This quiz explores fundamental concepts in economics and management, focusing on economic systems, market interactions, and management challenges like the principal-agent problem. It assesses understanding of economic costs, profits, and the role of pricing in free markets.
People are not willing to work at the going wage rate
At the going wage rate, there are people who want to work but cannot find work
There are some people who will not work at the going wage rate
There is excess demand in the labour market
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Profit
Cost
Expenses
Revenues
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Aggregate demand
Gross national product
Economy-wide demand
National demand
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Capitalist Economy
Socialist Economy
Mixed Economy
None of these
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2
3
4
6
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Requires a grouping of private markets linked to one another.
Is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem.
Requires some sort of centralized authority (such as government) to coordinate economic activity.
Is a plan or scheme that allows a firm to make money at some other firm's expense
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Greek
Italic
Latin
Indian
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Money
Scarcity
Allocation
Production
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Product Market
Factor Market
Capital Market
Money Market
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Unlimited wants
Limited or Scarce of Means
Alternatives Uses of Means
All of these
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Wages
Rents
Economic profits
Payments made to the entrepreneur for organizing production
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Low
Infinite
High
Medium
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Opportunity
Marginal
Total
Historical
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Price
Cost
Profit
Revenue
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Lionel Robbins
Adam Smith
Alfred Marshal
None of these
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Managerial Economics
Economics for Executives
Economic analysis for business decisions
All of these
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Decides output level which maximizes revenue
Output level which minimizes cost
Output level which maximizes difference between the two
None of these
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Owner`s land for company establishment
Depreciation
Management skill of a owner
None of these
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Company- Manager problem
Principal-Agent Problem
Firm-Employee problem
Problem of different objectives
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Firms
Households
Government
None of these
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Firms and households
Goods and services
Income and money
Wages and salaries
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Inputs into the production process
Weather, social, and political conditions that affect production
The physical relationships between economic inputs and outputs.
The mathematical calculations firms make to determine production.
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Accounting Profit
Economic Profit
Gross Profit
Net Profit
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Capital goods and consumer goods
Free and controlled
Product and resource
Household and business
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