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Managerial Economics Quiz 3 (20 MCQs)

Quiz Instructions

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1. Which of the following is the formula for Budget Set?
2. When an increase in price reduces quantity demanded just a little, then the demand curve is said to be inelastic.
3. At equilibrium, for cost-output determination
4. Responsiveness of supply to the change in price is called as .....
5. The more substitutes available for a product,
6. Which of the following is NOT included as the resources used to produce finished goods and services?
7. Capitalism is an economic system where individuals take all themain economic decisions.
8. A curve indicating the total quantity of a good that all producers in a competitive market would produce at each price, holding input prices, technology, and other variables affecting supply constant.
9. The change in total benefits arising from a change in the managerial control variable.
10. The maximum level of output that can be produced with a given amount of input.
11. Sales Maximisation theory was given by .....
12. Managerial economics is best defined as the economic study of
13. A good with a vertical demand curve has a demand with
14. Economic theory of the firm assumes that the primary objective of a firm's owner or owners is to:
15. If a price is above equilibrium price, it creates a .....
16. Managerial Economics is useful wherever there are scarce resources and it helps to ensure that managers make effective and efficient decisions concerning customers, suppliers, competitors as well as within an organization.
17. Which of the following goods is a durable good?
18. If the interest rate is 10%, what is the present value of $ 20 received one year from now?
19. Quantity demanded is the amount of a good that buyers are willing and able to purchase.
20. The 'opportunity cost' of a decision means the sacrifice of alternatives required by that decision. If there are no sacrifices, there is no cost.
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