Business Economics 6

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Objective Questions and Answers of MBA: Business Economics 6

Subject: Objective Questions and Answers of MBA: Business Economics 6

Part 6: Objective questions and answers of Business Economics


Q1. In a perfect market both buyers and sellers are

a) Price maker

b) Price giver

c) Price taker

d) All the above


Q2. Price discrimination is also called as

a) Discriminatory pricing

b) Differential pricing

c) Average cost pricing

d) Above a & b


Q3. If the commodities are complimentary, cross elasticity will be

a) Negative

b) Positive

c) Zero

d) Any of the above


Q4. ______________ provide guidelines to carry out ______________

a) Pricing strategies, pricing policies

b) Pricing policies, pricing strategies

c) Pricing rules, pricing policies

d) Pricing rules, pricing strategies


Q5. ______________ method measures elasticity between two points

a) Proportional or Percentage Method

b) Outlay Method

c) Geometric method

d) Arc Method


Q6. The condition for the long run equilibrium of a perfectly competitive firm

a) Price=MC=AC

b) Price=TC


d) MC=MR


Q7. Where Marginal revenue is negative, TR will be ______________.

a) Rising

b) Falling

c) Zero

d) One


Q8. The properties of indifference curves are:

a) Indifference curve slops downwards from left to right

b) Convex to the point of origin

c) Two indifference curve never cut each other

d) All of these


Q9. The opportunity cost of a given activity is

a) The value of next best activity

b) The value of material used

c) The cost of input used

d) None of these


Q10. In business cycle concept, the period of "long wave" is of;

a) 25 years

b) 50 years

c) 100 years

d) 200 years


Q11. The factors used in the production

a) Land and labor

b) Capital & entrepreneurship

c) Both a & b

d) Only capital


Q12. The concept of monopsony was invented by:

a) Marshall

b) AP. Learner

c) Chamberlin

d) Mrs. J. Robinson


Q13. A cost that has already been committed and cannot be recovered known as:

a) Sunk cost

b) Total cost

c) Full cost

d) Variable cost


Q14. In business cycle concept, the period (approximately) of "Kit chin cycle" is of:

a) 5 years

b) 10 months

c) 2 years

d) 4 months


Q15. Which factors is/are influencing price policy?

a) Cost of product

b) Time factor

c) Government policy

d) All of these


Q16. Growth curve approach is used for forecasting demand of ______________ products

a) New

b) Old

c) Existing

d) Both old and existing.


Q17. The concept of Elasticity of Demand was introduced by

a) Alfred Marshall

b) Lionel Robbins

c) Adam smith

d) J M Keynes


Q18. Determinants of demand includes

a) Price of a commodity

b) Nature of commodity

c) Income and wealth of consumer

d) All the above


Q19. A purpose of long term Demand forecasting doesn’t include;

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

b) Planning long term financial requirements.

c) Planning of manpower requirements.

d) Deciding suitable price policy


Q20. ______________ is an "objective assessment of the future course of demand"

a) Demand Estimation

b) Demand analysis

c) Demand function

d) Demand forecasting


Part 6: Objective questions and answers of Business Economics


Q1. Answer c


Q2. Answer d


Q3. Answer a


Q4. Answer b


Q5. Answer d


Q6. Answer a


Q7. Answer b


Q8. Answer d


Q9. Answer a


Q10. Answer b


Q11. Answer b


Q12. Answer d


Q13. Answer a


Q14. Answer d


Q15. Answer d


Q16. Answer a


Q17. Answer a


Q18. Answer d


Q19. Answer d


Q20. Answer d

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