Managerial Economics Quiz: Test!

10 Questions | Total Attempts: 93

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Economics Quizzes & Trivia


Questions and Answers
  • 1. 
    Price floor is to protect the interests of:
    • A. 

      Sellers

    • B. 

      Buyers

    • C. 

      Government 

    • D. 

      Market

  • 2. 
    PPC curve highlights the problem:
    • A. 

      Scarcity

    • B. 

      Concave

    • C. 

      Two goods only

    • D. 

      Unlimited resources and Technology

  • 3. 
    PPC curve shows:
    • A. 

      Increasing marginal opportunity cost

    • B. 

      Constant marginal opportunity cost

    • C. 

      Decreasing marginal cost

    • D. 

      Increasing fist  and later decreasing 

  • 4. 
    Consumer preferences are taken into account.
    • A. 

      Capitalism

    • B. 

      Socialism 

    • C. 

      Communism

    • D. 

      Mixed economy

  • 5. 
    The following factor will not cause a shift in the demand curve.
    • A. 

      Price of the good

    • B. 

      Price of related goods

    • C. 

      Taste and Preferences

    • D. 

      Income of the consumer

  • 6. 
    Under price floor one comes across:
    • A. 

      Excess supply

    • B. 

      Excess demand

    • C. 

      Both excess supply and demand

    • D. 

      Black marketing

  • 7. 
    Whom to produce deals with:
    • A. 

      Distribution of national income

    • B. 

      Goods to be produced

    • C. 

      Machinery and tools

    • D. 

      Growth

  • 8. 
    PPC shifts to the right when there is:
    • A. 

      Change in technology and availability of resources

    • B. 

      Change in technology only

    • C. 

      Change in resources only

    • D. 

      During the short run

  • 9. 
    Which of the following is not determinant of supply?
    • A. 

      Taste and preferences

    • B. 

      Cost of inputs

    • C. 

      Technology

    • D. 

      Prices of related goods

  • 10. 
    Excess demand is found under:
    • A. 

      Price ceiling and control

    • B. 

      Price floor

    • C. 

      At equilibrium price

    • D. 

      If price set is above the equilibrium price