Managerial Economoics online mcqs practice set

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Exam Question

Average revenue is calculated by

1. TRn – TRn-1
2. P x Q
3. TR / MR
4. TR/Q

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Answer 4. TR/Q

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Exam Question

Long Run Costs Curve is an

1. Envelope Curve
2. U shaped curve
3. inverted curve
4. C shaped curve

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Answer 2. U shaped curve

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Exam Question

Economics is

1. the study of the markets for stocks and bonds
2. the study of choice under conditions of scarcity
3. exclusively the study of business firms
4. fundamentally the same as sociology e. applicable only when scarcity is not a problem

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Answer 3. exclusively the study of business firms

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Exam Question

Which of the following statements relates to microeconomics?

1. Unemployment rises during a recession and falls during an expansion
2. Excessive growth in money supply may create inflation
3. Government spending tends to increase during an economy-wide recession
4. Sharp increases in labor costs have increased production costs in the steel industry

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Answer 1. Unemployment rises during a recession and falls during an expansion

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Exam Question

Which of the following graphs or charts must add up to one hundred percent?

1. a pie chart
2. a bar graph
3. a time-series graph
4. all of the above

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Answer 1. a pie chart

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Exam Question

“The ‘law of diminishing returns to scale’ refers to the general tendency for…to eventually diminish as more of the variable input is employed, given the quantity of fixed inputs.”

1. marginal product
2. average total cost
3. marginal cost
4. average product

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Answer 1. marginal product

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Exam Question

“If both average cost (AC) and marginal cost (MC) are U shaped, then”

1. AC will reach a minimum at a level of output that is less than that at which MC reaches a minimum
2. the total cost curve will be a straight line
3. AC will reach a minimum at a level of output that is greater than that at which MC reaches a minimum
4. both AC and MC will reach a minimum at the same level of output

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Answer 3. AC will reach a minimum at a level of output that is greater than that at which MC reaches a minimum

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Exam Question

“If the demand curve confronting an individual firm is perfectly elastic, then firm is”

1. Price taker
2. Adjust output
3. Adjust price
4. All of these

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Answer 1. Price taker

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Exam Question

Price elasticity of demand provides?

1. “A measure of the responsiveness of the quantity demanded to changes in the price of the product, holding constant.the values of all other variables in the demand function.”
2. A technical change in the goodwill of the firm
3. A technical change in the cost of product
4. Technical change in the value

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Answer 1. “A measure of the responsiveness of the quantity demanded to changes in the price of the product, holding constant.the values of all other variables in the demand function.”

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Exam Question

Value maximization theory fails to address the problem of

1. self-serving management
2. risk
3. uncertainty
4. sluggish growth

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Answer 1. self-serving management

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Exam Question

When Pakistan builds a dam in Chittagong using few machines and a great deal of labor, it is answering the…question

1. “what to produce”
2. “who to produce for
3. “where to produce”
4. “how to produce”

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Answer 4. “how to produce”

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Exam Question

“In a monopoly market, an upward shift in the market demand results in a new equilibrium with”

1. A higher quantity and a lower price
2. A higher quantity and the same price
3. A higher quantity and higher price
4. All of the above

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Answer 4. All of the above

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Exam Question

the shape of ppc is always

1. concave
2. vertical
3. convex
4. horizontal

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Answer 1. concave

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Exam Question

Marginal cost is computed as

1. Prime cost + All Variable overheads
2. Direct material + Direct labor + Direct Expenses + All variable overheads
3. Total costs All fixed overheads
4. All of the above

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Answer 1. Prime cost + All Variable overheads

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Exam Question

“At elasticity of one, marginal revenue is equal to”

1) one
2) zero
3) infinity
4) none

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Answer 1) one

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Exam Question

Perfect competition occurs in a market where there are many firms each selling:

1. an identical product
2. a similar product
3. a unique product
4. a competitive product

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Answer 1. an identical product

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Exam Question

Study of collusive agreement is

1. Collusive oligopoly
2. Non-Collusive oligopoly
3. Monopoly
4. All of the above

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Answer 1. Collusive oligopoly

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Exam Question

“If a firm’s revenues just cover all its opportunity costs, then:”

1. normal profit is zero
2. economic profit is zero
3. total revenues equal its explicit costs
4. total revenues equal its implicit costs

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Answer 2. economic profit is zero

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Exam Question

Which type of competition leads to exploitation of consumer?

1. Oligopoly
2. Monopolistic competition
3. Monopoly
4. All of the above

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Answer 4. All of the above

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Exam Question

Which economist stated the positive impact of monopoly?

1. Marshall
2. Adam Smith
3. Joseph Schumpeter
4. Pigou

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Answer 3. Joseph Schumpeter

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