equilibrium
Correct Answer
Marginal cost curve should be increasing at equilibrium point
Your Answer
Average cost curve should cut the Average Revenue curve
Select The Blank

Question
Cost-benefit analysis refers to the analysis undertaken to judge any projects
________ whether government or private and find out its ________ and facilities
its comparison with other available oppor
Correct Answer
investments
Your Answer
investments
Correct Answer
worth
Your Answer
profit

Question
Aggregate supply function
Correct Answer
Refers to that price at which the seller is willing to supply , Refers to show the
varying level of supply at different prices , Explains the level of out put varies
with the level of employment
Your Answer
Refers to show the varying level of supply at different prices

Question
Characteristics of Depression
Correct Answer
Your Answer

Question
Recession includes
Correct Answer
The demand is halted , Increase in production of goods , Inventories piling up in
stocks
Your Answer
The demand is halted , Inventories piling up in stocks , The growth of
discrepancy between supply and demand is very fast

Question
The causes of inflation
Correct Answer
foreign demand
Your Answer
taxation
Select The Blank

Question
Correct Answer
Keynesian
Your Answer
Keynesian
Correct Answer
aggregate
Your Answer
total
Select The Blank

Question
The rate of interest, according to ________ , depends upon two factors: (i)
________ and (ii) the quantity of money
Correct Answer
Keynes
Your Answer
Keynes
Correct Answer
the liquidity preference function
Your Answer
speculative

Question
Reasons for need of public distribution system
Correct Answer
Your Answer

Question
The consumer protection Act includes
Correct Answer
Protection from hazardous commodities , Right to a competitive price , Right to
information regarding protection
Your Answer
Protection from hazardous commodities , Right to information regarding
protection , Protest against price discrimination

Question
Objectives of economic policy
Correct Answer
Your Answer

Question
Scope of Managerial Economics deals with:
Correct Answer
Your Answer

Question
Assumptions of the Law of Demand are:
Correct Answer
change in fashion
Your Answer
change in fashion , No Change in government policy.

Question
Types of income elasticity of demand
Correct Answer
Your Answer
Select The Blank

Question
Managerial ________s generally refers to the integration of economic theory with
________ practice.
Correct Answer
economic
Your Answer
economic
Correct Answer
business
Your Answer
business
Select The Blank

Question
The problem of unlimited wants and limited ________ with ________ uses has
been forever confronting mankind.
Correct Answer
means
Your Answer
means
Correct Answer
alternative
Your Answer
alternative
Select The Blank

Question
As per the International Labour Organisation (ILO), _ ________ is a ________
association of individuals with limited income on the basis of equal rights and
responsibilities for achieving certa
Correct Answer
Co-operation
Your Answer
Co-operation
Correct Answer
voluntary
Your Answer
voluntary
Select The Blank

Question
Like all organism, the ________ , too is an organism, according to the ________
theory.
Correct Answer
firm
Your Answer
firm
Correct Answer
life-cycle theory
Your Answer
homeostatic theory
Select The Blank

Question
The ________-taking theory was developed by the ________ . According to him,
profit arises because considerable amount of risk is involved in business.
Correct Answer
Your Answer
risk
Correct Answer
risk
Your Answer
Select The Blank

Question
The extent of the change of demand for a commodity to a given change in
________ , other demand determinants remaining constant, is termed as the
________ of demand.
Correct Answer
price
Your Answer
price
Correct Answer
price elasticity
Your Answer
price elasticity
Select The Blank

Question
Indices constructed for one ________ should not be ________ for other purposes
where they not be fully appropriate and given erroneous conclusions.
Correct Answer
purpose
Your Answer
purpose
Correct Answer
used
Your Answer
used
Select The Blank

Question
The law of diminishing returns states that, ‘as the proportion of one factor in a
combination of factors is ________ after a point, first the ________ and then the
average product of that factor w
Correct Answer
increased
Your Answer
increased
Correct Answer
marginal
Your Answer
marginal
Match The Following

Question
Correct Answer
Your Answer
Statutory Reserve Ratio
Trade cycle
Keynesian theory
J. M. Keynes
Aggregate Demand Function
Effective Demand
J. M. Keynes

Question
with business
Correct Answer
Practice
Your Answer
Practice

Question
Correct Answer
insufficient
Your Answer
sufficient

Question
Correct Answer
perfect
Your Answer
perfect
True/False
Question
Inflation reduces the purchasing power of money and savings.
Correct Answer
True
Your Answer
False

Question
The supply curve during market period is perfectly
Correct Answer
inelastic
Your Answer
inelastic
True/False
Question
whom to produce
Correct Answer
True
Your Answer
True
Match The Following

Question
Correct Answer
Your Answer
Resources
scarce
goods and services
Commodities
goods and services
scarce
Human wants
unlimited
unlimited
J. M. Keynes
J. M. Keynes
True/False
Question
The price policy under monopolistic competition is dependent on the prices
charged by other rival firms
Correct Answer
True
Your Answer
False

Question
All firms producing the same or similar product together make
Correct Answer
an industry
Your Answer
an industry

Question
Joint Stock Company succession is
Correct Answer
perpetual
Your Answer
perpetual
True/False
Question
Private profit motive is an essential feature of Capitalism
Correct Answer
True
Your Answer
True
True/False
Question
‘Free riders’ is a term associated with the people who would like to have
benefit of a good without sharing the cost of its supply
Correct Answer
True
Your Answer
False

Question
Macro – economics provides an exploration to the functioning of an economy in
Correct Answer
general
Your Answer
general
True/False
Question
Inflation is a great opportunity for merchants to benefit more.
Correct Answer
True
Your Answer
True
True/False
Question
The various phases of business cycles are shown by the line of cycle which
moves up and down the steady growth line
Correct Answer
True
Your Answer
True
True/False
Question
In the measurement of profit, the differences in the concept of profit arise out
of the differences in cost concepts
Correct Answer
True
Your Answer
False

Question
In economics demand means desire backed by adequate
Correct Answer
purchasing power
Your Answer
ability to pay

Question
Correct Answer
constant
Your Answer
constant

Question
Under the monetary measures to control inflation, the R. B. I relies heavily on
selective credit controls on bank loans against food grains, sugar, oils, oilseeds,
cotton etc so as to discourage
Correct Answer
Your Answer

Question
Slope of supply curve is
Correct Answer
positive
Your Answer
positive

Question
Costs which increase because of the expansion of a firm are called costs
Correct Answer
incremental
Your Answer
incremental
True/False
Question
The opportunity cost of a product is the opportunity gained of being able to
produce some other product.
Correct Answer
False
Your Answer
False
True/False
Question
The supply curve in case of unitary elastic supply is rectangular hyperbola.
Correct Answer
False
Your Answer
False

Question
An Industry
Correct Answer
Is a group of firms , All firms dealing in the same line of business , The
ownership and management of each firm is different
Your Answer
Is a group of firms , All firms dealing in the same line of business , The
ownership and management of each firm is different
Select The Blank

Question
Under monopoly, there is ________ seller who controls the entire ________ in the
market
Correct Answer
only one
Your Answer
only one
Correct Answer
supply
Your Answer
supply
Select The Blank

Question
Under monopsony, there are ________ sellers but ________ buyer
Correct Answer
many
Your Answer
many
Correct Answer
only one
Your Answer
only one
Match The Following

Question
Correct Answer
Your Answer
Marginal utility
Total utility increases marginal
At the saturation point for a commodity x the Mux is
Zero
Marginal utilities are
Total utility is
Zero
Select The Blank

Question
By using cost-benefit analysis we can show the ________ necessary for attaining
maximum ________ and optimal policy aiming at this goal
Correct Answer
measures
Your Answer
Gross Domestic Product
Correct Answer
net wealth
Your Answer
gross wealth

Question
Average propensity to consume
Correct Answer
It is defined as the ratio of consumption expenditure to any particular level of
income , It is found by dividing consumption expenditure by income , It is
expressed as the percentage of income consumed
Your Answer
It is derived by dividing income by consumption expenditure

Question
Inflation means
Correct Answer
It is a phenomenon of rising prices , It is a general and dynamic phenomenon ,
It includes an excess of demand
Your Answer
It is a phenomenon of rising prices
Select The Blank

Question
Aggregate supply function refers to a ________ of the various minimum amounts
of proceeds or ________ , which must be expected to be received by the
entrepreneur class from the sale of output result
Correct Answer
schedule
Your Answer
demand
Correct Answer
revenues
Your Answer
revenues
Select The Blank
Question
Correct Answer
Keynesian
Your Answer
Keynesian
Correct Answer
aggregate
Your Answer
aggregate

Question
Correct Answer
Your Answer

Question
The meaning of monetary policy
Correct Answer
It is programme of the central bank , It controls the total supply of money , The
basic objective is to achieve economic stability
Your Answer
It is programme of the central bank , It controls the total supply of money , The
basic objective is to achieve economic stability

Question
Causes for rise in prices in India
Correct Answer
Mounting government expenditure , Deficit financing and increase in money
supply , Role of black money
Your Answer
Mounting government expenditure , Deficit financing and increase in money
supply , Role of black money

Question
Managerial economics deals with
Correct Answer
Integration of economic theory with business practice , Using logic of
economics, mathematics & statistics. , The use of economic modes of thought
to analyze business solution.
Your Answer
Integration of economic theory with business practice , Using logic of
economics, mathematics & statistics.

Question
The sources of economic problems are:
Correct Answer
Your Answer

Question
Different types of business organizations are;
Correct Answer
Private sector. , Public sector. , Joint sector.
Your Answer
Joint sector.

Question
Proprietary firm is
Correct Answer
Owned by a single person. , Easy to form. , An organization of single person.
Your Answer
Owned by a single person.

Question
Methods of measurement of elasticity
Correct Answer
Your Answer

Question
Demand forecasts are necessary for:
Correct Answer
Fulfillment of objective of the plans , Preparation of a budget , Expansion of
firms
Your Answer
Preparation of a budget , Expansion of firms
Select The Blank

Question
Economic theory provides the basis for the ________ _ making process, there is
some difference between the generalization based on abstraction and actual
practices. Besides economic theory, mat
Correct Answer
decision making
Your Answer
optimal
Correct Answer
statistics
Your Answer
Select The Blank

Question
The resources of a society consist not only of the free gifts of nature such as
________ but also of ________ and of all sorts of man made aids to further
production.
Correct Answer
land and minerals
Your Answer
land and minerals
Correct Answer
human capacity
Your Answer
human capacity
Select The Blank

Question
Individual or sole ________ , which is also called sole- ________ , or single
entrepreneurship is the most common, the simplest and the oldest form of
business organisation.
Correct Answer
proprietorship
Your Answer
proprietorship
Correct Answer
trader ship
Your Answer
trader ship
Select The Blank
Question
Nominal cost is the ________ cost of production, it is also called expenses of
production. The real cost is the ________ cost of production.
Correct Answer
money
Your Answer
opportunity
Correct Answer
opportunity
Your Answer
gross
Select The Blank

Question
Costs may be classified as : (a) ________ , including material costs, wage cost
and interest cost (b) ________ , including costs of advertising and (c) other costs,
including insurance ch
Correct Answer
Production costs
Your Answer
Production costs
Correct Answer
Selling costs
Your Answer
Selling costs
Select The Blank

Question
The costs of self owned resources, which are employed by the ________ , are
non- expenditure or , ________
Correct Answer
firm
Your Answer
firm
Correct Answer
implicit costs .
Your Answer
implicit costs .
Labels: Managerial Economics (Set IV)
True/False
Question
A monopolist in a price maker.
Correct Answer
True
Your Answer
True

Question
The city of Faridabad has specialized in the manufacture of
Correct Answer
bangles
Your Answer
bangles

Question
Demand is determined by
Correct Answer
Your Answer

Question
Baumol has pointed out three main contributions of economic theory. They are
Correct Answer
Economic theory offers clarity to various concepts used in the business
anlayses , Economic theory contributes in building anlyatical model to
rocognize managerial problems , Economic theory contributes to ,'a set of
analytical methods' which enhance the analytical capabilities of business
analyasis
Your Answer
Economic theory offers clarity to various concepts used in the business
anlayses , Economic theory contributes in building anlyatical model to
rocognize managerial problems , Economic theory contributes to ,'a set of
analytical methods' which enhance the analytical capabilities of business
analyasis
True/False
Question
In case of indivisible goods, which are not priced, the decisions regarding their
demand preferences are taken through price mechanism.
Correct Answer
False
Your Answer
True
True/False
Question
A shift in the demand curve to the left shows increase in demand.
Correct Answer
False
Your Answer
True

Question
Correct Answer
production
Your Answer
production

Question
With decline in price of a commodity, total expenditure spent on the
commodity is less than before, then elasticity of demand for the commodity is
Correct Answer
<1
Your Answer
<1
Match The Following

Question
Correct Answer
Your Answer
N.G.O.S
Voluntary social work
Voluntary social work
Sole proprietorship
Unlimited liability
Unlimited liability
Preference shares
Fixed rate of dividend
Fixed rate of dividend
Public enterprises
State control
State control
True/False
Question
Pure private goods are completely divisible and to them the principle of
exclusion applies in full measure.
Correct Answer
True
Your Answer
True

Question
Correct Answer
consumption
Your Answer
consumption
True/False
Question
Correct Answer
False
Your Answer
True

Question
Market mechanism is characterized by
Correct Answer
instability
Your Answer
stability

Question
Features of Pure Competition are
Correct Answer
Large number of buyers and sellers , Homogeneous products , Free entry and
free exit of firms
Your Answer
Large number of buyers and sellers , Homogeneous products , Free entry and
free exit of firms

Question
The things that are produced by factors of production are called
Correct Answer
commodities
Your Answer
free goods
True/False
Question
Generally, the larger the income of a consumer, his demand for overall
commodities tends to be relatively elastic.
Correct Answer
False
Your Answer
False

Question
The production function studies
Correct Answer
Input and out put relation , Factors of production and final production ,
Technology used in production
Your Answer
Input and out put relation , Factors of production and final production , Demand
for production
Select The Blank

Question
Correct Answer
Pecuniary
Your Answer
Social
Select The Blank

Question
The index numbers which are compiled to measure the changes in retail prices
of various commodities refers to ________
Correct Answer
Retail prices index
Your Answer
Retail prices index
Select The Blank

Question
In the context of formulating an investment project, ________ feasibility means
the availability of supervisors for implementing and running the project
Correct Answer
management
Your Answer
management
Select The Blank

Question
The minimum number of directors which private limited should have is ________.
Correct Answer
2
Your Answer
2
Select The Blank

Question
Correct Answer
individual
Your Answer
individual

Question
Correct Answer
normative
Your Answer
neutral
True/False
Question
Supply management is related to the volume ofsupply & its distribution system.
Correct Answer
True
Your Answer
True

Question
Correct Answer
universal
Your Answer
universal

Question
Under monopoly entry of new firms is
Correct Answer
prohibited
Your Answer
prohibited

Question
Specific organizational goals of Firms are
Correct Answer
maximization of profit , reasonable profit target , sales revenue maximization
Your Answer
maximization of profit , sales revenue maximization , to cover risk and
uncertainty

Question
Government intervention is needed in free market mechanism to
Correct Answer
Your Answer
Control the market mechanism by charging license fees, commissions, etc

Question
The firm is a center, where all the decisions are taken about
Correct Answer
production
Your Answer
production

Question
Under the imperfect market, the market in which few firms exists is called as
Correct Answer
Oligopoly
Your Answer
Oligopoly
True/False
Question
There are no real exceptions to the law of demand
Correct Answer
False
Your Answer
False

Question
Correct Answer
insufficient
Your Answer
insufficient
True/False
Question
The prosperity phase is characterized by rise in the level of employment.
Correct Answer
True
Your Answer
True

Question
The characteristics of a sole proprietorship firm is
Correct Answer
Your Answer
Select The Blank

Question
Sole Proprietorship which is also called sole ________
Correct Answer
tradership
Your Answer
tradership

Question
The method of inventory valuation in which , the cost of production is
calculated on the assumption that the material which was last to enter the
inventory of the company was used first is
Correct Answer
LIFO
Your Answer
LIFO
Question
In economics, demand means desire backed by adequate
Correct Answer
purchasing power
Your Answer
purchasing power

Question
with business
Correct Answer
Practice
Your Answer
Practice

Question
A group of firms dealing in the same line of business are called as
Correct Answer
Industry
Your Answer
Industry

Question
Correct Answer
applied economics
Your Answer
applied economics
Match The Following

Question
Correct Answer
Your Answer
Non-price competition
advertisement.
advertisement.
Prestige price
high price on account of prestige considerations.
high price on account of prestige considerations.
Administered prices
public sector undertaking.
state government.
Pricing in cooperative societies
state government.
public sector undertaking.

Question
The demand curve (A.R.) of a firm under perfect competition is
Correct Answer
perfectly elastic
Your Answer
inelastic

Question
Correct Answer
Your Answer
Maximization of social welfare , Maximization of difference between total
benefits & total costs , Applicable only in partial equilibrium framework.
Select The Blank

Question
By using cost-benefit analysis we can show the measures necessary for
attaining maximum ________ and optimal policy aiming at this goal.
Correct Answer
net wealth
Your Answer
net domestic product

Question
The causes of inflation are
Correct Answer
foreign demand
Your Answer
taxation
Select The Blank

Question
The partnership between private sector & government is called ________
Correct Answer
Your Answer
Question
Features of short run period are
Correct Answer
Supply of goods can be adjusted to the demand to some extent , Supply and
demand determine the price , Some factors can be changed
Your Answer
Supply of goods can be adjusted to the demand to some extent , Supply and
demand determine the price , Some factors can be changed
Labels: Managerial Economics (Set IV)
True/False
Question
A supply schedule is a graphical presentation of supply patterns.
Correct Answer
False
Your Answer
True
True/False
Question
The subject matter of macro – economics includes the theory of income and
employment at an individual level.
Correct Answer
False
Your Answer
False
Select The Blank

Question
When demand for the product increases in the same proportion in which
income increases, Income elasticity of demand will be equal to________
Correct Answer
unity
Your Answer
unity
Question
Features of stage of expansion in business cycle are
Correct Answer
Rise in national output , Rise in consumer and capital expenditure , Bank
advances grow rapidly
Your Answer
Rise in national output , Rise in consumer and capital expenditure , Bank
advances grow rapidly

Question
Explicit costs are
Correct Answer
Out of pocket costs , These are firms accounting expenses , Expenditure costs
Your Answer
Out of pocket costs , These are firms accounting expenses , Expenditure costs

Question
Demand for products like tea, betel, tobacoo, sigaratte is a matter of
Correct Answer
habit
Your Answer
habit

Question
If the substitutes are relatively cheaper then the demand for the commodity in
question will be
Correct Answer
less
Your Answer
less

Question
An assembly of several machines, linked together either physically or by
processes, capable of producing a given quantity of a product per day is
Correct Answer
plant
Your Answer
plant

Question
The Risk Taking Theory was developed by Hawley, who was an
Correct Answer
American Economist
Your Answer
American Economist
Select The Blank

Question
The cost which enter the accounts book of the firm are referred as ________.
Correct Answer
Accounting cost
Your Answer
Accounting cost
Select The Blank

Question
The persons who own the ________hip concern are called Partners.
Correct Answer
Partners
Your Answer
Partners
Select The Blank

Question
Perfectly elastic demand curve is ________
Correct Answer
horizontal
Your Answer
horizontal
Select The Blank

Question
While discussing the product divisibility of public and private goods, the
principle of ________ may be applied in case of only those people who do not
agree to pay or who cannot pay the market price
Correct Answer
exclusion
Your Answer
exclusion

Question
Features of the firm are
Correct Answer
Your Answer

Question
The causes of inflation are
Correct Answer
foreign demand
Your Answer
foreign demand
True/False
Question
Inflation is a great opportunity for merchants to earn more profit.
Correct Answer
True
Your Answer
True
Match The Following

Question
Correct Answer
Your Answer
Human wants
unlimited
unlimited
J. M. Keynes
J. M. Keynes
Resources
scarce
scarce
Commodities
goods and services
goods and services

Question
Correct Answer
Your Answer
Select The Blank

Question
Sole Proprietorship which is also called sole ________
Correct Answer
tradership
Your Answer
tradership
True/False
Question
A plant is an economic unit which takes various decisions related to production
and distribution.
Correct Answer
False
Your Answer
False

Question
Features of an Industry are
Correct Answer
All firms dealing in the same line of business , The ownership and management
of each firm is different , Is a group of firms
Your Answer
All firms dealing in the same line of business , The ownership and management
of each firm is different , Is a group of firms

Question
with business
Correct Answer
Practice
Your Answer
Practice
True/False
Question
During recession, on account of decline in investment by producers, there is
decline in income and consumption.
Correct Answer
True
Your Answer
True

Question
Correct Answer
Monitoring of public expenditure , Formation of taxation policy , It is an
instrument for economic stabilization
Your Answer

Question
Forecasts made either through experience or through methodigistic are
Correct Answer
statistical
Your Answer
statistical

Question
Correct Answer
applied economics
Your Answer
applied economics
Select The Blank

Question
Correct Answer
Pecuniary
Your Answer
Social

Question
According to Prof. F.H. Knight, profit is a reward for
Correct Answer
uncertainty bearing
Your Answer
uncertainty bearing

Question
The principle of full employment equilibrium was stated by
Correct Answer
Say's Law of Market
Your Answer
Law of Demand

Question
Phases of business cycle
Correct Answer
Expansion , Peak , Recession
Your Answer
Expansion , Peak , Recession , Trough
True/False
Question
In case of a Joint Stock Company the liability of the share holders is unlimited.
Correct Answer
False
Your Answer
False

Question
Goods which are completely divisible and to them the principle of exclusion
applies in full measure, are called
Correct Answer
Pure public goods
Your Answer
Private goods

Question
Assumptions underlying the law of Supply are
Correct Answer
The cost of production is unchanged , No change in technique of production ,
Government policies are unchanged
Your Answer
The cost of production is unchanged , No change in technique of production ,
Government policies are unchanged

Question
The payments made out of the Gross Profit are
Correct Answer
Your Answer
Select The Blank

Question
The indivisible goods to which the principle exclusion does not apply are called
________ goods.
Correct Answer
pure public
Your Answer
pure public
True/False
Question
whom to produce?
Correct Answer
False
Your Answer
True

Question
Gross profit is the excess of total revenue of a firm over total
Correct Answer
expenditure
Your Answer
expenditure
True/False
Question
During period of depression various factors of production lie unutilized.
Correct Answer
True
Your Answer
True

Question
Co-operative organizations is
Correct Answer
voluntary organization , managed by democratic principle , organization, which
performs its business within the members
Your Answer
voluntary organization , managed by democratic principle , organization, which
performs its business within the members , non profit motive organization

Question
Macro economics is the study of the
Correct Answer
aggregate behavior of economy
Your Answer
aggregate behavior of economy
True/False
Question
To solve the unemployment problem, the level of effective demand must
decrease.
Correct Answer
False
Your Answer
False

Question
The public sector is owned & controlled by
Correct Answer
state enterprises
Your Answer
state enterprises
Select The Blank

Question
Demand for safety pins is ________
Correct Answer
inelastic
Your Answer
relatively inelastic

Question
Under perfect competition, generally demand and supply act and react upon
each other and determine the price
Correct Answer
equilibrium
Your Answer
equilibrium
True/False
Question
During the period of recession there is increase in incomes of wage and interest
earners.
Correct Answer
False
Your Answer
False
Select The Blank

Question
Correct Answer
individual
Your Answer
firm
Flash
Question Paper – 1
Select The Blank
Correct AnswerExplicit costs
Your Answer Fixed costs
Question According to Lionel Robbins definition of economics, "Economics is a
science which
Correct Answerstudies human behaviour , relationship between ends and scarse
resources , scarce means have alternate uses
Your Answer studies human behaviour , relationship between ends and scarse
Select The Blank
Question Under the decreasing returns to scale, the marginal output curve slopes
________.
Correct Answerdownward
Your Answer downward
Correct Answerapplied economics
Question Q = f ( N, L, K, T ) , this algebraic expression is used for
Correct AnswerProduction Function
Your Answer Production Function
Question The production function can be studied in three ways
Correct AnswerLaw of variable proportion , Laws to return to scale , Optimum
combination of inputs
Your Answer Law of variable proportion , Laws to return to scale , Optimum
Correct AnswerSpill-over effects , Neighborhood effects , Third party effects
Question Managerial economics generally refers to the integration of economic theory
with business
Flash
Select The Blank
Correct AnswerExplicit costs
Your Answer Fixed costs
Question According to Lionel Robbins definition of economics, "Economics is a
science which
Correct Answerstudies human behaviour , relationship between ends and scarse
Your Answer studies human behaviour , relationship between ends and scarse
Select The Blank
Question Under the decreasing returns to scale, the marginal output curve slopes
________.
Correct Answerdownward
Your Answer downward
Question Q = f ( N, L, K, T ) , this algebraic expression is used for
Correct AnswerProduction Function
Your Answer Production Function
Question The production function can be studied in three ways
Correct AnswerLaw of variable proportion , Laws to return to scale , Optimum
Your Answer Law of variable proportion , Laws to return to scale , Optimum
Correct AnswerSpill-over effects , Neighborhood effects , Third party effects
Question Managerial economics generally refers to the integration of economic theory
with business
Correct AnswerPractice
Your Answer Practice
Question Every seller and a buyer under pure competition
Correct Answeris Price taker
Your Answer is Price taker
Match The Following
Motor cars Tangible goods Tangible goods
Wants Insatiable Insatiable
Managerial Economics Prescriptive in nature Prescriptive in nature

Resources Alternative uses Alternative uses
Division of society’s output of goods and services The theory of distribution The theory
of distribution
Question Accounting profit includes
Correct Answerwages , rent , interest
Your Answer wages , rent , interest
Question The city of Coimbatore has developed a big market for
Correct Answerspinning
Your Answer spinning
Correct Answeruniversal
True/False
Question Contraction of supply is traced by the downward movement on the supply
curve
Correct AnswerTrue
Your Answer False
True/False
Question Demand for luxury goods is inelastic
Correct AnswerFalse
Your Answer False
Question The term Managerial economics also refers to
Correct AnswerProduct life cycle analysis , Test marketing , Evolutionary approach
Question Assumptions of the Law of Demand are
Correct AnswerNo change in consumer’s income , No change in consumer’s
preferences , No change in fashion
Your Answer No change in consumer’s income , No change in consumer’s preferences
, No change in fashion
Select The Blank
Question Demand for safety pins is________
Correct Answerinelastic
Your Answer inelastic
Question Scope of Managerial Economics deals with
Correct AnswerDemand analysis and forecasting , Production function & cost
analysis , Inventory management adverting, price system
Your Answer Demand analysis and forecasting , Production function & cost analysis ,
Inventory management adverting, price system
Select The Blank
Question Sole Proprietorship which is also called sole________
Correct Answertradership
Your Answer tradership
Question Cost function denotes
Correct AnswerThe prices of such inputs as labour and capital material , The rate of
output , The size of the plant
Your Answer The prices of such inputs as labour and capital material , The size of the
plant , The cost of technology
True/False
Question A supply schedule is a graphical presentation of supply patterns.
Correct AnswerFalse
Your Answer True
Correct Answerproduction
Match The Following
Public Sector Life Insurance Corporation Life Insurance Corporation
Competitive Industry Homogenous Product Homogenous Product
Monopoly Firm One Firm One Firm
Plant Technical Unit Technical Unit

True/False
Question The distinction between fixed costs and variable costs is relevant in the short
period only.
Correct AnswerTrue
Your Answer True
Select The Blank
Question The persons who own the________hip concern are called Partners.
Correct AnswerPartners
Your Answer Partners
Correct Answerconsu mption
True/False
Question During the period of depression, a large part of a country’s resources lie
involuntarily idle.
Correct AnswerTrue
Your Answer True
True/False
Correct AnswerFalse
Your Answer True
Question Phases of business cycle
Correct AnswerExpansion , Peak , Recession
Your Answer Expansion , Peak , Recession , Trough
Question Different types of Elasticity of Demand are
Correct AnswerPrice elasticity of demand , Income elasticity of demand , Cross
elasticity of demand
Your Answer Price elasticity of demand , Income elasticity of demand , Cross elasticity
of demand
Question The characteristics of Inflation are
Correct AnswerExcess of demand , Sustained rise in prices , Cannot be anticipated
Your Answer Excess of demand , Sustained rise in prices , Cannot be anticipated
True/False
Question Demand is related to price, time and place.
Correct AnswerTrue
Your Answer True
Select The Blank
Question The social costs and benefits are the external economies and diseconomies
resulting from the________ activities, which are known as, "externalities"
Correct Answerfir m's
Your Answer government
Select The Blank
Question The financing of________ goods is done through public expenditure.
Correct Answerpublic
Your Answer public
Question Dalal Street in Bombay is known as
Correct AnswerBombay Stock Exchange
Your Answer Bombay Stock Exchange
Question Joint Stock Company is an incorporated association with a
Correct Answerperpetual succession
Your Answer perpetual succession
True/False
Question A firm is a technical unit of a given capacity of output.
Correct AnswerFalse
Your Answer True
Select The Blank
Question In a market system of an economy, producers are guided by________
motive.
Correct Answerprofit
Your Answer profit
Correct Answerinsufficient
Select The Blank
Question An upward sloping demand curve is called________
Correct Answerexceptional demand curve
Your Answer contractionary demand curve
True/False
Question The demand for life saving drugs is elastic.
Correct AnswerFalse
Your Answer False
Question Market system of economy is characterized by consumers
Correct Answersovereign ty
Your Answer demand
True/False
Question Bargaining is one of the remedies of corrective action.
Correct AnswerFalse
Your Answer True
Select The Blank
Question Perfectly elastic demand curve is________
Correct Answerhorizontal
Question The private sector is owned by
Correct Answerprivate individuals
Your Answer private individuals
Question Who said, “Management is management of Men, Money, Machinery
Materials and Information?”
Correct AnswerAnon ymous
Your Answer Anonymous
Question Who said, “Management is the creation and maintenance of internal
environment in an enterprise, where individuals working in groups can perform
efficiently and effectively towards the attainment of gr
Correct AnswerKoontz & O ‘Donell
Your Answer Koontz & O ‘Donell
Question Who said, “Management is a multiple organ that manages a business,
manages a manager and manages workers and work”?
Correct AnswerPeter Drucker
Your Answer Peter Drucker
Question One of the internal environment factors that influences management is
Correct AnswerPlace
Your Answer Place
Question One of the external environment factors that influences Management is
Correct AnswerLegal
Your Answer Legal
Question Management is
Correct AnswerCrea tive
Your Answer Creative
Question Management is the combination of Arts, Science and
Correct AnswerProfession
Your Answer Profession
Select The Blank
Question The word________denotes a function, a task, a discipline.
Correct Answerman agement
Your Answer decision
Question Name the various characteristics of science
Correct Answerorganized knowledge , cause and effect relationship , predictive
power
Your Answer organized knowledge , cause and effect relationship , predictive power
True/False
Question Service sector in India dominates half of our national income.
Correct AnswerTrue
Your Answer False
True/False
Question Important ingredients of the service industry are labour and knowledge.
Correct AnswerTrue
Your Answer True
Question The forms of companies in the service sector in our new economy are
essentially
Correct AnswerInformation communicating and entertainment co's (ICE's)
Your Answer Information communicating and entertainment co's (ICE's)
Question What percentage does the organized sector within the retailing sector
represent?
Correct Answerjust 2%
Your Answer just 2%
Question What are the common challenges faced by the retail business?
Correct AnswerSpecial mindset to develop special strategies , Coping with the
change
Your Answer The cultural aspect , Special mindset to develop special strategies ,
Coping with the change
Question What is sold when an insurance policy is sold?
Correct AnswerPro mise
Your Answer Promise
Match The Following
Self-regulation enabler audit self-regulated co.
Postal ballot system shareholders audit
Markets notice well managed companies shareholders
Continuous communication motivates people motivates people
True/False
Question Insider trading issue is an important aspect of corporate governance.
Correct AnswerTrue
Your Answer True
Question Unethical acts are results of the following factors:
Correct Answerunawareness and insensitivity to issues , selfishness , faulty reasoning
Your Answer unawareness and insensitivity to issues , selfishness , faulty reasoning
True/False
Question Learning from mistakes is often more powerful than learning from success.
Correct AnswerTrue
Your Answer True
Question An SBU is an independent business with a coherent set of
Correct Answerproducts , competitors , objectives
Your Answer products , competitors , objectives
True/False
Question Emotional distress shrinks working memory.
Correct AnswerTrue
Your Answer True
Question Under mechanism of scientific management, scientific task setting includes :
Correct AnswerTime study , Motion study , Method study
Your Answer Time study , Harmony study , Method study
Question Name the books on management written by Peter Drucker.
Correct AnswerFrontiers of Management , The practice of management ,
Management, tasks, responsibility
Your Answer Drucker on Asia , Frontiers of Management , The practice of
management , Management, tasks, responsibility
Question Who is the 'founder of Human Relation'?
Correct AnswerElton Mayo
Your Answer Elton Mayo
Question Name the specialization where the economists consider necessary for
efficiency in the use of labour.
Correct AnswerDivision of work
Your Answer Division of work
Match The Following
Henry Fayol Referred to as 'The father of modern management theory' Referred to as
'The father of modern management theory'
Federick W.Taylor Referred to as 'The father of scientific management' Referred to as
'The father of scientific management'
Vilfredo Pareto Referred to as 'The father of the social systems approach' to organization
and management Referred to as 'The father of the social systems approach' to
organization and management
W.Edward Deming Introduced quality control in Japan Introduced quality control in
Japan
Question The person who does not limit the interactions and decisions just to logical
approach, but continuously encourages his team members to think non-logically is
Correct AnswerLeader
Your Answer Leader
True/False
Question Gita has nothing to do with leadership in management
Correct AnswerFalse
Your Answer False
Question What is lacking in Indian business companies management ?
Correct AnswerProfessionalis m
Your Answer Globalisation
Question Name the flagship companies under the Business family "Munjals"
Correct AnswerHero Honda , Hero Cycles
Your Answer Hero Honda , Hero Cycles
Select The Blank
Question If you don't know what you want to achieve, don't call in the________.
Correct AnswerConsultan t
Your Answer Consultant
Select The Blank
Question Business________ is the calculation of probable events to provide against
future.
Correct Answerforecasting
Your Answer controlling
Question Name the following topics that gives an idea about the concept of organizing.
Correct AnswerDecentralization , Staffing process , Span of management
Your Answer Staffing process , Span of management , Planning, co-ordinating
Question Barriers to delegation of authority would be :
Correct AnswerLack of trust in subordinates , Fear of loosing status by managers ,
Over-confidence among managers
Your Answer Lack of trust in subordinates , Fear of loosing status by managers , Over-
confidence among managers
Select The Blank
Question Latest approach signifies organization has a part of________ system.
Correct AnswerSocial
Your Answer Social
Question What should be kept open for effective delegation?
Correct AnswerCo mmunication
Your Answer Communication
Question What is the set-up of an organization?
Correct AnswerRelationships
Your Answer Relationships
Question Name one of the factors that govern the span of management.
Correct AnswerType of work
Your Answer Type of work
True/False
Question Delegation and decentralization are closely related to each other.
Correct AnswerTrue
Your Answer True
True/False
Question Decentralization would be preferred in large sized units.
Correct AnswerTrue
Your Answer True
Select The Blank
Question________ behaviour is obtained when there is a one-way transmission of
orders from superior to subordinates.
Correct AnswerLinear
Your Answer Dominating
Select The Blank
Question Managerial function of control is the________ and correction of
performance of various activities.
Correct Answermeasur ement
Your Answer measurement
Question What is possible to enforce among workers when morale is high and when
they are given participating opportunities
Correct AnswerSelf- discipline
Your Answer Self-controlling
Question The different types of motivators would be
Correct AnswerPositive , External , Financial
Your Answer Positive , External , Financial
True/False
Question Morale is the sum total of various physical qualities.
Correct AnswerFalse
Your Answer False
Select The Blank
Question Under the types of motivators, non-financial motivators are encouragement,
freedom________.
Correct Answerrecogn ition
Your Answer recognition
Select The Blank
Question Physical needs are at the base of the hierarchy theory of motivation while self
actualisation needs are at the________.
Correct Answerapex
Your Answer apex
Your Answer
True
Select The Blank
Question
Under the decreasing returns to scale, the marginal output curve
slopes__ ______.
Correct Answer downward
Your Answer
downward
Question
The term Managerial economics also refers to
Your Answer
applied economics
Question
The Laws of Returns to scale are
Correct Answer Law of Increasing Returns to Scale , Law of Constant Returns to
Scale , Law of Decreasing Returns to scale
Your Answer
Law of Increasing Returns to Scale , Law of Constant Returns to
Scale , Law of Decreasing Returns to scale
Question
The externalities which cannot be priced in the market with
reference to the demand and supply behavior are termed as
Correct Answer non - market external effects
Your Answer
non - market external effects
Question
The government of India follows administered price policy in
respect of commodities which are vital and produced in the
Correct Answer Public sector
Your Answer
Public sector
Question
The production function studies
Correct Answer Input and out put relation , Factors of production and final
production , Technology used in production
Your Answer
Input and out put relation , Technology used in production ,
Demand for production
Question
Forms of Public Enterprises
Correct Answer departmental management , company management or
Your Answer
substitutes goods
Question
Types of imperfect competition are
Correct Answer Monopoly , Duopoly , Oligopoly
Your Answer
Monopoly , Duopoly , Oligopoly
Select The Blank
Question
The index numbers which measure the changes in the general
price level of a country refers to________
Correct Answer Wholesale prices index
Your Answer
Question
During a period of rising prices (inflation), the goods and
services are
Correct Answer scarce
Your Answer
scarce
Question
Features of Dumping are
rect Answer It is possible in the case of monopoly market , Selling same good at higher price in home market and lower at price in
international market , It is encouraged with a view to promote the exports
Your Answer
Selling same good at higher price in home market and lower at
price in international market , It is encouraged with a view to
promote the exports
True/False
Question
Pure inflation starts only after reaching the full employment level.
Correct Answer True
Your Answer
False
Question
The assumption of perfect competition in all the analytical
theories is made by
Correct Answer Classical economists
Your Answer
Classical economists
Question
For an economist, Tata Eng & Locomotive Company Ltd is a

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