MBA Managerial Economics MCQ with Answers pdf download!
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MBA Managerial Economics MCQ with Answers
1. Managerial Economics is the integration of ___ with ___ for solving business and management problems.
Ans. Economic theory, Business Practice
2. Managerial Economics fills up the gap between ___ and ___.
Ans. Economic theory Practice.
3. Managerial Economics is mainly a ___ science.
4. Basic objective of a firm today is ___.
Ans. Profit optimization
5. Managerial Economics is basically a branch of ___ economics.
6. Two major functions of a Managerial Economist are ___ and ___.
Ans. Decision-making Forward Planning
1. In a typical demand schedule quantity demanded varies ___ with the price.
2. In the case of Giffen’s goods, price and demand go in the ___ directions.
3. If demand changes as a result of price changes, then it is a case of ___ and ___ in demand.
Ans. Expansion, contraction
4. Law of demand is a ___ statement.
5. Demand function is much more ___ than the law of demand.
Ans. Comprehensive / wider
6. In the case of Veblen goods, a fall in price leads to a ___ in demand. Ans. Fall
7. Law of demand explains the ___change in demand and elasticity of demand explain ___ change in demand.
Ans. Direction percentage
8. According to Marshall, ___ is the degree of responsiveness of demand to the change in the price of that commodity.
Ans. Price Elasticity of Demand
9. The relatively elastic demand curve is ___.
10. When the quantity demanded increases with the increase in income, we say that the income elasticity of demand will be ___. When quantity demanded decreases with an increase in income, we say that the income elasticity of demand is ___.
Ans. Positive; negative
11. ___ helps the manager to decide the advertisement expense.
Ans. Advertisement Elasticity of Demand
12. Point method helps to measure ___ quantity of change in demand and arc methods helps to measure ___ changes in demand.
Ans. Small, large
13. Demand forecasting refers to an estimate of ___ for the product under the given condition.
Ans. Most likely future demand
14. The heart of the survey method is ___.
15. Collective opinion method is also known as ___.
Ans. Sales-force polling
16. Sample survey method of Demand forecasting is also called ___.
Ans. Consumer panel
17. An economic indicator indicates changes in the magnitude of an ___.
Ans. Economic variable
18. On the basis of ___ it is possible for project future sales of a company.
Ans. Time series
19. Stock is ___.
Ans. Potential supply
20. Supply curve generally slopes ___.
21. ___ shows the relationship between price and quantity supplied of a particular product.
Ans. Law of supply
22. The supply curve shifts when there is a change in quantity supplied due to factors other than___.
23. When the supply increases the supply curve shifts to the ___.
24. Supply tends to be ___ in the short run.
25. Tabular representation of different quantities of commodities supplied at varying price is called___.
Ans. Supply schedule
26. Absence of change in movement in economics is called ___.
27. The quantity bought and sold at the equilibrium is called ___. Ans. Equilibrium quantity
28. There will be a change in ___ when there will be a shift in either the demand curve or supply curve or both.
Ans. Equilibrium Price
29. Production creates ___ or ___ of value.
Ans. New utilities, addition.
30. Production function explain ___ or ___ relationship between inputs and outputs.
Ans. Technological, engineering.
31. In the short period only ___ factor inputs are changed.
32. When marginal product is zero total product will be ___.
33. An ISO ___ Quant curve shows different alternative combinations of inputs that helps to produce the same level of output whereas an ISO-Cost curve shows a ___ combination of two inputs that can be purchased with a given amount of investment expenditure while prices of two-factor inputs remain constant.
Ans. Various alternative, particular
34. When all inputs are increased by 8% and output increases by 13% then it is a case of laws of___.
Ans. Diminishing returns
35. Internal economies depend on the growth of a ___ and external economies depend on the growth of the ___.
Ans. Firms industry
36. Economies of scope refers to the benefits which arise to a firm when it produces more than ___ rather than producing ___ separately by two firms.
Ans. One product jointly
37. Opportunity cost of anything is the alternative that has been ___.
38. Marginal cost deals with changes in the cost of ___ unit whereas incremental cost deals with changes in the cost of ___.
Ans. One, a group of units
39. AC minus AVC would give us ___
40. Total cost includes ___ profits.
41. Marginal cost is associated with ___ costs.
42. In the long run all cost are ___.
43. In the ___ model, the important assumption is that the entrepreneur aims at maximising his profits.
Ans. Profit Maximisation Model
44. ___ is the point where the firm has stopped incurring losses but yet to start gaining profit.
Ans. Break-Even point
45. The full form of TR is ___
Ans. Total Revenue
46. According to Economist Theory of Firm, a firm is a ___ unit, which converts the input into output and while doing so, tries to create surplus value.
47. The firm aiming for profit maximization reaches its equilibrium only when it produces ___.
Ans. Profit maximizing output
48. Business decisions are made to cope with ___.
49. ___ is related to demand sales management and sales decision.
Ans. Market share goal
50. ___ is related to price and resource allocation decisions.
Ans. Profit goal
51. ___works as a shock absorber.
Ans. Slack payment
52. ___ and ___ types of resolving conflicts are qualitative.
Ans. Sequential hearing to demand and Decentralizing the decision making
53. Cyert and March point out that the coalition group has multiple, ___ and ___ goals.
Ans. Conflicting and opposite
54. According to ___ modern firms are managed by both the manager and the shareholders (owners).
Ans. Robin Marris
55. In ___, the objective of the firm is balanced growth.
Ans. Marris Growth Maximization Model
56. In Marris Growth Maximization Model, the manager tries to maximize his satisfaction and his satisfaction lies in the ___.
Ans. The growth rate of the firm
57. In the ___ relationship, growth determines profit.
Ans. Differentiated diversification
58. Sales maximization model is an alternative for the ___ model. Ans. Profit maximization
59. Boumal thinks managers are more interested in maximizing ___ rather than profit. Ans. Sales
60. In an oligopoly market structure, the firms compete more in terms of advertisement, product variations, etc. rather than ___.
61. The expenditure, which is incurred by the Manager’s indulgence in a company car is termed by Williamson as ___
Ans. Management slack
62. In the equation, S stands for ___ and D stands for ___. ), (DSfU =
Ans. Staff expenditure and discretionary profit
63. ___ is the total income realized from the sale of its output at a price.
Ans. Total revenue
64. TR / Q = ___
65. Additional revenue earned by selling an additional unit of output is called ___.
Ans. Marginal revenue
66. AR curve coincides with the MR curve and runs parallel to the OX axis under ___ competition.
67. AR and MR curves slope downwards under the condition of ___ competition.
68. Cost plus pricing = cost + ___.
Ans. Fair profits
69. We come across going rate pricing generally under ___ market.
Ans. Oligopoly market
70. The objective of charging high prices for new products is to ___ from the market.
Ans. Skim the cream from the market.
71. The rate of return pricing = Total cost per unit + ___.
Ans. Mark- up
72. Administered prices are the prices that are fixed and enforced by the ___ in the overall interest of the community
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