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Posted Date: 18 Mar 2009 Posted By: Asha Member Level: Bronze
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2008 Symbiosis International Education Centre M.B.A Human Resource Management Managerial Economics University Question paper
Managerial Economics Question Paper 2008 Batch
True/False
Question The damage being done by the factories at and around Agra to Taj Mahal is an example of social cost for private benefit.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question The Risk theory of profit was developed by
Correct Answer Hawley
Your Answer Hawley
Multiple Choice Multiple Answer
Question Index numbers may broadly be classified as
Correct Answer Price indices , Quantity indices , Special purpose indices
Your Answer Price indices , Quantity indices , Special purpose indices
Multiple Choice Single Answer
Question Expansion of supply is shown by the movement in the supply curve which is
Correct Answer upward
Your Answer upward
Multiple Choice Multiple Answer
Question Forms of Public Enterprises
Correct Answer departmental management , company management or management by boards , public corporations
Your Answer departmental management , company management or management by boards , public corporations
Select The Blank
Question The financing of ________ goods is done through public expenditure.
Correct Answer public
Your Answer public
Multiple Choice Single Answer
Question A Joint- Stock Company is owned by its share holders but it is managed by
Correct Answer Board of Directors
Your Answer Board of Directors
Multiple Choice Multiple Answer
Question The examples of negative externalities are
Correct Answer nuclear power plants , gargantuan trucks , unsafe factories
Your Answer nuclear power plants , gargantuan trucks , unsafe factories
Match The Following
Question Correct Answer Your Answer
Reduction in demand due to a new substitute in market Uncertainity Uncertainity
Accounting profit Explicit costs Explicit costs
Economic profit Pure profit Pure profit
Risk taking theory Hawley Hawley
Multiple Choice Single Answer
Question Peas & beas, groundnut oil & til oil, tea & coffee are examples of
Correct Answer substitutes goods
Your Answer complimentary goods
Select The Blank
Question Output rises in a lesser proportion to that of the increase in input, under the case of ________.
Correct Answer decreasing returns to scale
Your Answer decreasing returns to scale
True/False
Question A monopolist in a price maker.
Correct Answer True
Your Answer True
Select The Blank
Question The chemical effluents recklessly released by a chemical factory in the river causing water pollution, is an example of ________ cost.
Correct Answer social
Your Answer environmental
True/False
Question The financing of the pure public goods has to be through public expenditure and not through market pricing.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question A firm is a unit of production, where production is done with the aim to maximize
Correct Answer profits
Your Answer profits
Select The Blank
Question By ' profits', the economist means total revenue minus ________.
Correct Answer All costs
Your Answer Explicit costs
Multiple Choice Multiple Answer
Question Cost-Benefit Analysis is
Correct Answer The analysis undertaken to judge the investment of any project , Refers to finding out the worth of investment , Enable ranking of optional investments
Your Answer The analysis undertaken to judge the investment of any project , Refers to finding out the worth of investment , Enable ranking of optional investments
True/False
Question Giffen goods are superior goods.
Correct Answer False
Your Answer False
Multiple Choice Multiple Answer
Question The railways use a lot of coal in firing the steam locomotives. This act causes
Correct Answer a lot of sufferings to the people near the railway. , cost to the society. , no cost to the railways.
Your Answer a lot of sufferings to the people near the railway. , cost to the society. , no cost to the railways.
Multiple Choice Single Answer
Question All the buyers and sellers operating under perfect competition have knowledge
Correct Answer perfect
Your Answer perfect
Multiple Choice Multiple Answer
Question Marginal cost pricing explains that the
Correct Answer Price charged should be equal to the marginal cost , Cost price sets the lower limits for firm’s price , Cost price ensures the possible level of profitability
Your Answer Price charged should be equal to the marginal cost , Cost price sets the lower limits for firm’s price , Cost price ensures the possible level of profitability
True/False
Question The question regarding the nature and quantities of commodities to be produced is solely restricted to capitalist economies.
Correct Answer False
Your Answer False
Match The Following
Question Correct Answer Your Answer
Implicit costs are the cost of resources owned by the firm. of resources owned by the firm.
Opportunity costs are also known as alternative costs alternative costs
The difference between average total cost &average fixed cost shows variable cost variable cost
The difference between average cost and average revenue is average profit average profit
True/False
Question During the period of depression, a large part of a country’s resources lie involuntarily idle.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question The demand curve (A.R.) of a firm under perfect competition is
Correct Answer perfectly elastic
Your Answer perfectly elastic
Select The Blank
Question The externality which causes an economic gain or an economic loss to other economic units is also referred to as ________ externality.
Correct Answer Pecuniary
Your Answer Pecuniary
Select The Blank
Question While discussing the product divisibility of public and private goods, the principle of ________ may be applied in case of only those people who do not agree to pay or who cannot pay the market price
Correct Answer exclusion
Your Answer exclusion
Select The Blank
Question Under the decreasing returns to scale, the marginal output curve slopes ________.
Correct Answer downward
Your Answer downward
Multiple Choice Multiple Answer
Question Characteristics of Pure Public goods are:
Correct Answer They are completely indivisible , Their marginal cost would be zero or close to zero , Their benefits cannot be priced
Your Answer They are completely indivisible , Their marginal cost would be zero or close to zero , Their benefits cannot be priced
Multiple Choice Multiple Answer
Question Major types of costs are
Correct Answer Accounting costs , Economic costs , Opportunity costs
Your Answer Accounting costs , Economic costs , Opportunity costs
True/False
Question The short run Average Cost (A.C.) curve is U shaped.
Correct Answer True
Your Answer True
True/False
Question Cyclical fluctuations are recurrent in nature
Correct Answer True
Your Answer True
Multiple Choice Multiple Answer
Question Quantitative credit control measures are
Correct Answer open market operations , changes in bank rates , changes in statutory reserve ratio
Your Answer open market operations , changes in statutory reserve ratio
True/False
Question Private profit motive is an essential feature of Capitalism.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question The number of buyers & sellers operating under perfect competition is
Correct Answer large
Your Answer large
Select The Blank
Question The sum of all individual demands constitutes________
Correct Answer market demand
Your Answer market demand
Select The Blank
Question The costs which cover the cost of advertising is ________.
Correct Answer Selling cost
Your Answer Selling cost
Multiple Choice Single Answer
Question The relation between variable input and ouput
Correct Answer is direct
Your Answer is direct
Multiple Choice Single Answer
Question With decline in price of a commodity, total expenditure spent on the commodity is less than before, then elasticity of demand for the commodity is
Correct Answer < 1
Your Answer < 1
Multiple Choice Single Answer
Question The public sector is owned & controlled by
Correct Answer state enterprises
Your Answer state enterprises
True/False
Question In the market, any one who agrees to pay the requisite price of a product would be excluded from their consumption.
Correct Answer False
Your Answer False
Multiple Choice Single Answer
Question A downward movement from one point to another point on the same demand curve implies
Correct Answer expansion
Your Answer expansion
Multiple Choice Multiple Answer
Question Methods of forecasting demand for new products are
Correct Answer Product life cycle analysis , Test marketing , Evolutionary approach
Your Answer Product life cycle analysis , Test marketing , Evolutionary approach
True/False
Question The concept of economic profit differs from that of normal profit.
Correct Answer False
Your Answer True
Select The Blank
Question Reasonable profit target as an alternative to the objective of profit maximization was suggested by ________.
Correct Answer Joel Dean
Your Answer Joel Dean
Multiple Choice Single Answer
Question Inflation is characterized by demand which is in
Correct Answer excess of supply
Your Answer surplus
Select The Blank
Question Defence service is an example of ________ good.
Correct Answer indivisible
Your Answer public
Multiple Choice Single Answer
Question
Every nation’s resources which are used to produce the quantities of goods and services that would be required to satisfy all its citizen’s wants are
Correct Answer
insufficient
Your Answer
insufficient
Match The Following
Question
Correct Answer
Your Answer
Managerial economics
Decision making and forward planning
Decision making and forward planning
Resources
scarce
scarce
Commodities
goods and services
goods and services
Human wants
unlimited
unlimited
General Theory of Employment, Interest and Money
J. M. Keynes
J. M. Keynes
Multiple Choice Single Answer
Question
The feasibility, which includes the prospects of employment generation, development of backward areas, social groups comprises of
Correct Answer
Economic feasibility
Your Answer
Economic feasibility
Multiple Choice Single Answer
Question
As far as its use is concerned, tuning in of a radio can be categorized as:
Correct Answer
Divisible
Your Answer
Divisible
True/False
Question
In a market system of economy, there is no harmony between individual interests and interests of the community.
Correct Answer
False
Your Answer
False
True/False
Question
Institution of private property is not an essential feature of Capitalism.
Correct Answer
False
Your Answer
False
Multiple Choice Multiple Answer
Question
In case of defense services, all the sections of the society are equally protected and benefited. The defense services in other words is
Correct Answer
indivisible in character , cannot be priced in the market , a public good
Your Answer
indivisible in character , cannot be priced in the market
Select The Blank
Question
On the ________ level, the summation of maximum individual welfare does not automatically lead to maximum social welfare.
Correct Answer
macro
Your Answer
micro
Select The Blank
Question
While discussing the product divisibility of public and private goods, the principle of ________ may be applied in case of only those people who do not agree to pay or who cannot pay the market price
Correct Answer
exclusion
Your Answer
exceptions
Select The Blank
Question
The goods become ________ only when each individual has an access to the entire amount of it and its use by the individual does not reduce its availability to others.
Correct Answer
indivisible
Your Answer
public
Select The Blank
Question
In the context of formulation of an investment project, ________ feasibility means the availability of land, plant, machinery, raw materials and technical know how etc.
Correct Answer
technical
Your Answer
technical
Select The Blank
Question
In a market economy ________ is the best judge of personal interest.
Correct Answer
individual
Your Answer
individual
True/False
Question
Inflation reduces the purchasing power of people's income and savings.
Correct Answer
True
Your Answer
True
True/False
Question
In a free-enterprise economy, the problems of what how and for whom are solved by a planning committee
Correct Answer
False
Your Answer
False
Multiple Choice Single Answer
Question
A technical unit of given capacity of output is
Correct Answer
plant
Your Answer
plant
Multiple Choice Multiple Answer
Question
Preference Shares can be classified as
Correct Answer
Simple Shares , Cumulative Shares , Redeemable Shares
Your Answer
Simple Shares , Redeemable Shares
Multiple Choice Multiple Answer
Question
The sole proprietorship type of organization is found in
Correct Answer
Agriculture, , Retail trade, , Hotel,
Your Answer
Agriculture, , Retail trade, , Hotel,
Multiple Choice Multiple Answer
Question
Co-operative organizations is
Correct Answer
voluntary organization , managed by democratic principle , organization, which performs its business within the members
Your Answer
voluntary organization , managed by democratic principle , non profit motive organization
Select The Blank
Question
A private limited company can be formed with 2 to 50 members maximum, excluding ________
Correct Answer
employee shareholders
Your Answer
Directors
Multiple Choice Single Answer
Question
The method of inventory valuation in which , the cost of production is calculated on the assumption that the material which was last to enter the inventory of the company was used first is
Correct Answer
LIFO
Your Answer
LIFO
True/False
Question
Profit should be large enough for a plough – back for business expansion.
Correct Answer
True
Your Answer
True
True/False
Question
Accounting profit takes in to account opportunity cost.
Correct Answer
False
Your Answer
True
Multiple Choice Multiple Answer
Question
Profit is regarded as
Correct Answer
income accruing to the equity holders , wages accrue to the labour , rent accrue to the owner
Your Answer
income accruing to the equity holders , rent accrue to the owner
Multiple Choice Single Answer
Question
Change in income of a person may result in demand for goods to
Correct Answer
change
Your Answer
change
Multiple Choice Single Answer
Question
With decline in price of a commodity, total expenditure spent on the commodity is less than before, then elasticity of demand for the commodity is
Correct Answer
< 1
Your Answer
>1
Multiple Choice Single Answer
Question
Peas & beas, groundnut oil & til oil, tea & coffee are examples of
Correct Answer
substitutes goods
Your Answer
substitutes goods
True/False
Question
Demand for luxury goods is inelastic
Correct Answer
False
Your Answer
False
Match The Following
Question
Correct Answer
Your Answer
Increase in demand
Upward shift of the demand curve
Upward movement on the demand curve
Extension of demand
Downward movement on the demand curve
Vertical Demand curve
Decrease in Demand
Leftward shift of the demand curve
Downward movement on the demand curve
Contraction of Demand
Upward movement on the demand curve
Leftward shift of the demand curve
Select The Blank
Question
Increase in consumer’s income leads in the demand for inferior goods to ________
Correct Answer
decrease
Your Answer
decrease
Multiple Choice Multiple Answer
Question
Reasons for change in Demand (Increase or Decrease in Demand)
Correct Answer
Change income of consumer , Change in population , Change in fashion and customs
Your Answer
Change income of consumer , Change in population , Change in fashion and customs
Multiple Choice Single Answer
Question
AVC is the per unit variable cost of
Correct Answer
production
Your Answer
fixed variable
True/False
Question
The sum of total fixed costs and total variable costs is the total cost.
Correct Answer
True
Your Answer
True
Multiple Choice Multiple Answer
Question
The production function can be explained by
Correct Answer
Law of variable proportions , Laws of returns to scale , Optimum combinations of inputs
Your Answer
Law of variable proportions , Laws of returns to scale
Select The Blank
Question
Output rises in a lesser proportion to that of the increase in input, under the case of ________.
Correct Answer
decreasing returns to scale
Your Answer
decreasing returns to scale
Select The Blank
Question
The costs which cover the cost of advertising is ________.
Correct Answer
Selling cost
Your Answer
Incremental cost
Select The Blank
Question
The out of pocket costs are ________.
Correct Answer
Explicit costs
Your Answer
Explicit costs
Select The Blank
Question
By ' profits', the accountant means total revenue minus________.
Correct Answer
Explicit costs
Your Answer
Fixed costs
Multiple Choice Single Answer
Question
The supply curve during market period is
Correct Answer
perfectly inelastic
Your Answer
perfectly inelastic
Multiple Choice Single Answer
Question
Under monopoly entry of new firms is
Correct Answer
prohibited
Your Answer
limited
True/False
Question
In case of the co-operative societies supplying cheap inputs or supplying consumer products at fair prices, a system of subsidized pricing is followed.
Correct Answer
True
Your Answer
True
True/False
Question
Market price fluctuates very often.
Correct Answer
True
Your Answer
True
Multiple Choice Multiple Answer
Question
Macro Economics is the study of
Correct Answer
The aggregate behavior of the economy , The behavior of economic agents , Problems such as the rates of inflation, the balance of payments, etc
Your Answer
The aggregate behavior of the economy , Problems such as the rates of inflation, the balance of payments, etc , Economic welfare
Multiple Choice Multiple Answer
Question
The subject matter of Micro economics includes the study of
Correct Answer
an individual consumer , particular market for a given commodity , operation of a firm
Your Answer
an individual consumer , particular market for a given commodity , major economic issues , problems & policies
Multiple Choice Multiple Answer
Question
16. The phase of recovery denotes
Correct Answer
More employment opportunities , Increase in profitability , Wage rate increase
Your Answer
More employment opportunities , Increase in profitability , Wage rate increase
Multiple Choice Multiple Answer
Question
Quantitative credit control measures are
Correct Answer
open market operations , changes in bank rates , changes in statutory reserve ratio
Your Answer
open market operations , moral suasion
Multiple Choice Single Answer
Question
The government has adopted a system of dual prices in the case of
Correct Answer
essential goods
Your Answer
essential goods
Multiple Choice Multiple Answer
Question
The disinvestments of industries is needed for
Correct Answer
Phased privatization , Reducing deficit , Capital support to plans
Your Answer
Phased privatization , Reducing deficit , Capital support to plans
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