Economic Analysis For Business Decisions (102)

20 Questions | Total Attempts: 103

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Economic Analysis For Business Decisions (102)

Internal Online Exam


Questions and Answers
  • 1. 
    In free enterprise economy basic economic problems are solved with the help of
    • A. 

      Demand and supply interaction

    • B. 

      Government

    • C. 

      Price mechanism

    • D. 

      Central planning department

  • 2. 
    ----------- is the example of mixed economy
    • A. 

      India

    • B. 

      USA

    • C. 

      UK

    • D. 

      Erstwhile USSR

  • 3. 
    Profit is the motive of –
    • A. 

      Centrally planned economy

    • B. 

      Socialistic economy

    • C. 

      Capitalistic economy

    • D. 

      Mixed economy

  • 4. 
    Inequality of income is the characteristic of –  
    • A. 

      Capitalist economy

    • B. 

      Socialistic economy

    • C. 

      Mixed economy

    • D. 

      Planning economy

  • 5. 
    ------------ Cost is also known as imputed cost. 
    • A. 

      Total

    • B. 

      Marginal

    • C. 

      Historical

    • D. 

      Opportunity

  • 6. 
    There are -------------- branches of economics  
    • A. 

      3

    • B. 

      2

    • C. 

      1

    • D. 

      4

  • 7. 
    ------------- Cost is also known as explicit cost.  
    • A. 

      Opportunity

    • B. 

      Outlay

    • C. 

      Sunk

    • D. 

      Accounting

  • 8. 
    Invisible hand theory is given by-  
    • A. 

      Samuelson

    • B. 

      Adam smith

    • C. 

      Marshall

    • D. 

      Pigou

  • 9. 
    Economic cost = ------------- cost+ --------------- cost. 
    • A. 

      Accounting , Explicit

    • B. 

      Implicit , explicit

    • C. 

      Accounting, outlay

    • D. 

      Explicit, imputed

  • 10. 
    Sales maximization means-  
    • A. 

      Sale of large quantity of output

    • B. 

      Increase the selling price

    • C. 

      Minimize the cost

    • D. 

      Maximization of total revenue

  • 11. 
    Value maximization means  
    • A. 

      Profit maximization

    • B. 

      Sales maximization

    • C. 

      Wealth maximization

    • D. 

      Cost minimization

  • 12. 
    Economic profit = total revenue –  
    • A. 

      Economic cost

    • B. 

      Implicit cost

    • C. 

      Explicit cost

    • D. 

      Accounting cost

  • 13. 
    Accounting profit = total revenue –  
    • A. 

      Economic cost

    • B. 

      Explicit cost

    • C. 

      Implicit cost

    • D. 

      Marginal cost

  • 14. 
    Money is  
    • A. 

      Generally accepted as a medium of exchange

    • B. 

      Acts as a measure of value

    • C. 

      It is accepted in payment of goods and services and settlement of debts

    • D. 

      All of these

  • 15. 
    Utility refers to  – 
    • A. 

      Ethical concept

    • B. 

      Want satisfying power of goods and service

    • C. 

      Stock concept

    • D. 

      Utilization

  • 16. 
    Capital goods are those goods-  
    • A. 

      Which are consumed by consumer

    • B. 

      That can be consumed number of times

    • C. 

      That satisfy human wants

    • D. 

      That help in further production

  • 17. 
    Equilibrium refers to-
    • A. 

      Optimum situation

    • B. 

      Absence of change in movement

    • C. 

      Demand is equal to supply

    • D. 

      All of these

  • 18. 
    Micro economic is also known as-  
    • A. 

      Income theory

    • B. 

      Price theory

    • C. 

      Profit theory

    • D. 

      Cost theory

  • 19. 
    Adam smith’s wealth of nations published in-  
    • A. 

      1931

    • B. 

      1808

    • C. 

      1776

    • D. 

      1775

  • 20. 
    Profits arise because the entrepreneurs introduce innovations- stated by-
    • A. 

      Schumpeter

    • B. 

      Knight

    • C. 

      Robbins

    • D. 

      Pigou

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