This quiz works best with JavaScript enabled. Home > Finance > Economics > Managerial Economics > Managerial Economics – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Economics Quiz 10 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. 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. 2. Minimum number of members needed in a private company A) 5. B) 10. C) 2. D) 7. Show Answer Correct Answer: C) 2. 3. 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. 4. 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) False. B) True. Show Answer Correct Answer: B) True. 5. 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. 6. An Iso-Cost line represents A) Combinations of two inputs that cost the same amount to a firm. B) Combinations of two inputs which yields varying amount of output. 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: A) Combinations of two inputs that cost the same amount to a firm. 7. Examples of Managerial Problem. A) Post an advertisement. B) What will be the sitting arrangement of AGM?. C) What method of production to use. D) Playing a promotion. Show Answer Correct Answer: C) What method of production to use. 8. Cost function is a.....concept: A) Technical. B) Economical. C) Functional. D) Financial. Show Answer Correct Answer: C) Functional. 9. 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. 10. 'What is' is related with which among the following? A) Managerial economics. B) Economics. C) Normative. D) Positive. Show Answer Correct Answer: D) Positive. 11. Economies of scale deals with A) Productivities. B) Internal and external economies. Show Answer Correct Answer: B) Internal and external economies. 12. Economic is a study of ..... A) Human behaviour. B) Mathematics. C) Community. D) None of above. Show Answer Correct Answer: A) Human behaviour. 13. It is the discipline of organizing and allocating a firm's scarce resources to achieve its desired objectives. A) Economics. B) Managerial Economics. C) Risk Management. D) Management. Show Answer Correct Answer: D) Management. 14. The ..... the F-statistic, the better the overall regression fit. A) Lesser. B) Greater. C) Equal. D) Decrease. Show Answer Correct Answer: B) Greater. 15. 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. 16. 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. 17. How many types of price relativity of demand are there? A) 6. B) 3. C) 4. D) 5. Show Answer Correct Answer: D) 5. 18. 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. 19. Selling cost is included in the ..... cost A) Total. B) Average. C) Marginal. D) None of the above. Show Answer Correct Answer: A) Total. 20. Lebi prefers the brand TangInaMoo over MamaMoo. A) Transitivity. B) Diminishing MRS. C) Completeness. D) More Is Better. Show Answer Correct Answer: C) Completeness. 21. 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. 22. Consumers on their purchase and consumption can gain knowledge and experience that will help them for future purchase. this is called A) Impulsive purchase. B) Consumer learning. C) Consumer behaviour. D) Cognitive dissonance. Show Answer Correct Answer: B) Consumer learning. 23. Demand = Desires + ..... + Willingness to pay A) Supply. B) Utility. C) Purchasing power. D) Want. Show Answer Correct Answer: C) Purchasing power. 24. 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. 25. It is an activity that transforms input into output. A) Manufacturing. B) Packaging. C) Production function. D) Function. Show Answer Correct Answer: C) Production function. 26. 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. 27. 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. 28. If price changes by 1% and supply changes by 2%, then the supply is ..... A) Indeterminate. B) Statitc. C) Elastic. D) Inelastic. Show Answer Correct Answer: C) Elastic. 29. If elasticity is 0 then it is A) Perfectly elastic. B) Perfectly inelastic. Show Answer Correct Answer: B) Perfectly inelastic. 30. 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. ← PreviousNext →Related QuizzesEconomics QuizzesFinance QuizzesManagerial Economics Quiz 1Managerial Economics Quiz 2Managerial Economics Quiz 3Managerial Economics Quiz 4Managerial Economics Quiz 5Managerial Economics Quiz 6Managerial Economics Quiz 7Managerial Economics Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books