This quiz works best with JavaScript enabled. Home > Economics > Managerial Economics > Managerial Economics – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Economics Quiz 11 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In long run, any market structure can at most have normal profits A) True. B) False. Show Answer Correct Answer: A) True. 2. Implicit demand is also known as ..... demand A) Derived. B) Elastic. C) Inelastic. D) Explicit. Show Answer Correct Answer: A) Derived. 3. If OPEC increases its price of oil, and still the demand for oil decreases by a very small amount, we can conclude that the demand for oil is A) Relatively inelastic. B) Relatively elastic. C) Perfectly elastic. D) Perfectly inelastic. Show Answer Correct Answer: A) Relatively inelastic. 4. Who is the author of " Theory of Managerial Capitalism" ? A) Williamson. B) Baumol. C) Marris. D) Bains. Show Answer Correct Answer: C) Marris. 5. Karyll prefers UST over DLSU. At the same time, She prefers DLSU over FEU. A) UST > DLSU > FEU. B) UST ~ DLSU ~ FEU. C) UST < DLSU < FEU. D) UST = DLSU = FEU. Show Answer Correct Answer: A) UST > DLSU > FEU. 6. Generally the relationship between price and demand is ..... A) Inverse. B) Direct. C) Positive. D) Equal. Show Answer Correct Answer: A) Inverse. 7. Statement 1:When total costs rise more than total benefits, then the action is logical.Statement 2:When total benefits rise more than total costs, then the action is illogical. A) Statement 1 is TRUE. B) Statement 2 is TRUE. C) Both Statements are TRUE. D) Both Statements are FALSE. Show Answer Correct Answer: D) Both Statements are FALSE. 8. In case two commodities are good substitutes, cross elasticity will be A) Positive. B) Negative. C) Unitary. D) Infinite. Show Answer Correct Answer: A) Positive. 9. Under ....., price is determined by the interaction of total demand and total supply in the market. A) Perfect competition. B) Monopoly. C) Imperfect competition. D) All of the above. Show Answer Correct Answer: A) Perfect competition. 10. The demand for good X has been estimated by Qxd = 10-2Px + 6Py. Suppose that good X sells at P4 per unit and good Y sells for P3 per unit. Calculate the own price elasticity. A) -0.4. B) -0.5. C) -0.3. D) -0.2. Show Answer Correct Answer: A) -0.4. 11. Sellers as a group determine the supply of the product. A) True. B) False. Show Answer Correct Answer: A) True. 12. Management depends on ..... A) Economics. B) Demand. C) Business policies. D) None of above. Show Answer Correct Answer: A) Economics. 13. Demand for medicine is highly ..... A) Inelastic. B) Elastic. C) Risk. D) None. Show Answer Correct Answer: A) Inelastic. 14. The opportunity cost of an action is the A) Monetary payment the action required. B) Value of the most highly valued alternative action given up. C) Cost of all alternative actions that could have been taken. D) None of these. Show Answer Correct Answer: B) Value of the most highly valued alternative action given up. 15. Economics is very useful in any business organisation. A) True. B) False. Show Answer Correct Answer: A) True. 16. Are anything used to produce a good or service, or achieve a goal A) Resources. B) Decisions. C) Raw Materials. D) Economics. Show Answer Correct Answer: A) Resources. 17. Below are determinants of supply or supply shifters except: A) Input prices. B) Number of firms. C) Technology and government regulations. D) Consumer expectation. Show Answer Correct Answer: D) Consumer expectation. 18. Which of the following is not a cause of internal diseconomies of scale? A) Poor communication between different departments. B) Lack of staff morale and motivation. C) Less control, direction and coordination of human resources. D) Late deliveries due to congestion in busy locations. Show Answer Correct Answer: D) Late deliveries due to congestion in busy locations. 19. Kinked demand curve for oligopoly is due to A) Price signalling. B) Price rigidity. C) Price leadership. D) None of above. Show Answer Correct Answer: B) Price rigidity. 20. Law of equi-marginal utility explains the behaviour of the ..... A) Producer. B) Consumer. C) Supplier. D) Government. Show Answer Correct Answer: B) Consumer. ← PreviousNext →Related QuizzesEconomics QuizzesManagerial Economics Quiz 1Managerial Economics Quiz 2Managerial Economics Quiz 3Managerial Economics Quiz 4Managerial Economics Quiz 5Managerial Economics Quiz 6Managerial Economics Quiz 7Managerial Economics Quiz 8Managerial Economics Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books