Managerial Economics - 9

Multiple Choice Single Answer
Question
The study of the working and allocation of resources in the free market economies is the topic in the
Correct Answer
theory of price
Your Answer
theory of production

Multiple Choice Single Answer
Question
Managerial economics aims at providing help in the firms is
Correct Answer
decision making
Your Answer
decision making

True/False
Question
The federal government of U.S.A. does not face the basic economic problem.
Correct Answer
False
Your Answer
False

Multiple Choice Single Answer
Question
In equilibrium analysis of a firm, it is assumed that every individual proprietor exhibits rational economic
Correct Answer
behavior
Your Answer
behavior

Match The Following
Question
Correct Answer
Your Answer
Managerial Economics
Prescriptive in nature
The theory of distribution
Resources
Alternative uses
Alternative uses
Division of society’s output of goods and services
The theory of distribution
Prescriptive in nature
Motor cars
Tangible goods
Tangible goods
Wants
Insatiable
Insatiable

True/False
Question
Market price fluctuates very often
Correct Answer
True
Your Answer
False

Multiple Choice Single Answer
Question
The firm is the unit that makes the decisions regarding employment of and the output of commodities are
Correct Answer
factors of production
Your Answer
factors of production

Multiple Choice Single Answer
Question
The principle of exclusion cannot be applied to the goods which are
Correct Answer
indivisible
Your Answer
invisible

Multiple Choice Single Answer
Question
In the cost – benefit analysis, the firm step involved is that the investor has to choose a few project alternatives promising a rate of return which is
Correct Answer
high
Your Answer
high

Multiple Choice Single Answer
Question
Market system of economy is characterized by consumer’s
Correct Answer
sovereignty
Your Answer
demand

Multiple Choice Single Answer
Question
In case of a joint stock company, the liability of share holders is
Correct Answer
limited
Your Answer
limited

True/False
Question
The divisible goods, whose benefits can be priced, are called pure public goods
Correct Answer
False
Your Answer
True

True/False
Question
In case of a proprietary firm the liability of the proprietor is limited
Correct Answer
False
Your Answer
False

True/False
Question
During the phase of depression, the level of national income and expenditure rises rapidly
Correct Answer
False
Your Answer
False

Multiple Choice Single Answer
Question
According J.B.Clark, profit is the reward paid for
Correct Answer
dynamism
Your Answer
risk bearing

Multiple Choice Single Answer
Question
Gross profit is the excess of total revenue of a firm over total
Correct Answer
expenditure
Your Answer
expenditure

Multiple Choice Single Answer
Question
In general, the demand for necessaries is relatively
Correct Answer
inelastic
Your Answer
elastic

True/False
Question
Demand for food grains is inelastic but the demand for wheat is elastic.
Correct Answer
True
Your Answer
False

Match The Following
Question
Correct Answer
Your Answer
Excess supply can be defined as
Quantity supplied minus quantity demanded
Quantity supplied minus quantity demanded
If demand remain unchanged on increase in supply will result in
A rise in equilibrium quantity
The supply is perfectly elastic
Market Price is a situation which
The supply is perfectly elastic
A rise in equilibrium quantity
The responsiveness of demand to change in price is measured
Elasticity of demand
In the same proportion
Unit income elasticity implies that asincome rises demand for a commodity rises
In the same proportion
Elasticity of demand

Select The Blank
Question
Greater scope for the ________ sector may mean incremental ________ , which connotes the expansion of public sector undertakings, can be left to some private companies
Correct Answer
private
Your Answer
investment
Correct Answer
disinvestments
Your Answer
growth

Multiple Choice Single Answer
Question
Goods produced on small scale of supply is
Correct Answer
inelastic
Your Answer
zero elastic

True/False
Question
The sum of total fixed costs and total variable costs is the total cost.
Correct Answer
True
Your Answer
True

True/False
Question
Contraction of supply is traced by the downward movement on the supply curve.
Correct Answer
True
Your Answer
True

True/False
Question
The laws of returns to scale explain the behavior of output in response to changes in scale.
Correct Answer
True
Your Answer
True

True/False
Question
In the stage I of the law of diminishing returns, the marginal product goes on increasing
Correct Answer
True
Your Answer
False

Multiple Choice Multiple Answer
Question
Features of monopolistic Competition
Correct Answer
Fairly Large number of firms , Product differentiation , Selling costs are existed
Your Answer
Fairly Large number of firms , Product differentiation , Selling costs are existed

Select The Blank
Question
Where ________ is charging a ________ in the home market and a lower price in the international market, it is called Dumping
Correct Answer
monopolist
Your Answer
a firm
Correct Answer
higher price
Your Answer
higher price

Select The Blank
Question
The number of sellers operating under this type of competition is ________ under oligopoly, but less than under ________
Correct Answer
larger than
Your Answer
complementary
Correct Answer
perfect ompetition
Your Answer
perfect ompetition

Multiple Choice Multiple Answer
Question
Marginal Propensity to consume
Correct Answer
It is defined as the ratio of the change in consumption to the change in income , It is rate of change in the average propensity to consume as income changes , It is derived by the formula mpc= change in C/change in Y
Your Answer
It is defined as the ratio of the change in consumption to the change in income , It is derived by the formula mpc= change in C/change in Y , It is derived by dividing the change in income by change in the consumption expenditure

Multiple Choice Multiple Answer
Question
Investment
Correct Answer
It adds to capital equipments , It leads to increase in level of income , It includes new plant and equipment
Your Answer
It adds to capital equipments , It leads to increase in level of income , It includes new plant and equipment

Multiple Choice Multiple Answer
Question
Features of stage of expansion in business cycle are
Correct Answer
Rise in national output , Rise in consumer and capital expenditure , Bank advances grow rapidly
Your Answer
Rise in national output , Rise in consumer and capital expenditure , Bank advances grow rapidly

Multiple Choice Multiple Answer
Question
Characteristics of Depression
Correct Answer
Decrease in economic activities , The growth rate becomes negative , The level of national income declines rapidly
Your Answer
Decrease in economic activities , The growth rate becomes negative

Multiple Choice Multiple Answer
Question
Recession includes
Correct Answer
The demand is halted , Increase in production of goods , Inventories piling up in stocks
Your Answer
The demand is halted , Inventories piling up in stocks

Multiple Choice Multiple Answer
Question
The causes of inflation
Correct Answer
Increase in public expenditure , Increase in private expenditure , Increase in foreign demand
Your Answer
Increase in public expenditure , Increase in foreign demand , Increase in taxation

Select The Blank
Question
The rate of interest, according to ________ , depends upon two factors: (i) ________ and (ii) the quantity of money
Correct Answer
Keynes
Your Answer
Keynes
Correct Answer
the liquidity preference function
Your Answer
the liquidity preference function

Select The Blank
Question
In the words of ________ , “inflation occurs when the ________ of prices and cost is rising”.
Correct Answer
Prof. Samuelson
Your Answer
Prof. Samuelson
Correct Answer
general level
Your Answer
general level

Multiple Choice Multiple Answer
Question
Forms of Public Enterprises
Correct Answer
Public Corporations , Departmental management , Company Management or management by boards
Your Answer
Departmental management , Public Corporations

Multiple Choice Multiple Answer
Question
Specific organizational goals of Firms are:
Correct Answer
Maximisation of profit , Reasonable Profit Target , Sales revenue Maximization
Your Answer
Maximisation of profit , Reasonable Profit Target , Sales revenue Maximization

Multiple Choice Multiple Answer
Question
Individual Demand Schedule:
Correct Answer
Is in tabular form , It shows the prices of goods , It shows the quantities of a commodity purchased
Your Answer
Is in tabular form , It shows the prices of goods , It shows the quantities of a commodity purchased

Multiple Choice Multiple Answer
Question
The production function can be explained by:
Correct Answer
Law of variable proportions , Laws of returns to scale , Optimum combinations of inputs
Your Answer
Law of variable proportions , Laws of returns to scale , Optimum combinations of inputs

Multiple Choice Multiple Answer
Question
Implicit costs are:
Correct Answer
Cost on self owned resources , Costs of salary of the proprietor , Interest on the entrepreneur's own investment
Your Answer
Cost on self owned resources , Interest on the entrepreneur's own investment

Select The Blank
Question
Managerial ________s generally refers to the integration of economic theory with ________ practice.
Correct Answer
economic
Your Answer
economic
Correct Answer
business
Your Answer
business

Select The Blank
Question
In a competitive industry, there is a large number of firms so that the action of ________ firm has ________ on the price and output of the whole industry.
Correct Answer
a single
Your Answer
a single
Correct Answer
no effect
Your Answer
no effect

Select The Blank
Question
As per the International Labour Organisation (ILO), _ ________ is a ________ association of individuals with limited income on the basis of equal rights and responsibilities for achieving certa
Correct Answer
Co-operation
Your Answer
Co-operation
Correct Answer
voluntary
Your Answer
voluntary

Select The Blank
Question
The word ________ has different meanings to businessmen, ________ , tax collectors, workers and economists and it is often used in a loose sense that buries its real significance
Correct Answer
Profit
Your Answer
Profit
Correct Answer
accountants
Your Answer
accountants

Select The Blank
Question
The demand curve is ________ representation of a demand schedule, demand curve slopes ________ ward from left to right.
Correct Answer
graphical
Your Answer
graphical
Correct Answer
down
Your Answer
down

Select The Blank
Question
The ________ that is ________ is the opportunity cost of the commodity produced.
Correct Answer
sacrificed
Your Answer
commodity
Correct Answer
commodity
Your Answer
sacrificed

Managerial Economics - 10

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Single Answer
Question Pure public goods are subject to the law of decreasing average cost, because of the
Correct Answer economies of scale
Your Answer economies of scale

Multiple Choice Single Answer
Question In the cost - benefit analysis, after formulating various alternative project capacity, each of them has to be examined in terms of its
Correct Answer feasibility
Your Answer feasibility

True/False
Question Bargaining is one of the remedies of corrective action.
Correct Answer False
Your Answer True

Match The Following
Question Correct Answer Your Answer

Defence service Indivisible Indivisible

Economic effects of public goods are Spill over effect Spill over effect

Selection or implementation Step of cost benefit analysis Step of cost benefit analysis

Production possibility frontier Maximization of output Maximization of output


Multiple Choice Multiple Answer
Question The advantage of cost-benefit analysis are
Correct Answer Maximization of social welfare , Objective measurement of the trade-off , Maximization of difference between total benefits & total costs
Your Answer Maximization of social welfare , Objective measurement of the trade-off , Maximization of difference between total benefits & total costs

Multiple Choice Multiple Answer
Question The term externalities may also be referred as:
Correct Answer Spill-over effects , Neighborhood effects , Third party effects
Your Answer Spill-over effects , Neighborhood effects , Third party effects

Select The Blank
Question Modern economists treat social cost and benefits as ________ of private investment and production decisions.
Correct Answer externalities
Your Answer disadvantages

Select The Blank
Question Economists like A.C.Harberger have shown that the cost benefit analysis can be applied to ________ analysis.
Correct Answer general equilibrium
Your Answer general equilibrium

Select The Blank
Question In the context of formulating an investment project, ________ feasibility means the availability of supervisors for implementing and running the project smoothly and professionally.
Correct Answer management
Your Answer management

Select The Blank
Question Prof. Sam Nelson calls risks from unsafe factories or nuclear power plants as ________ economies.
Correct Answer negative
Your Answer hazardous

Multiple Choice Single Answer
Question According to Lionel Robbins, "Economics is a science which studies
Correct Answer human behavior
Your Answer social behavior

Multiple Choice Single Answer
Question Question related to the efficient production and allocation belong to the branch of economic theory called
Correct Answer Welfare Economics
Your Answer Business Economics

Multiple Choice Multiple Answer
Question Managerial economics deals with
Correct Answer Integration of economic theory with business practice , Using logic of economics, mathematics & statistics , The use of economic modes of thought to analyze business solution
Your Answer Integration of economic theory with business practice , Using logic of economics, mathematics & statistics , The use of economic modes of thought to analyze business solution

Multiple Choice Single Answer
Question The public sector is owned & controlled by
Correct Answer state enterprises
Your Answer state enterprises

Select The Blank
Question Reasonable profit target as an alternative to the objective of profit maximization was suggested by ________.
Correct Answer Joel Dean
Your Answer Joel Dean

Select The Blank
Question “Homeostatic Approach” as an alternative objective of firms was suggested by ________.
Correct Answer Prof. Kenneth Boulding
Your Answer Prof. Kenneth Boulding

Select The Blank
Question The form of organization which is best for self employment is ________.
Correct Answer Sole trader
Your Answer Sole trader

True/False
Question Accounting profit takes in to account opportunity cost.
Correct Answer False
Your Answer False

Multiple Choice Single Answer
Question Complementary goods are demanded
Correct Answer jointly
Your Answer jointly

Multiple Choice Single Answer
Question If the substitutes are relatively costly then the demand for the commodity in question will be
Correct Answer more
Your Answer same

True/False
Question There are no real exceptions to the law of demand
Correct Answer False
Your Answer False

True/False
Question Demand curve slopes downwards from left to right.
Correct Answer True
Your Answer True

Select The Blank
Question An upward sloping demand curve is called ________
Correct Answer exceptional demand curve
Your Answer exceptional demand curve

Select The Blank
Question Goods which are paradoxical to the law of demand are ________
Correct Answer Giffen goods, ,
Your Answer Giffen goods, ,

Match The Following
Question Correct Answer Your Answer

Normally the isoquant slopes upward from right to left. downward from right to left

Any straight line supply curve which cuts y axis will have zero elasticity of supply. perfectly elastic

The market period supply curve for perishable commodities is perfectly inelastic. perfectly inelastic.

A rightwards shift in supply schedule indicates an increase in supply. an increase in supply.


Multiple Choice Multiple Answer
Question Explicit costs are
Correct Answer Out of pocket costs , These are firms accounting expenses , Expenditure costs
Your Answer Out of pocket costs , These are firms accounting expenses , Expenditure costs

Select The Blank
Question Output rises in a lesser proportion to that of the increase in input, under the case of ________.
Correct Answer decreasing returns to scale
Your Answer decreasing returns to scale

Select The Blank
Question The cost which enter the accounts book of the firm are referred as ________.
Correct Answer Accounting cost
Your Answer Accounting cost

Multiple Choice Single Answer
Question Jevons' , the economists who defined the term 'market' different from that of the traditional sense is an
Correct Answer English economists
Your Answer English economists

Multiple Choice Single Answer
Question Economists have pointed out that the real world is full of
Correct Answer Imperfect competition
Your Answer Imperfect competition

True/False
Question A firm under perfect competition is a price maker.
Correct Answer False
Your Answer False

True/False
Question Under perfect competition single seller can influence the price.
Correct Answer False
Your Answer False

Multiple Choice Multiple Answer
Question Types of imperfect competition are
Correct Answer Monopoly , Duopoly , Oligopoly
Your Answer Monopoly , Duopoly , Oligopoly

Multiple Choice Multiple Answer
Question Features of Pure Competition are
Correct Answer Large number of buyers and sellers , Homogeneous products , Free entry and free exit of firms
Your Answer Large number of buyers and sellers , Homogeneous products , Free entry and free exit of firms

Multiple Choice Multiple Answer
Question Equilibrium is the stage of
Correct Answer maximum satisfaction , balance , stationary
Your Answer maximum satisfaction , balance

Multiple Choice Single Answer
Question Inflation is a phenomena in which prices
Correct Answer rise
Your Answer rise

Multiple Choice Single Answer
Question True inflation starts only after reaching the level of full
Correct Answer Employment
Your Answer Employment

True/False
Question During inflation, the pensioners whose income is permanently fixed, are substantially benefited.
Correct Answer False
Your Answer False

True/False
Question Saving is a private virtue
Correct Answer True
Your Answer True

Multiple Choice Multiple Answer
Question According to Keynes, Aggregate supply function refers to
Correct Answer the minimum price of revenue which the entrepreneurs must get , Associated with different levels of employment , Explains that the level of out put varies with the level of employment
Your Answer the minimum price of revenue which the entrepreneurs must get , Associated with different levels of employment , Explains that the level of out put varies with the level of employment

Multiple Choice Multiple Answer
Question Marginal Propensity to consume is characterized as follows
Correct Answer It is defined as the ratio of the change in consumption to the change in income , It is rate of change in the average propensity to consume as income changes , It is derived by the formula mpc= change in c/change in y
Your Answer It is rate of change in the average propensity to consume as income changes , It is derived by the formula mpc= change in c/change in y , It is derived by dividing the change in income by change in the consumption expenditure

Multiple Choice Single Answer
Question During the period of depression various factors of production are
Correct Answer exhausted
Your Answer unutilized

True/False
Question In general SBI uses its monetary policy to achieve a judicious balance between the growth of production and control of the general price level.
Correct Answer False
Your Answer False

True/False
Question Public enterprises have shown a very high rate of return of the capital invested
Correct Answer False
Your Answer False

Multiple Choice Multiple Answer
Question The meaning of monetary policy is
Correct Answer It is programmed of the central bank , It controls the total supply of money , The basic objective is to achieve economic stability
Your Answer It is programmed of the central bank , It controls the total supply of money , The basic objective is to achieve economic stability

Multiple Choice Multiple Answer
Question Main aims of the New Industrial Policy (1991) are
Correct Answer To unshackle the indian industrial economy from the cobwebs of unnecessary bureaucratic control , To introduce liberalization with a view to integrate the indian economy with the world economy , To remove restrictions on direct foreign investment as also to free the domestic entrepreneur from the restriction of MRTP act
Your Answer To unshackle the indian industrial economy from the cobwebs of unnecessary bureaucratic control , To introduce liberalization with a view to integrate the indian economy with the world economy , To remove restrictions on direct foreign investment as also to free the domestic entrepreneur from the restriction of MRTP act

Multiple Choice Multiple Answer
Question Objectives of economic policy are
Correct Answer To increase the efficiency and international competitiveness of industrial production , To improve the performance and rationalize the scope of the public sector , To reform and modernize the financial sector
Your Answer To increase the efficiency and international competitiveness of industrial production , To improve the performance and rationalize the scope of the public sector , To reform and modernize the financial sector

Managerial Economics - 8

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Single Answer
Question
Managerial economics generally refers to the integration of economic theory with business
Correct Answer
Practice
Your Answer
Practice

Multiple Choice Single Answer
Question
Every nation’s resources which are used to produce the quantities of goods and services that would be required to satisfy all its citizen’s wants are
Correct Answer
insufficient
Your Answer
sufficient

Multiple Choice Single Answer
Question
All the buyers and sellers operating under perfect competition have knowledge
Correct Answer
perfect
Your Answer
perfect

True/False
Question
Inflation reduces the purchasing power of money and savings.
Correct Answer
True
Your Answer
False

Multiple Choice Single Answer
Question
The supply curve during market period is perfectly
Correct Answer
inelastic
Your Answer
inelastic

True/False
Question
Micro-economics is primarily concerned with the problem of what, how and for whom to produce
Correct Answer
True
Your Answer
True

Match The Following
Question
Correct Answer
Your Answer
Managerial economics
Decision making and forward planning
Decision making and forward planning
Resources
scarce
goods and services
Commodities
goods and services
scarce
Human wants
unlimited
unlimited
General Theory of Employment, Interest and Money
J. M. Keynes
J. M. Keynes

True/False
Question
The price policy under monopolistic competition is dependent on the prices charged by other rival firms
Correct Answer
True
Your Answer
False

Multiple Choice Single Answer
Question
All firms producing the same or similar product together make
Correct Answer
an industry
Your Answer
an industry

Multiple Choice Single Answer
Question
Joint Stock Company succession is
Correct Answer
perpetual
Your Answer
perpetual

True/False
Question
Private profit motive is an essential feature of Capitalism
Correct Answer
True
Your Answer
True

True/False
Question
‘Free riders’ is a term associated with the people who would like to have benefit of a good without sharing the cost of its supply
Correct Answer
True
Your Answer
False

Multiple Choice Single Answer
Question
Macro – economics provides an exploration to the functioning of an economy in
Correct Answer
general
Your Answer
general

True/False
Question
Inflation is a great opportunity for merchants to benefit more.
Correct Answer
True
Your Answer
True

True/False
Question
The various phases of business cycles are shown by the line of cycle which moves up and down the steady growth line
Correct Answer
True
Your Answer
True

True/False
Question
In the measurement of profit, the differences in the concept of profit arise out of the differences in cost concepts
Correct Answer
True
Your Answer
False

Multiple Choice Single Answer
Question
In economics demand means desire backed by adequate
Correct Answer
purchasing power
Your Answer
ability to pay

Multiple Choice Single Answer
Question
The law of diminishing returns is applicable to agriculture provided the state of technology is given and
Correct Answer
constant
Your Answer
constant

Multiple Choice Single Answer
Question
Under the monetary measures to control inflation, the R. B. I relies heavily on selective credit controls on bank loans against food grains, sugar, oils, oilseeds, cotton etc so as to discourage
Correct Answer
Speculative hoarding
Your Answer
Speculative hoarding

Multiple Choice Single Answer
Question
Slope of supply curve is
Correct Answer
positive
Your Answer
positive

Multiple Choice Single Answer
Question
Costs which increase because of the expansion of a firm are called costs
Correct Answer
incremental
Your Answer
incremental

True/False
Question
The opportunity cost of a product is the opportunity gained of being able to produce some other product.
Correct Answer
False
Your Answer
False

True/False
Question
The supply curve in case of unitary elastic supply is rectangular hyperbola.
Correct Answer
False
Your Answer
False

Multiple Choice Multiple Answer
Question
An Industry
Correct Answer
Is a group of firms , All firms dealing in the same line of business , The ownership and management of each firm is different
Your Answer
Is a group of firms , All firms dealing in the same line of business , The ownership and management of each firm is different

Select The Blank
Question
Under monopoly, there is ________ seller who controls the entire ________ in the market
Correct Answer
only one
Your Answer
only one
Correct Answer
supply
Your Answer
supply

Select The Blank
Question
Under monopsony, there are ________ sellers but ________ buyer
Correct Answer
many
Your Answer
many
Correct Answer
only one
Your Answer
only one

Match The Following
Question
Correct Answer
Your Answer
Marginal utility
Addition to total utility
Addition to total utility
Total utility increases marginal
Posative and declining
Marginal utility is zero
At the saturation point for a commodity x the Mux is
Zero
Demand curve of a commodity
Marginal utilities are
Demand curve of a commodity
Posative and declining
Total utility is
Marginal utility is zero
Zero

Select The Blank
Question
By using cost-benefit analysis we can show the ________ necessary for attaining maximum ________ and optimal policy aiming at this goal
Correct Answer
measures
Your Answer
Gross Domestic Product
Correct Answer
net wealth
Your Answer
gross wealth

Multiple Choice Multiple Answer
Question
Average propensity to consume
Correct Answer
It is defined as the ratio of consumption expenditure to any particular level of income , It is found by dividing consumption expenditure by income , It is expressed as the percentage of income consumed
Your Answer
It is derived by dividing income by consumption expenditure

Multiple Choice Multiple Answer
Question
Inflation means
Correct Answer
It is a phenomenon of rising prices , It is a general and dynamic phenomenon , It includes an excess of demand
Your Answer
It is a phenomenon of rising prices

Select The Blank
Question
Aggregate supply function refers to a ________ of the various minimum amounts of proceeds or ________ , which must be expected to be received by the entrepreneur class from the sale of output result
Correct Answer
schedule
Your Answer
demand
Correct Answer
revenues
Your Answer
revenues

Select The Blank
Question
In the ________ terminology, the ________ demand function refers to the schedule of maximum sales proceeds, which the entrepreneurial community actually does expect to be received from the sale of
Correct Answer
Keynesian
Your Answer
Keynesian
Correct Answer
aggregate
Your Answer
aggregate

Multiple Choice Multiple Answer
Question
The fiscal policy includes
Correct Answer
Formation of taxation policy , It is an instrument for economic stabilization , Monitoring of public expenditure
Your Answer
Formation of taxation policy , It is an instrument for economic stabilization , Monitoring of public expenditure

Multiple Choice Multiple Answer
Question
The meaning of monetary policy
Correct Answer
It is programme of the central bank , It controls the total supply of money , The basic objective is to achieve economic stability
Your Answer
It is programme of the central bank , It controls the total supply of money , The basic objective is to achieve economic stability

Multiple Choice Multiple Answer
Question
Causes for rise in prices in India
Correct Answer
Mounting government expenditure , Deficit financing and increase in money supply , Role of black money
Your Answer
Mounting government expenditure , Deficit financing and increase in money supply , Role of black money

Multiple Choice Multiple Answer
Question
Managerial economics deals with
Correct Answer
Integration of economic theory with business practice , Using logic of economics, mathematics & statistics. , The use of economic modes of thought to analyze business solution.
Your Answer
Integration of economic theory with business practice , Using logic of economics, mathematics & statistics.

Multiple Choice Multiple Answer
Question
The sources of economic problems are:
Correct Answer
Man has unlimited wants or ends , The means or resources to satisfy them are limited. , These resources are not specific but have alternative uses.
Your Answer
Man has unlimited wants or ends , The means or resources to satisfy them are limited. , These resources are not specific but have alternative uses.

Multiple Choice Multiple Answer
Question
Different types of business organizations are;
Correct Answer
Private sector. , Public sector. , Joint sector.
Your Answer
Joint sector.

Multiple Choice Multiple Answer
Question
Proprietary firm is
Correct Answer
Owned by a single person. , Easy to form. , An organization of single person.
Your Answer
Owned by a single person.

Multiple Choice Multiple Answer
Question
Methods of measurement of elasticity
Correct Answer
Percentage Method , Point elasticity Method , Total outlay expenditure method
Your Answer
Percentage Method , Point elasticity Method , Total outlay expenditure method

Multiple Choice Multiple Answer
Question
Demand forecasts are necessary for:
Correct Answer
Fulfillment of objective of the plans , Preparation of a budget , Expansion of firms
Your Answer
Preparation of a budget , Expansion of firms

Select The Blank
Question
Economic theory provides the basis for the ________ _ making process, there is some difference between the generalization based on abstraction and actual practices. Besides economic theory, mat
Correct Answer
decision making
Your Answer
optimal
Correct Answer
statistics
Your Answer


Select The Blank
Question
The resources of a society consist not only of the free gifts of nature such as ________ but also of ________ and of all sorts of man made aids to further production.
Correct Answer
land and minerals
Your Answer
land and minerals
Correct Answer
human capacity
Your Answer
human capacity

Select The Blank
Question
Individual or sole ________ , which is also called sole- ________ , or single entrepreneurship is the most common, the simplest and the oldest form of business organisation.
Correct Answer
proprietorship
Your Answer
proprietorship
Correct Answer
trader ship
Your Answer
trader ship

Select The Blank
Question
Nominal cost is the ________ cost of production, it is also called expenses of production. The real cost is the ________ cost of production.
Correct Answer
money
Your Answer
opportunity
Correct Answer
opportunity
Your Answer
gross

Select The Blank
Question
Costs may be classified as : (a) ________ , including material costs, wage cost and interest cost (b) ________ , including costs of advertising and (c) other costs, including insurance ch
Correct Answer
Production costs
Your Answer
Production costs
Correct Answer
Selling costs
Your Answer
Selling costs

Select The Blank
Question
The costs of self owned resources, which are employed by the ________ , are non- expenditure or , ________
Correct Answer
firm
Your Answer
firm
Correct Answer
implicit costs .
Your Answer
implicit costs .