This quiz works best with JavaScript enabled. Home > Economics > Managerial Economics > Managerial Economics – Quiz 19 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Economics Quiz 19 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. With fixed costs of $ 400, a firm has average total costs of $ 3 and average variable costs of $ 2.50. Its output is: A) 200 units. B) 400 units. C) 800 units. D) 1000 units. Show Answer Correct Answer: C) 800 units. 2. Which of the ff. formula for Accounting Profit is correct? A) TR-Opportunity costs. B) A-L. C) TR-Explicit Costs. D) JHZL-CHUA. Show Answer Correct Answer: C) TR-Explicit Costs. 3. The price that equates quantity demanded with quantity supplied. A) Equilibrium Price. B) Balance Price. C) Market Equilibrium. D) None of above. Show Answer Correct Answer: A) Equilibrium Price. 4. The short run is characterised by A) No variable inputs-that is, all of the factors of production are fixed. B) At least one fixed factor of production. C) All inputs being variable. D) A period where the law of diminishing returns does not hold. Show Answer Correct Answer: B) At least one fixed factor of production. 5. According to Keynes, Motive of Liquidity and Enterprise that influence consumption could be categorized as which factors? A) Objective Factors. B) Income Factors. C) Exogenous Factors. D) Endogenous Fa. Show Answer Correct Answer: A) Objective Factors. 6. Managerial Economics is economics applied in managerial practice- A) True. B) False. Show Answer Correct Answer: A) True. 7. Which of the following is not a barrier to entry in a monopolized market? A) The presence of many buyers and sellers in the market. B) The government gives a single firm the exclusive right to produce some good. C) The costs of production make a single producer more efficient than a large number of producers. D) A key resource is owned by a single firm. Show Answer Correct Answer: A) The presence of many buyers and sellers in the market. 8. Which of the following documents has the issue of advertisement regarding shares for purchase? A) Memorandum of association. B) Articles of association. C) Prospectus. D) None of above. Show Answer Correct Answer: C) Prospectus. 9. What is the most important determinant of salaries? A) Average Revenue. B) Marginal Revenue. C) Total Revenue. D) Sales Revenue. Show Answer Correct Answer: D) Sales Revenue. 10. Which of the following is an example of a variable factor? A) Permanent labour which remains employed at all levels of output. B) Land on which the factory is located. C) Machinery which does not change easily. D) None of the above. Show Answer Correct Answer: D) None of the above. 11. Consider the market for SUVs. If the price of gasoline increases then the Demand for these vehicles will A) Increase. B) Decrease. C) Not be affected. D) None of above. Show Answer Correct Answer: B) Decrease. 12. A change in the entire curve caused by a change in the entire demand or supply schedule. A) Supply Curve. B) Movement Along the Curve. C) Shift of the Curve. D) Dancing Along the Curve. Show Answer Correct Answer: C) Shift of the Curve. 13. Forces that drive market demand and market supply are balanced, and there is a pressure on prices or quantities to change A) False. B) True. Show Answer Correct Answer: A) False. 14. Plays a key role in disciplining the market process. A) Goverment. B) Akira Panahon. C) Producers. D) Suppliers. Show Answer Correct Answer: A) Goverment. 15. If the price elasticity is between 0 and 1, demand is A) Inelastic. B) Elastic. C) Perfectly elastic. D) Unit elastic. Show Answer Correct Answer: A) Inelastic. 16. A critical element of entrepreneurship (as opposed to managerial skills) is A) Leadership skills. B) Risk taking. C) Technology. D) Political skills. Show Answer Correct Answer: B) Risk taking. 17. Car and petrol are complementary goods. What is the relation in case of such goods? A) Positive. B) Negative. C) Stable. D) None of these. Show Answer Correct Answer: B) Negative. 18. How do you calculate revenue? A) Sales x price. B) Price x cost. C) Cost + sales. D) Sales-total price. Show Answer Correct Answer: A) Sales x price. 19. A theory, principle and model are basically the same. A) TRUE. B) FALSE. Show Answer Correct Answer: A) TRUE. 20. Natural A) Micro. B) Macro. Show Answer Correct Answer: B) Macro. ← 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