This quiz works best with JavaScript enabled. Home > Economics > Managerial Economics > Managerial Economics – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Economics Quiz 13 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Cultural A) Micro. B) Macro. Show Answer Correct Answer: B) Macro. 2. According to Spencer, Managerial economics is the integration of economic theory with business practice for the purpose of facilitating decision making and forward planning by management. A) True. B) False. Show Answer Correct Answer: A) True. 3. A minimum limit beyond which the price of a commodity is not allowed to fall. A) Price Floor. B) Price Ceiling. C) Surplus. D) Demand. Show Answer Correct Answer: A) Price Floor. 4. In which type of market structures you will see a kinked demand curve? A) Monopoly. B) Monopolistic. C) Oligopoly. D) Perfect competition. Show Answer Correct Answer: C) Oligopoly. 5. It is an economic concepts that measures the responsiveness of one variable to changes in another variable. A) Quantity Demanded. B) Marginal Revenue. C) Elasticity Concept. D) None of the Above. Show Answer Correct Answer: C) Elasticity Concept. 6. The use of Managerial Economics enables optimum utilization of scarce resources in such organizations as well as helps in achieving the goals most efficiently. A) True. B) False. Show Answer Correct Answer: A) True. 7. ..... is economic theory used in business whereas ..... is economics theory used in business and non-business organization A) Micro economics, macro economics. B) Business economics, managerial economics. C) Positive economics and normative economics. D) None of these. Show Answer Correct Answer: B) Business economics, managerial economics. 8. If demand does not change but price changes, then what type of price relativity is it called? A) Aggregate price relative demand. B) Total value unexpected demand. C) Price relative demand in relative manner. D) Price relative demand. Show Answer Correct Answer: B) Total value unexpected demand. 9. Managerial Economists should carry out a thorough analysis of the environment of a business. A) True. B) False. Show Answer Correct Answer: A) True. 10. Identify the two cost curves which start from the same point on the Y-axis. A) TVC and TFC. B) TFC and TVC. C) TFC and TC. D) TFC and AFC. Show Answer Correct Answer: C) TFC and TC. 11. Occurs when consumer has spent all income and the marginal utilities per dollar spent on each good purchased are equal. A) Consumer Satisfaction. B) Consumer Goods. C) Consumer Equilibrium. D) Consumer Demand. Show Answer Correct Answer: C) Consumer Equilibrium. 12. Managerial Economics basically comprises of two main divisions namely Microeconomics and Macroeconomics A) True. B) False. Show Answer Correct Answer: B) False. 13. Economic theories are not applied in managerial economics A) True. B) False. Show Answer Correct Answer: B) False. 14. Sensitivity analysis help us determining the weakest features of the optimal choice of action. A) True. B) False. Show Answer Correct Answer: B) False. 15. Managers should determine the price and output with the acquaintance of market structures and approaches pertinent to determination of price and output in the given market setup. A) True. B) False. Show Answer Correct Answer: A) True. 16. Economics is the study A) Scarcity. B) Wants. C) Need. D) Demand. Show Answer Correct Answer: A) Scarcity. 17. Managerial economics is best defined as A) The study of economics by managers. B) The study of the aggregate economic activity. C) The study of how managers make decisions about the use of scarce resources. D) All of the above are good definitions. Show Answer Correct Answer: C) The study of how managers make decisions about the use of scarce resources. 18. Which of the following method(s) is(are) suitable for forecasting the demand of a product? A) Market research and judgmental method. B) Judgmental method. C) Delphi method and judgmental method. D) Delphi method. Show Answer Correct Answer: C) Delphi method and judgmental method. 19. Which among the following is not related with economics? A) Formulates law. B) Only normative science. C) Deals with theories of distribution. D) Micro and macro aspects. Show Answer Correct Answer: B) Only normative science. 20. Suppose the demand for good Z goes up when the price of good Y goes down. We can say that goods Z and Y are: A) Unrelated Goods. B) Perfect Substitutes. C) Complements. D) Substitutes. Show Answer Correct Answer: C) Complements. ← 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