Managerial Economics Quiz: Test!

10 Questions | By Chivkula.anirvin | Updated: Mar 19, 2022 | Attempts: 301

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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