This quiz works best with JavaScript enabled. Home > Economics > Managerial Economics > Managerial Economics – Quiz 15 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Economics Quiz 15 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Steps for Decision Making after group members determine their needs and decide what they want to accomplish, they should write a general goal (or goals) for their project. A) Define the Problem. B) Determine the Objective. C) Discover Alternatives. D) Forecast the Consequences. Show Answer Correct Answer: B) Determine the Objective. 2. What does T mean in Dx=f(I, Px, Ps, Pc, T, u ..... )? A) Technology. B) Teacher. C) Interests and preferences. D) Bye. Show Answer Correct Answer: C) Interests and preferences. 3. Minimum number of members needed in a private company A) 7. B) 2. C) 5. D) 10. Show Answer Correct Answer: B) 2. 4. The short run is a time period in which: A) All resources are fixed. B) The level of output is fixed. C) The size of the production plant is variable. D) Some resources are fixed and others are variable. Show Answer Correct Answer: D) Some resources are fixed and others are variable. 5. According to the Opportunity Cost Principle, a firm can hire a factor of production if and only if that factor earns a reward in that occupation/job equal to or greater than its opportunity cost. A) True. B) False. Show Answer Correct Answer: A) True. 6. Which of the following is not a fundamental consideration of operator economics? A) Care for growth. B) Consider alternative expenses. C) Consideration of even-limit. D) Law of demand. Show Answer Correct Answer: D) Law of demand. 7. An Iso-Cost line represents A) Combinations of two inputs which yields varying amount of output. B) Combinations of two inputs that cost the same amount to a firm. C) Combinations of two inputs which yield same amount of output. D) Combinations of two inputs which cost different amount of output. Show Answer Correct Answer: B) Combinations of two inputs that cost the same amount to a firm. 8. Examples of Managerial Problem. A) What method of production to use. B) What will be the sitting arrangement of AGM?. C) Playing a promotion. D) Post an advertisement. Show Answer Correct Answer: A) What method of production to use. 9. Cost function is a.....concept: A) Economical. B) Functional. C) Financial. D) Technical. Show Answer Correct Answer: B) Functional. 10. Managerial Economics undertakes the study of different economic tools that are used in business decision-making. A) True. B) False. Show Answer Correct Answer: A) True. 11. 'What is' is related with which among the following? A) Positive. B) Normative. C) Economics. D) Managerial economics. Show Answer Correct Answer: A) Positive. 12. Economies of scale deals with A) Productivities. B) Internal and external economies. Show Answer Correct Answer: B) Internal and external economies. 13. Economic is a study of ..... A) Human behaviour. B) Mathematics. C) Community. D) None of above. Show Answer Correct Answer: A) Human behaviour. 14. It is the discipline of organizing and allocating a firm's scarce resources to achieve its desired objectives. A) Managerial Economics. B) Management. C) Risk Management. D) Economics. Show Answer Correct Answer: B) Management. 15. The ..... the F-statistic, the better the overall regression fit. A) Decrease. B) Lesser. C) Equal. D) Greater. Show Answer Correct Answer: D) Greater. 16. The economic concept of "opportunity cost" is most closely associated with which of the following management considerations? A) Market structure. B) Product demand. C) Resource scarcity. D) Technology. Show Answer Correct Answer: C) Resource scarcity. 17. Quantity of goods that consumers are willing and able to purchase increases/decreases as the price falls/rises. A) Law of Panahon. B) Law of Demand. C) Law of Supply. D) Law of Martin. Show Answer Correct Answer: B) Law of Demand. 18. How many types of price relativity of demand are there? A) 3. B) 4. C) 5. D) 6. Show Answer Correct Answer: C) 5. 19. Below are determinants of demand or demand shifters except: A) Substitution in production. B) Price of related good. C) Advertising and consumer taste. D) Population. Show Answer Correct Answer: A) Substitution in production. 20. Selling cost is included in the ..... cost A) Total. B) Average. C) Marginal. D) None of the above. Show Answer Correct Answer: A) Total. ← 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