Managerial Economics Quiz Exam!
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- 1.Opportunity cost is not zero ______________
- A.
During general unemployment
- B.
Sunk costs
- C.
Free goods
- D.
When a machine has multiple uses
- E.
Full employement
- 2.PPC curve is convex to the orgin:
- A.
Decreasing marginal rate of substitution
- B.
Constant marginal rate of substitution
- C.
Increasing marginal rate of substitution
- D.
Because of specialised resources
- E.
Maximum quantity produced at increasing cost
- 3.Reservation price refers to?
- A.
Maximum price
- B.
Minimum price
- C.
Price floor
- D.
Price ceiling
- E.
Seller's price
- 4.Price floor
- A.
Meant for buyers
- B.
Meant for sellers
- C.
Both buyers and sellers
- D.
Set by the government
- E.
Set on the floor
- 5.Excess supply happens when there is:
- A.
Price floor
- B.
Rent control
- C.
Consumer surplus
- D.
Due to govt subsidies
- E.
Due to govt taxes
- 6.When income of the consumer increases the demand for Giffen good:
- A.
Goes up
- B.
Goes down
- C.
Depends up on the price of the good
- D.
Constant
- E.
It goes up certain level then remain constant
- 7.The deadweight loss refers to:
- A.
Loss of social welfare
- B.
Loss of sellers
- C.
Loss of buyers
- D.
Excess demand
- E.
Excess supply
- 8.Which of the following are not determinants of supply?
- A.
Income of the consumer
- B.
Price of substitues
- C.
Infrastructure
- D.
Cost of inputs
- E.
Price of complements
- 9.If the price of the commodity tends to high then it enjoys:
- A.
Elastic demand
- B.
Inelastic demand
- C.
Unit elastic
- D.
Perfectly inelastic demand
- E.
Perfectly elastic demand
- 10.Which of the following statement is false?
- A.
Price line is required to draw consumer's equilibrium under IC analysis
- B.
The consumer is hooked to highest possible IC under equilibrium
- C.
Under price ceiling hoarding and black marketing take place
- D.
Wider the substitute for a good higher elasticity of demand for a good
- E.
The MU of money cannot remain constant
Questions: 10 | Attempts: 25462 | Last updated: Mar 22, 2022
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