Business Economics 1

COEP
Lets Crack Online Exam

Objective Questions and Answers of MBA: Business Economics 1

Subject: Objective Questions and Answers of MBA: Business Economics 1

Part 1: Objective questions and answers of Business Economics

 

Q1. The techniques of optimization include

a) Marginal analysis

b) Calculus

c) Linear programming

d) All of the above

 

Q2. Basic assumptions of law of demand include

a) Prices of other goods should change.

b) There should be substitute for the commodity.

c) The commodity should not confer any distinction.

d) The demand for the commodity should not be continuous

 

Q3. In the case of perfect elasticity, the demand curve is

a) Vertical

b) Horizontal

c) Flat

d) Steep

 

Q4. ______________ demand forecasting is related to the business conditions prevailing in the economy as a whole

a) Macro level

b) Industry level

c) Firm level

d) None of these

 

Q5. ______________ is the change in total revenue irrespective of changes in price or due to the effect of managerial decision on revenue

a) Average revenue

b) Total revenue

c) Marginal revenue

d) Incremental revenue

 

Q6. The distinction between variable cost and fixed cost is relevant only in

a) Long period

b) Short period

c) Medium term

d) Mixed period

 

Q7. In ______________ approach, the demand for new product is estimated on the basis demand of existing product

a) Growth curve approach

b) Evolutionary approach

c) Opinion polling approach

d) Vicarious approach

 

Q8. Which one is the method for measurement of elasticity?

a) Proportional or percentage method

b) Outlay method

c) Geometric method

d) All the above

 

Q9. Which of the following is not a method of demand forecasting of new products?

a) Trend projection

b) Substitute approach

c) Evolutionary approach

d) Sales experience approach

 

Q10. Customary pricing is also known as

a) Consumer pricing

b) Conventional pricing

c) Cost plus pricing

d) Full cost pricing

 

Q11. In the case of ______________ a small change in price leads to very big change in quantity demanded

a) Perfectly elastic demand

b) Perfectly inelastic demand

c) Relative elastic demand

d) Unit elastic demand

 

Q12. Which one of the following is not a reason for adopting penetration price strategy

a) Product has high price elasticity in the initial stage.

b) The product is accepted by large number of customers.

c) Economies of large scale production available to firm

d) When the buyers are not able to compare the value and utility

 

Q13. A criterion for good demand forecasting includes;

a) Plausibility

b) Simplicity

c) Economy

d) All the above

 

Q14. Generally used strategy for pricing new products is/are

a) Skimming price strategy

b) Penetration price strategy

c) Both a & b

d) None of these

 

Q15. The function of combining the other factors of production is done by

a) Land

b) Labour

c) Capital

d) Entrepreneurship

 

Q16. Ep=0in the case of ______________ elasticity

a) Perfectly elastic demand

b) Perfectly inelastic demand

c) Relative elastic demand

d) Unitary elastic demand

 

Q17. When the change in demand is exactly equal to the change in price, it is called

a) Perfectly elastic demand

b) Perfectly inelastic demand

c) Relative elastic demand

d) Unitary elastic demand

 

Q18. Survey method of demand forecasting includes

a) Opinion survey

b) Expert opinion

c) Delphi method

d) All the above

 

Q19. The market with a single producer''

a) Perfect competition

b) Monopolistic competition

c) Oligopoly

d) Monopoly

 

Q20. Which are the characteristics of monopoly?

a) Single seller or producer

b) No close substitutes

c) Inelastic demand curve

d) All of these

 

Part 1: Objective questions and answers of Business Economics

 

Q1. Answer d

 

Q2. Answer c

 

Q3. Answer b

 

Q4. Answer a

 

Q5. Answer d

 

Q6. Answer b

 

Q7. Answer b

 

Q8. Answer d

 

Q9. Answer a

 

Q10. Answer b

 

Q11. Answer c

 

Q12. Answer d

 

Q13. Answer d

 

Q14. Answer c

 

Q15. Answer d

 

Q16. Answer b

 

Q17. Answer d

 

Q18. Answer d

 

Q19. Answer d

 

Q20. Answer d

Be the first to comment

Leave a Reply