This quiz works best with JavaScript enabled. Home > Finance > Economics > Managerial Economics > Managerial Economics – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Managerial Economics Quiz 12 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Managerial Economics makes use of economic theory and concepts and helps in formulating logical managerial decisions. A) False. B) True. Show Answer Correct Answer: B) True. 2. Suppose a $ 2 price ceiling is imposed on the market. Find Qd A) 4. B) 6. C) 7. D) 5. Show Answer Correct Answer: B) 6. 3. The period of time in which plant capacity can be varied is known as: A) Short run. B) Long run. Show Answer Correct Answer: B) Long run. 4. Plan of action means? A) Strategies. B) Plans. C) Goals. D) None of these. Show Answer Correct Answer: A) Strategies. 5. ..... for a product is a statement of the relation between the quantity supplied and all factors affecting that quantity A) Market demand function. B) Production function. C) Market supply function. D) All of the above. Show Answer Correct Answer: C) Market supply function. 6. If an input is owned and used by a firm, then its A) Economic cost is zero. B) Explicit cost is zero. C) Opportunity cost is zero. D) Implicit cost is zero. Show Answer Correct Answer: B) Explicit cost is zero. 7. He is the father of macroeconomics. A) John Caines. B) John Keynes. C) Earl Uy. D) Ferdinand Marcos. Show Answer Correct Answer: B) John Keynes. 8. Given:M = 100, Px = 25, Py = 20Find the horizontal intercept of the budget line. A) 5. B) 0.25. C) 4. D) 0.8. Show Answer Correct Answer: C) 4. 9. ..... focuses on the behavior of the individual actors on the economic stage, that is, firms and individuals and their interaction in markets. A) Managerial economics. B) Micro economics. C) Macro Economics. D) Economics. Show Answer Correct Answer: B) Micro economics. 10. Which of the following is the best example of "how goods and services should be produced?" A) The use of additional workers versus the use of machines in the production of goods. B) The production of jet aircraft for the air force or for a commercial airline. C) Complying with the technical specifications in the production of an aircraft. D) The production of a new manufacturing facility. Show Answer Correct Answer: A) The use of additional workers versus the use of machines in the production of goods. 11. The price of petrol/gas is expected to increase next week. Then today the demand for petrol/gas will A) Increase. B) Decrease. Show Answer Correct Answer: A) Increase. 12. The out of pocket costs are ..... A) Sunk costs. B) Marginal costs. C) Social costs. D) Explicit costs. Show Answer Correct Answer: B) Marginal costs. 13. The totality of a group of producers' supply. A) Aggregate Demand. B) Aggregate Supply. C) Demand Schedule. D) Supply Schedule. Show Answer Correct Answer: B) Aggregate Supply. 14. It reflects the consumers' desire for commodity. A) Supply Function. B) Demand Function. C) Supply. D) Demand. Show Answer Correct Answer: D) Demand. 15. In a perfectly competitive market, all goods are exactly the same. Buyers and sellers are so numerous that no one can affect the market price, "Price Takers" . A) True. B) False. Show Answer Correct Answer: A) True. 16. Which of the following is not a type of option demand? A) Consumption and demand for productive goods. B) Generation and industry demand. C) Short term and long term demand. D) Rural and urban demand. Show Answer Correct Answer: D) Rural and urban demand. 17. Managerial Economics helps in achieving business objectives by making strategic business decisions A) True. B) False. Show Answer Correct Answer: A) True. 18. 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) 1000 units. C) 400 units. D) 800 units. Show Answer Correct Answer: D) 800 units. 19. Which of the ff. formula for Accounting Profit is correct? A) TR-Explicit Costs. B) JHZL-CHUA. C) TR-Opportunity costs. D) A-L. Show Answer Correct Answer: A) TR-Explicit Costs. 20. 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. 21. 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. 22. According to Keynes, Motive of Liquidity and Enterprise that influence consumption could be categorized as which factors? A) Exogenous Factors. B) Income Factors. C) Objective Factors. D) Endogenous Fa. Show Answer Correct Answer: C) Objective Factors. 23. Managerial Economics is economics applied in managerial practice- A) False. B) True. Show Answer Correct Answer: B) True. 24. 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. 25. 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. 26. What is the most important determinant of salaries? A) Average Revenue. B) Total Revenue. C) Marginal Revenue. D) Sales Revenue. Show Answer Correct Answer: D) Sales Revenue. 27. 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. 28. 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. 29. A change in the entire curve caused by a change in the entire demand or supply schedule. A) Supply Curve. B) Shift of the Curve. C) Movement Along the Curve. D) Dancing Along the Curve. Show Answer Correct Answer: B) Shift of the Curve. 30. Forces that drive market demand and market supply are balanced, and there is a pressure on prices or quantities to change A) True. B) False. Show Answer Correct Answer: B) False. ← 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