Business Economics 2

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Objective Questions and Answers of MBA: Business Economics 2

Subject: Objective Questions and Answers of MBA: Business Economics 2

Part 2: Objective questions and answers of Business Economics

 

Q1. Managerial economics is

a) Dealing only micro aspects

b) Only a normative science

c) Deals with practical aspects

d) All of the above

 

Q2. In economics, desire backed by purchasing power is known as

a) Utility

b) Demand

c) Consumption

d) Scarcity

 

Q3. Higher the price of certain luxurious articles, higher will be the demand, this concept is called

a) Giffen effects

b) Veblen effects

c) Demonstration effects

d) Both b & c above

 

Q4. Outlay method of measurement of elasticity is also called as

a) Percentage method

b) Expenditure method

c) Point method

d) Geometric method

 

Q5. ______________ is the base of marketing planning

a) Demand estimation

b) Demand analysis

c) Demand function

d) Demand forecasting

 

Q6. Perfect competition is characterized by

a) Large number of buyers and sellers

b) Homogeneous product

c) Free entry and exit of firms

d) All the above

 

Q7. A purpose of short term demand forecasting doesn’t include;

a) Making a suitable production policy.

b) To reduce the cost of purchasing raw materials and to control inventory.

c) Deciding suitable price policy

d) Planning of a new unit or expansion of existing unit

 

Q8. The proportionate change in the quantity demanded of a commodity in response to change in the price of another related commodity is called

a) Price elasticity

b) Related elasticity

c) Cross elasticity

d) Income elasticity

 

Q9. ______________ method is also known as sales-force – composite method or collective opinion method

a) Opinion survey

b) Expert opinion

c) Delphi method

d) Consumer interview method

 

Q10. Psychological pricing is also called as;

a) Penetration pricing

b) Skimming pricing

c) Odd pricing

d) None of these

 

Q11. ______________ is the process of finding current values of demand for various values of prices and other determining variables.

a) Demand estimation

b) Demand analysis

c) Demand function

d) Demand forecasting

 

Q12. In ______________ approach, on the basis of the growth of an established product, the demand for the new product is estimated

a) Growth curve approach

b) Evolutionary approach.

c) Opinion polling approach

d) Vicarious approach

 

Q13. Car and petrol are

a) Complimentary goods

b) Substitute goods

c) Supplementary goods

d) Reserve goods

 

Q14. Cost plus pricing is also called

a) Margin pricing

b) Full cost pricing

c) Mark up pricing

d) All the above

 

Q15. The architect of the theory of monopolistic competition

a) Rosenstein roden

b) Jr hicks

c) Karl marx

d) Chamberlin

 

Q16. ______________ means the total receipts from sales divided by the number of unit sold.

a) Average revenue

b) Total revenue

c) Marginal revenue

d) Incremental revenue

 

Q17. Law of demand shows the functional relationship between ______________ and quantity demanded

a) Supply

b) Cost

c) Price

d) Requirements

 

Q18. Tea and coffee are

a) Complimentary goods

b) Substitute goods

c) Supplementary goods

d) Reserve goods

 

Q19. In ______________ pricing fixed cost are excluded.

a) Skimming pricing

b) Going rate pricing

c) Administered pricing

d) Marginal cost pricing

 

Q20. The short run production function is called;

a) Returns to scale

b) Law of variable proportion

c) Production possibility frontier

d) None of these

 

Part 2: Objective questions and answers of Business Economics

 

Q1. Answer d

 

Q2. Answer b

 

Q3. Answer b

 

Q4. Answer b

 

Q5. Answer d

 

Q6. Answer d

 

Q7. Answer d

 

Q8. Answer c

 

Q9. Answer a

 

Q10. Answer c

 

Q11. Answer a

 

Q12. Answer a

 

Q13. Answer a

 

Q14. Answer d

 

Q15. Answer d

 

Q16. Answer a

 

Q17. Answer c

 

Q18. Answer b

 

Q19. Answer d

 

Q20. Answer b

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