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Managerial Economics Quiz 2 (30 MCQs)

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1. If the quantity demanded of a commodity is unresponsive to change in prices, then the demand of that commodity is .....
2. *Managerial Economics assists the managers of a firm in rational forecasting of demand and supply and solving obstacles faced in the firm's activities.
3. Demand means what?
4. Find the shortage when the price ceiling is $ 1.50.
5. The formula for quantity demand is Qd = 10-1P
6. According to the law of demand, what is the relationship between price and demand when other variables are constant?
7. How many types of dumping are there?
8. Which of the following markets comes closes to the model of perfect competition?
9. Which of the following is the formula for Budget Set?
10. When an increase in price reduces quantity demanded just a little, then the demand curve is said to be inelastic.
11. Responsiveness of supply to the change in price is called as .....
12. The more substitutes available for a product,
13. Which of the following is NOT included as the resources used to produce finished goods and services?
14. Capitalism is an economic system where individuals take all themain economic decisions.
15. 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.
16. The change in total benefits arising from a change in the managerial control variable.
17. The maximum level of output that can be produced with a given amount of input.
18. Sales Maximisation theory was given by .....
19. Managerial economics is best defined as the economic study of
20. A good with a vertical demand curve has a demand with
21. Economic theory of the firm assumes that the primary objective of a firm's owner or owners is to:
22. If a price is above equilibrium price, it creates a .....
23. 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.
24. Which of the following goods is a durable good?
25. If the interest rate is 10%, what is the present value of $ 20 received one year from now?
26. Quantity demanded is the amount of a good that buyers are willing and able to purchase.
27. The 'opportunity cost' of a decision means the sacrifice of alternatives required by that decision. If there are no sacrifices, there is no cost.
28. In a perfect competition market structure
29. The price elasticity of demand is the:
30. Which among the following are exempted from law of demand?
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