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ABBSOFT COMPUTERS MANAGERIAL ECONOMICS 1-Mark 1. Giffin goods is – a. b. c. d. Valuable goods Cheaper goods Luxury goods Comfortable goods Ans. (b) 2. Shift of supply means – a. b. c. d. Shift to a new demand Shift to a new equilibrium Shift to a new supply None of the above Ans. (c) 3. Break-Even point means – a. b. c. d. Stop losses and start profit Stop profit and start losses All of the above None of the above Ans. (d) 4. Expand TR a. b. c. d. Total revenue Total random All of the above None of the above Ans. (a) 1 ABBSOFT COMPUTERS 5. Law of demand a. b. c. d. D↓P↓ D↑P↑ D↓P↑ All of the above Ans. (c) 6. Average cost means – a. b. c. d. Cost Value Cost per unit All of the above Ans. (c) 7. The relation between the cost and output is technically described as the _______. a. b. c. d. Profit function Cost function Production function None of the above Ans. (b) 8. When marginal product is zero , total product will be _________. a. b. c. d. Highest Lowest Normal All of the above Ans. (a) 9. Marginal cost is associated with ________ cost. a. b. c. d. Fixed Total Variable None of the above Ans. (c) 10. Substitute is – 2 ABBSOFT COMPUTERS a. b. c. d. Tea or coffee Nokia and LG mobile Pure and vegetable oil All of the above Ans. (d) 11. K = a. b. c. d. Output Labor Capital None of the above Ans. (c) 12. VAT means – a. b. c. d. Value attended tax Value added tax All of the above None of the above Ans. (b) 13. Recession – a. b. c. d. Fall in price regularly Temporary fall in business All of the above None of the above Ans. (b) 14. AP = a. b. c. d. P/Q TP/Q All of the above None of the above Ans. (b) 15. Consumer’s Surplus – a. Difference between customer pay and received b. Difference between customer willing to pay and actual received 3 ABBSOFT COMPUTERS c. Difference between customer willing to pay and actual pay d. None of the above Ans. (c) 16. Economic Rent – a. b. c. d. Income of hours Income on land All of the above None of the above Ans. (b) 17. I mean – a. b. c. d. Change in income Change in investment All of the above None of the above Ans. (b) 18. Hospital expenditure is – a. b. c. d. Public work Government work Employee work None of the above Ans. (a) 19. Taxation is – a. b. c. d. Expenses of government Government receipt Both a and b None of the above Ans. (b) 20. Objective of pricing policy is – a. b. c. d. Price stability Cost stability All of the above None of the above 4 ABBSOFT COMPUTERS Ans. (a) 21. Single seller is in – a. b. c. d. Oligopoly Monopoly Monopolistic competition All of the above Ans. (b) 22. Substitution gods is – a. b. c. d. Tea or coffee Nokia and LG mobile Pure and vegetable oil All of the above Ans. (d) 23. Expand APL – a. b. c. d. Average propensity to capital Average product to consume Average propensity to consume None of the above Ans. (c) 24. Consumption + Saving = a. b. c. d. Income Price Capital None of the above Ans. (a) 25. K = a. b. c. d. 2/mps 1/mps 1/APS 2/APS Ans. (b) 5 ABBSOFT COMPUTERS 26. _________ work as a shock absorber. a. b. c. d. Slack payment Short payment Prompt payment None of the above Ans. (a) 27. Sales maximization model is on alternative for _______ model. a. b. c. d. The static model Profit maximization model Growth maximization model None of the above Ans. (b) 28. J.M. Keynes invented the term _________. a. b. c. d. Deflationary Gap Differential Gap Inflationary Gap All of the above Ans. (c) 29. Inflation is basically a ________ phenomenon. a. b. c. d. Physical Financial Operational Monetary Ans. (d) 30. Basic objective of a firm today is ________. a. b. c. d. Growth maximization Sale maximization Profit maximization None of the above Ans. (c) 6 ABBSOFT COMPUTERS 31. Law of demand is a ______ statement. a. b. c. d. Qualitative Quantitative Perfect None of the above Ans. (a) 32. In a typical demand schedule quantity demand varies ______ with price. a. b. c. d. Inversely Directly Positively Positively Ans. (a) 33. Collection opinion method is also _________. a. b. c. d. Profit – force polling Sales – force polling All of the above None o the above Ans. (b) 34. The heart of the survey method is ________. a. b. c. d. People Method Questionnaire All of the above Ans. (c) 35. ES = 0 Demand 7 ABBSOFT COMPUTERS a. b. c. d. Perfectly elastic Perfectly inelastic Unit elasticity None of the above Ans. (b) 36. The quantity bought and sold at the equilibrium is called ________. a. b. c. d. Equilibrium price Equilibrium point Equilibrium quantity None of the above Ans. (c) 37. ________ is the total income realized from the sale of its output at a price. a. b. c. d. Cost Total cost Total revenue None of the above Ans. (c) 38. Additional revenue earned by selling an additional unit of output is called ______. a. b. c. d. Total revenue Average revenue Marginal revenue None of the above Ans. (c) 39. AR and MR curves slope downwards under condition of ______ competition. a. b. c. d. Perfect Imperfect All of the above None of the above Ans. (b) 40. Cost plus pricing = Cost + ______ a. Revenue 8 ABBSOFT COMPUTERS b. Fair profit c. Loss d. None of the above Ans. (b) 2-Mark 1. Exceptions of demand is a. b. c. d. Giffin goods Income Speculation Both a & b Ans. () 2. Ep = 0 means – a. b. c. d. Perfectly elastic Perfectly inelastic Relatively inelastic Non of the above Ans. (b) 3. The equation for trend method – a. b. c. d. y = a + bx y = b + bx y=a+b None of the above Ans. (a) 4. Supply curve is – a. b. c. d. Positive Negative All of the above None of the above 9 ABBSOFT COMPUTERS Ans. (d) 5. Price elasticity is – a. b. c. d. (∆Q/∆P) X (P/Q) (∆Q/∆P) X (∆P/Q) (∆Q/∆P) X (P/∆Q) None of the above Ans. (a) 6. Market equilibrium is – a. b. c. d. Where demand and price met Where demand and supply met Where price and supply met None of the above Ans. (b) 7. Marginal cost deals with changes in cost of _______ unit where as incremental cost deal with changes in cost of _________. a. b. c. d. Two, a group of units Three, two units One, a group of units None of the above Ans. (c) 8. _________ was originally developed at _________. a. b. c. d. Collective method, brand corporation Delphi method, rand corporation Collective method, band corporation None of the above Ans. (b) 9. Managerial Economics is the integration of _______ with ________ for solving business and managerial problems. a. b. c. d. Micro economics, macro economics Micro theory, business practice All of the above None of the above 10 ABBSOFT COMPUTERS Ans. (b) 10. If demand changes as a result price changes, then it is a case of ______ and ______. a. b. c. d. Increase, decrease Expansion, contraction All of the above None of the above Ans. (b) 11. Tc = a. b. c. d. MFC + mvc TFC + TVC AFC + AVC None of the above Ans. (b) 12. TFC means – a. b. c. d. Total fixed costs Total fixed capital All of the above None of the above Ans. (a) 13. Q = a. f (L, K) b. f (W, K) c. f (C, k) d. None of the above Ans. () 14. A firm is a _______ which converts ________. a. b. c. d. Market unit, products Economic unit, Input into outputs All of the above None of the above Ans. (b) 11 ABBSOFT COMPUTERS 15. The firms maximize _______ by equating marginal revenue with _______. a. b. c. d. Profit, marginal cost Loss, average cost All of the above None of the above Ans. (a) 16. When firm sells 5 units @ 2 Rs. The TR = a. b. c. d. 7 3 10 2.5 Ans. (c) 17. MR = a. b. c. d. ∆TR/∆P ∆TR/∆Q ∆TR/Q None of the above Ans. (c) S 18. A B E D a. b. c. d. Customer surplus, producer surplus Producer surplus, customer surplus All of the above None of the above Ans. (b) 19. APC + APS = a. b. c. d. 2 1 3 4 12 ABBSOFT COMPUTERS Ans. (b) 20. Deficit financing was introduced in – a. b. c. d. 1950 1940 1930 1920 Ans. (c) 4-Marks 1. D A C B Match the following – Part-1 1. A 2. B 3. C 4. D a. EP=0 b. EP=00 c. EP=1 d. Ep>1 A. 1-a, 2-b, 3-c, 4-d B. 1-a, 2-b, 3-d, 4-c C. 1-b, 2-a, 3-c, 4-d D. 1-c, 2-b, 3-a, 4-d Ans. (c) 2. A C B 13 ABBSOFT COMPUTERS Match the following – Part-1 1. A 2. B 3. C Part-2 a. Demand b. Supply c. Equilibrium A. 1-c, 2-c, 3-a B. 1-a, 2-b, 3-c C. 1-b, 2-a, 3-c D. None of the above Ans. (B) 3. AFC = a. b. c. d. TFC/Q TVC/Q AFC/Q TC/Q Ans. (a) 4. TC A TR Here ‘A’ means a. b. c. d. Loss Profits No profit No loss None of the above Ans. (b) 14 ABBSOFT COMPUTERS 5. Match the following – Part-1 1. Cost plus pricing 2. Going rate pricing 3. Initiative pricing Part-2 a. Priced is fixed by a lender b. Price is fixed c. Opposite to the cost plus pricing A. 1-b, 2-c, 3-a B. 1-a, 2-c, 3-b C. 1-c, 2-b, 3-a D. None of the above Ans. (A) 6. Skimming price and low penetration pricing is a part of – a. b. c. d. Pioneering price Cost plus price Going rate price None of the above Ans. (a) 7. D P K M D Above figure shows the curve is – a. b. c. d. Demand curve Kinked demand curve Income demand curve None of the above Ans. (b) 15 ABBSOFT COMPUTERS 8. Feature of perfect competition – a. b. c. d. Homogeneous product Firms are price taken All of the above None of the above Ans. (c) 9. Features of monopoly – a. b. c. d. Single seller Close substitute All of the above None of the above Ans. (a) 10. The above diagram show – a. b. c. d. Business cycle Demand cycle Supply cycle All of the above Ans. (a) 11. PC Unemployment This is the curve of – a. Karl’s b. Philips 16 ABBSOFT COMPUTERS c. A.S. Karl’s d. None of the above Ans. (b) 12. A C B Match the following – Part-1 1. A 2. B 3. C Part-2 a. TVC b. TC c. TFC A. 1-, 2-b, 3-a B. 1-a, 2-b, 3-c C. 1-b, 2-c, 3-a Ans. (b) 13. D Price a. b. c. d. Output Equilibrium under duopoly Equilibrium under monopoly Equilibrium under monopolistic Equilibrium under perfect competition Ans. (d) 17 ABBSOFT COMPUTERS 14. If the D increase – a. b. c. d. The D curve shifts to right The D curve shifts to left No change in D curve None of the above Ans. (a) 15. State whether the statements given are true or not – i. Macro economics deals with the studies of aggregative or average behavior of the entire economy ii. Consumer surplus is actually the sum of what the consumer is prepared to pay and what the actually pay iii. Market value of a product depends upon demand and supply iv. Under oligopoly, firms may realize the disadvantages of the competition rivalry a. b. c. d. 1-T, 2-F, 3-T, 4-T 1-T, 2-F, 3-T, 4-F 1-F, 2-T, 3-F, 4-T None of the above Ans. (a) 18