Managerial Economics

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Each section contains 100 MCQs on Managerial Economics .

In a . . . . . . . . the decisions of a central planner are replaced by the decisions of millions of firms and households, which answer will be suitable for the blank?

A) Market economy B) Business economy C) Social economy D) Plant economy

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

To maximise profits during short run, a firm should produce the output that will

A) Maximise marginal revenue B) Yield maximum total revenue C) Minimise marginal cost D) Equate marginal revenue with marginal cost

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

When the consumer's income increases, the budget line on an indifference map moves to

A) A parallel position to the right B) A parallel position to the origin C) A parallel position to the left D) None of the above

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

The following table shows the various combinations of labour (L) and capital (K) and the resulting outputs

Combination	Output (units)
1L + 1K	200
2L + 2K	400
3L + 3K	600
4L + 4K	800
5L + 5K	1000

This table shows the

A) Constant returns to scale B) Increasing returns to scale C) Diminishing returns to scale D) None of the above

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

As a consumer increases his consumption of a commodity, the total utility he derives from its consumption increases, but at a diminishing rate. This is

A) An economic law B) A statement of fact C) A hypothesis D) None of the above

Discuss

Answer & Solution

Answer: Option C

No explanation is given for this question. Let's Discuss on Board

A firm may be considered to be of optimum size when

A) Its total cost and total revenue curve coincide B) Its average cost is at a minimum C) Its fixed and average costs are equal D) It is faced with a horizontal demand curve

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

The positive cross elasticity of demand between two products means the two products are

A) substitutes B) not related C) complementary D) none of these

Discuss

Answer & Solution

Answer: Option A

No explanation is given for this question. Let's Discuss on Board

At the point of producers equilibrium

A) $$\frac{{{\text{M}}{{\text{P}}_{\text{L}}}}}{{{{\text{P}}_{\text{L}}}}} = \frac{{{\text{M}}{{\text{P}}_{\text{K}}}}}{{{{\text{P}}_{\text{K}}}}}$$ B) The MRTS_LK equals $$\frac{{{\text{PL}}}}{{{\text{PK}}}}$$ C) The Iso-quant is tangent to the Iso-cost D) All of the above

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

The following is the demand function: Q = 100 - 5P, What will be the point price elasticity of demand at price Rs. 10?

A) 2.00 B) 1.00 C) 0.85 D) 0.50

Discuss

Answer & Solution

Answer: Option B

No explanation is given for this question. Let's Discuss on Board

In general, most of the production functions measure

A) The economies of scale B) The relation between the factors of production C) The productivity of factors of production D) The relations between change in physical inputs and physical output

Discuss

Answer & Solution

Answer: Option D

No explanation is given for this question. Let's Discuss on Board

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