Business Economics 10

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Objective Questions and Answers of MBA: Business Economics 10

Subject: Objective Questions and Answers of MBA: Business Economics 10

Part 10: Objective questions and answers of Business Economics

 

Q1. A firm that is the sole seller of a product without close substitutes called:

a) Monopoly

b) Oligopoly

c) Competition

d) Bureaucracy

 

Q2. ______________ product will never be zero or negative

a) Marginal

b) Total

c) Average

d) All the above

 

Q3. Which is not a property of ISOQUANT?

a) Downward sloping

b) Convex

c) Negative slope

d) Positive slope

 

Q4. Which of the following is not coming under imperfect competition?

a) Oligopoly

b) Duopoly

c) Monopoly

d) Monopolistic

 

Q5. Modern definition is also called as

a) Growth definition

b) Welfare definition

c) Scarcity definition

d) Neoclassical definition

 

Q6. Allocation of available resources among alternatives is based on the principle

a) Opportunity cost principle

b) Discounting principle

c) Equi-marginal principle

d) None of these

 

Q7. ______________ is known as the ‘first law in market”

a) Law of supply

b) Law of consumption

c) Law of demand

d) Law of production

 

Q8. Generally demand curve have ______________

a) Negative slope

b) Positive slope

c) Horizontal line

d) Vertical line

 

Q9. Demand for electricity is an example of

a) Composite demand

b) Derivative demand

c) Joint demand

d) Direct demand

 

Q10. Perfect elasticity is known as

a) Finite elastic

b) Infinite elastic

c) Unitary elastic

d) Zero elastic

 

Q11. Where boom ends, ______________ starts

a) Recovery

b) Recession

c) Progress

d) Depression

 

Q12. Which of the following is not a variable input?

a) Raw material

b) Power

c) Equipment

d) None of these

 

Q13. The term "Economies" refers to

a) Product advantage

b) Cost advantage

c) Sales advantage

d) All of the above

 

Q14. Selling at a lower price in export market and at a higher price at home market is called

a) Export subsidy

b) Dumping

c) Price cut

d) All the above

 

Q15. "A rupee tomorrow is worth less than a rupee today" relates to

a) Opportunity cost principle

b) Discounting principle

c) Equi-marginal principle

d) None of these

 

Q16. Which of the following is included in specific functions of managerial economist?

a) Economic analysis of competing companies

b) Advice on pricing problems of industry

c) Environmental forecasting

d) All of the above

 

Q17. ______________ principle is closely related to the marginal costs and marginal revenue of economic theory

a) Principle of time perspective

b) Equi-marginal principle

c) Incremental principle

d) None of these

 

Q18. D= f (P,Y,T,Ps,U), where the letter U stands for

a) Utility

b) Units of consumption

c) Usage

d) Consumer expectation & others

 

Q19. The Giffen goods are ______________ Goods

a) Inferior goods

b) Superior goods

c) Related goods

d) Same goods

 

Q20. Which of the following is not an exception to the downward sloping of demand curve?

a) Giffen paradox

b) Veblen effects

c) Necessaries

d) Income effect

 

Part 10: Objective questions and answers of Business Economics

 

Q1. Answer a

 

Q2. Answer c

 

Q3. Answer d

 

Q4. Answer c

 

Q5. Answer a

 

Q6. Answer c

 

Q7. Answer c

 

Q8. Answer a

 

Q9. Answer a

 

Q10. Answer b

 

Q11. Answer b

 

Q12. Answer c

 

Q13. Answer b

 

Q14. Answer b

 

Q15. Answer b

 

Q16. Answer d

 

Q17. Answer c

 

Q18. Answer d

 

Q19. Answer a

 

Q20. Answer d

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