Business Economics 9

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Objective Questions and Answers of MBA: Business Economics 9

Subject: Objective Questions and Answers of MBA: Business Economics 9

Part 9: Objective questions and answers of Business Economics

 

Q1. In the above function, the letter T stands for

a) Target price

b) Total supply

c) Total consumption

d) Taste and preference of consumers

 

Q2. Basic assumptions of law of demand does not include

a) There is no change in consumers' taste and preference

b) Income should remain constant

c) Prices of other goods should change

d) There should be no substitute for the commodity

 

Q3. Purposes of long term Demand forecasting includes

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

 

Q4. The pricing of cup of tea or coffee, is an example of

a) Mark up pricing

b) Marginal cost pricing

c) Conventional pricing

d) Cost plus pricing

 

Q5. Production may be defined as an act of:

a) Creating utility

b) Earning profit

c) Destroying utility

d) Providing services

 

Q6. Which are not the features of oligopoly?

a) Few sellers

b) Advertising and sales promotion

c) One firm

d) Conflicting attitudes of firms

 

Q7. ______________ is situation with increased investment and increased price

a) Recession

b) Progress

c) Boom

d) Recovery

 

Q8. A graph indicating different combination of inputs with different level of output is called

a) Iso-cost map

b) BEP map

c) Input-output map

d) Iso-quant map

 

Q9. Related to production function, MRTS stand for;

a) Marginal revenue and total sales

b) Minimum revenue from total sales

c) Marginal rate of total supply

d) Marginal rate of technical substitution

 

Q10. Which of the following is not a feature of monopolistic completion?

a) Large number of producers

b) Free entry and exit

c) More elastic demand

d) Price competition

 

Q11. Welfare (neo classical) definition of economics is given by

a) J B Say

b) Lionel Robbins

c) Adam Smith

d) Alfred Marshall

 

Q12. ______________ is micro economic theory

a) Demand theory

b) Price theory

c) Income theory

d) None of these

 

Q13. Basic economic tools of managerial economics does not include

a) Principle of time perspective

b) Equi-marginal principle

c) Incremental principle

d) None of these

 

Q14. In the above function, the letters Ps stands for

a) Preference of consumers

b) Price of commodity

c) Price of substitutes

d) Product supply

 

Q15. When the quantity demanded of a commodity rises due to a fall in price, it is called

a) Extension

b) Upward shift

c) Downward shift

d) Contraction

 

Q16. EP = ______________ in case of relatively inelastic demand

a) 0

b) Infinite

c) 1

d) <1

 

Q17. In ______________ approach, Consumers reactions on the new products are found out indirectly with the help of specialized dealers

a) Growth curve approach

b) Evolutionary approach.

c) Opinion polling approach

d) Vicarious approach.

 

Q18. The concept of product differentiation was introduced by

a) TR Malthus

b) JM Keynes

c) Mrs. Robinson

d) Chamberlin

 

Q19. Pricing methods are:

a) Standard cost method

b) Learning curve method

c) Marginal cost method

d) All of these

 

Q20. " ______________ in economics means demand backed up by enough money to pay for the goods demanded"

a) Utility

b) Consumption

c) Supply

d) Demand

 

Part 9: Objective questions and answers of Business Economics

 

Q1. Answer d

 

Q2. Answer c

 

Q3. Answer d

 

Q4. Answer c

 

Q5. Answer a

 

Q6. Answer c

 

Q7. Answer c

 

Q8. Answer d

 

Q9. Answer d

 

Q10. Answer d

 

Q11. Answer d

 

Q12. Answer b

 

Q13. Answer d

 

Q14. Answer c

 

Q15. Answer a

 

Q16. Answer d

 

Q17. Answer d

 

Q18. Answer d

 

Q19. Answer d

 

Q20. Answer d

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