Are you students of nmims distance learning program and your exam subject is business economics? If yes! Must prepare mcq of business economics set 5 from these all set, so you can get best marks in your exam. Also try economics mcq quiz and assess your knowledge.
NMIMS MCQ Economics with answer Set 5
Q1. —– is also known as leading indicators approach to demand forecasting.
a. Survey Method
b. Test Marketing
c. Barometric method
d. Delphi Method
Answer
c. Barometric method
Q2. Qualitative techniques are specially useful in situations where —– is not available.
a. Historical
b. Modern
c. Quantitative
d. Numeric
Answer
a. Historical
Q3. A portion of the total population is known as —–
a. Specimen
b. Variety
c. Sample
d. Illustration
Answer
c. Sample
Q4. The value of weights lies between —– and their total must be equal to 1.
a. 1 and 2
b. 1 and 5
c. 0 and -1
d. 0 and 1
Answer
d. 0 and 1
Q5. Below what is not Tangible assets.
a. Raw Martial
b. Land
c. Capital
d. Knowledge
Answer
d. Knowledge
Q6. —–method of demand forecasting is used by companies at the time of new product launch.
a. Cyclical variations
b. Test marketing
c. Sales force composite
d. Irregular variations
Answer
b. Test marketing
Q7. In broad terms the difference between microeconomics and macroeconomics is that
a. Microeconomics studies the effects of government taxes on the national unemployment rate.
b. Macroeconomics studies the effects of government regulation and taxes on the price of individual goods and services whereas microeconomics does not.
c. They use different sets of tools and ideas.
d. Microeconomics studies decisions of individual people and firms and macroeconomics studies the entire national economy
Answer
d. Microeconomics studies decisions of individual people and firms and macroeconomics studies the entire national economy
Q8. —– is that branch of economics which is objective and descriptive in nature
a. Positive approach
b. Normative approach
c. Management approach
d. Business approach
Answer
a. Positive approach
Q9. Macroeconomics is the branch of economics that studies
a. Prices of individual goods.
b. Important, as opposed to trivial, issues.
c. The way individual markets work.
d. The economy as a whole.
Answer
d. The economy as a whole.
Q10. When an individual continues to consume more and more units of a commodity per unit of time, the utility that he/she obtains from each successive unit continues to
a. remain constant
b. Increase
c. Diminish
d. none of the above
Answer
c. Diminish
Q11. —– is a process of predicting the demand for an organization’s products or services in a specified time period in the future.
a. Qualitative forecasting
b. Demand forecasting
c. Sales forecasting
d. Quantitative forecasting
Answer
b. Demand forecasting
Q12. —– can be defined as a measure of satisfaction received by a consumer on the consumption of a good or service.
a. Budget Line
b. Utility
c. MRS
d. Consumer equilibrium
Answer
b. Utility
Q13. —–method relies on the future purchase plans of consumers and their intensions to anticipate demand.
a. Test marketing
b. Sample Survey
c. Delphi method
d. Survey
Answer
d. Survey
Q14. Under —– market conditions, an organization sets a low price per unit of the product in the case of elastic demand.
a. Monopolistic
b. Duopolistic
c. Oligopolistic
d. Perfectly competitive
Answer
a. Monopolistic
Q15. Unlike survey methods, statistical methods are —–.
a. Reliable and expensive
b. Economic and reliable
c. Cost effective and reliable
d. Expensive and unreliable
Answer
c. Cost effective and reliable
Q16. Which of the following does not come under the scope of economics
a. Environment studies
b. health
c. social welfare
d. archaeological survey
Answer
d. archaeological survey
Q17. Secular trend does not include —–.
a. Increase in population
b. Irregular variation
c. Level of employment
d. Stock prices data
Answer
b. Irregular variation
Q18. Complete enumeration method is also referred as to as —– method of demand forecasting.
a. Delphi
b. Census
c. Survey
d. Poll
Answer
b. Census
Q19. Which of the following is not included in the calculation of gross domestic product
a. consumer goods and service
b. gross private domestic income
c. net income from abroad
d. goods and service produced by government
Answer
c. net income from abroad
Q20. A firm sells 2000 units of a product at the rate of Rs. 4 per unit. What will be the total revenue and the average revenue of the firm?
a. TR=500, AR = 125
b. TR= 8000, AR = 500
c. TR= 8000, AR = 4
d. TR = 500, AR = 4
Answer
c. TR= 8000, AR = 4
Q21. When the prices of commodities change, the budget line shifts from its original position while —–remains unchanged.
a. Slope
b. Demand
c. indifference curve
d. income
Answer
d. income
Q22. Modern perspective of economics is given by —–.
a. Fayol
b. Paul Samuelson
c. J.M. Keynes
d. Robins
Answer
b. Paul Samuelson
Q23. —– forecasting is done for coordinating routine activities such as formulating pricing policy and developing an appropriate sales strategy.
a. Long-Term
b. Quantitative
c. Short-Term
d. Sales
Answer
c. Short-Term
Q24. Irregular variations are also known as —–.
a. Irregular variations
b. Seasonal variations
c. Residual variations
d. Cyclical variations
Answer
c. Residual variations
Q25. —– method is used to determine the relationship of two or more independent variables with one dependent variable.
a. Test marketing
b. Multiple linear regression
c. Simple linear regression
d. Barometric
Answer
b. Multiple linear regression
Q26. —– techniques are used to eliminate a random variable from the historical demand.
a. Smoothing
b. Delphi
c. Test marketing
d. Sample survey
Answer
a. Smoothing
Q27. In —– effect, the price of only one good change and it leads to change in consumer equilibrium.
a. Income
b. price
c. substitution
d. continuity
Answer
b. price
Q28. When supply is relatively inelastic, elasticity of supply ES = —–.
a. greater than one
b. zero
c. less than one
d. one
Answer
c. less than one
Q29. If Marginal Social Cost > Marginal Private Cost of an activity, the government has to—–.
a. Tax on producers
b. Subsidize producers
c. Tax on consumers
d. Subsidize consumers
Answer
a. Tax on producers
Q30. Positive and normative statements differ in that
a. Normative statements depict “what is” and positive statements depict “what ought to be.”
b. Positive statements can be graphed, whereas normative statements cannot.
c. Normative statements can be tested, whereas positive statements cannot
d. Positive statements can be tested, whereas normative statements cannot
Answer
d. Positive statements can be tested, whereas normative statements cannot
Q31. From the —– perspective, utility is the ability of a product to satisfy want.
a. Product
b. Price
c. Demand
d. Consumer
Answer
a. Product
Q32. When the combinations of different commodities are plotted on the graph, the resulting curve is called —–.
a. Marginal utility curve
b. Budget line
c. Indifference curve
d. None of the above
Answer
c. Indifference curve
Q33. Short-Term forecasting involves anticipating demand for a period not exceeding —–.
a. Two Years
b. One month
c. Six months
d. One year
Answer
d. One year
Q34. The indicates the percentage of income earned by capital in the form of interest out of total national income.
a. Land’s share of income
b. Capital’s share of income
c. Labor’s share of income
d. Cash-income ratio
Answer
d. Cash-income ratio
Q35. Which of the following is an example of a positive statement?
a. Business firms ought to contribute more to charities.
b. Government should not redistribute income.
c. The foreign sector should be more tightly controlled.
d. Households are the primary source of saving.
Answer
d. Households are the primary source of saving.
Q36. Cost function usually refers to the relationship between cost and
a. fixed cost
b. rate of output
c. variable cost
d. direct cost
Answer
b. rate of output
Q37. Which of the following is the market structure in which the firms produce homogeneous products?
a. Monopolistic competition
b. Oligopoly
c. Perfect competition
d. Monopoly
Answer
c. Perfect competition
Q38. Any change in the consumers income or the prices of commodities would result in a change in the budget line. This phenomenon of change is called a —— in the budget line.
a. Slope
b. Decrease
c. Shift
d. Increase
Answer
c. Shift
Q39. —–refers to the amount of capital required to produce a unit of output.
a. Saving income ratio
b. Consumption Income Ratio
c. Capital output ratio
d. Input-output ratio
Answer
c. Capital output ratio
Q40. In which phase of the trade cycle do the level of investment in stocks decline?
a. Recovery
b. Depression
c. Over full Employment
d. Prosperity
Answer
b. Depression
Also study other’s eco MCQ
- Business economics nmims mcq set 1
- Business economics nmims mcq set 2
- Business economics nmims mcq set 3
- Business economics nmims mcq set 4
- Business economics nmims mcq set 5
- Business economics nmims mcq set 6
- Business economics nmims mcq set 7
