This quiz works best with JavaScript enabled. Home > Economics > Managerial Economics > Managerial Economics – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Economics Quiz 16 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Lebi prefers the brand TangInaMoo over MamaMoo. A) Completeness. B) More Is Better. C) Transitivity. D) Diminishing MRS. Show Answer Correct Answer: A) Completeness. 2. Which among the following are objectives of demand forecasting? A) Financial planning. B) Production policies. C) Dividend decisions. D) All of these. Show Answer Correct Answer: D) All of these. 3. Consumers on their purchase and consumption can gain knowledge and experience that will help them for future purchase. this is called A) Consumer behaviour. B) Consumer learning. C) Impulsive purchase. D) Cognitive dissonance. Show Answer Correct Answer: B) Consumer learning. 4. Demand = Desires + ..... + Willingness to pay A) Supply. B) Utility. C) Want. D) Purchasing power. Show Answer Correct Answer: D) Purchasing power. 5. Shows the consumption bundle that is affordable and yields the greatest satisfaction to the consumer. A) Consumer's Demand. B) Consumer Behavior. C) Consumer Equilibrium. D) Consumer's Income. Show Answer Correct Answer: C) Consumer Equilibrium. 6. It is an activity that transforms input into output. A) Function. B) Production function. C) Manufacturing. D) Packaging. Show Answer Correct Answer: B) Production function. 7. Who defined managerial economics as "Integration of economic theories with business practice for the purpose of facilitating decision making and forward planning by management" ? A) Joel Dean. B) Spencer & Siegelman. C) Marshall. D) Samuelson. Show Answer Correct Answer: B) Spencer & Siegelman. 8. Demand is said to be unitary elastic if the absolute value of the own price elasticity is: A) Equal to 1. B) Less than 1. C) Greater than 1. D) None of the choices. Show Answer Correct Answer: A) Equal to 1. 9. If price changes by 1% and supply changes by 2%, then the supply is ..... A) Statitc. B) Indeterminate. C) Elastic. D) Inelastic. Show Answer Correct Answer: C) Elastic. 10. If elasticity is 0 then it is A) Perfectly elastic. B) Perfectly inelastic. Show Answer Correct Answer: B) Perfectly inelastic. 11. When MP is negative A) TP is maixmum. B) TP starts falling. C) AP becomes negative. D) TP is zero. Show Answer Correct Answer: B) TP starts falling. 12. Under law of variable proportion, if labour is assumed as a variable factor, then when Marginal Product of labour (MPL) falls but still above the Average Product of labour (APL), Total product (TP) A) Increases at an increasing rate. B) Increases at a decreasing rate. C) Reaches at its maximum level. D) Becomes negative. Show Answer Correct Answer: A) Increases at an increasing rate. 13. Economic profit equals A) Normal profit plus opportunity costs. B) Business profit minus implicit costs. C) Business profit plus implicit costs. D) Normal profit minus opportunity costs. Show Answer Correct Answer: B) Business profit minus implicit costs. 14. Price in a relative manner:In relative demand, there is a change in demand as compared to price. A) Less. B) More. C) Double. D) Equal. Show Answer Correct Answer: B) More. 15. Other things remains the same with a rise in price demand ..... A) Expands. B) Contracts. C) Both. D) None. Show Answer Correct Answer: B) Contracts. 16. Who is a father of economics A) Adam Smith. B) Marshall. C) Rabions. D) None. Show Answer Correct Answer: A) Adam Smith. 17. Consumers are less concerned about price changes when the good feels cheap, making the demand inelastic. A) True. B) False. Show Answer Correct Answer: A) True. 18. Indifference curve are ..... from the origin. A) L Slope. B) Concave. C) Convex. D) Down Slope. Show Answer Correct Answer: C) Convex. 19. Price discrimination is defined as a business charging different consumers ..... prices for the ..... product, whereby the price difference is not due to the differences in the cost of supplying the customers. A) Different same. B) Same same. C) Same different. D) Different different. Show Answer Correct Answer: A) Different same. 20. Attempt to negotiate or locate low prices, while the other party attempt to negotiate high prices. A) Goverment and the Market. B) Producer-Producer. C) Consumer-Consumer. D) Consumer-Producer. Show Answer Correct Answer: D) Consumer-Producer. ← 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