Are you students of nmims distance learning program and your exam subject is business economics? If yes! Must prepare mcq of business economics set 7 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 Set 7
Q1. Which of the following is true regarding the law of scarcity?
a. It states that the wants of a consumer will never be satisfied completely.
b. It indicates that the wants of a consumer will be satisfied in a socialistic system.
c. It is only for underdeveloped countries.
d. It is not for rich and developed countries.
Answer
a. It states that the wants of a consumer will never be satisfied completely.
Q2. Select the wrong statement in case of imperfect market.
a. The MR curve is similar to that of the AR curve
b. MR is less than AR
c. AR and MR curves are different
d. Generally AR curve lies below the MR curve
Answer
d. Generally AR curve lies below the MR curve
Q3. An economic model includes
a. Only details considered essential.
b. All known details in order to increase its accuracy.
c. No use of ceteris paribus.
d. Post hoc statements.
Answer
d. Post hoc statements.
Q4. An indifference curve is the locus of points each representing a different combination of two substitutes, which yield the —– level of utility to a consumer.
a. Higher
b. Lower
c. Same
d. Unidentified
Answer
c. Same
Q5. A —– represents various combinations of two commodities, which can be purchased by a consumer at the given income level and market price.
a. Marginal utility curve
b. Demand curve
c. Budget slope
d. Budget line
Answer
d. Budget line
Q6. —– economists have given cardinal utility concept to measure the utility derived from a good.
a. Modern
b. Neo-classical
c. Classical
d. None of the above
Answer
b. Neo-classical
Q7. The demand curve will have a downward slope indicating —–
a. the expansion of demand with a fall in price
b. contraction of demand with a rise in price
c. the expansion of demand with a fall in price and contraction of demand with a rise in price
d. rise in price causes a rise in supply
Answer
c. the expansion of demand with a fall in price and contraction of demand with a rise in price
Q8. Integration of business economics and strategic planning has given rise to a new area of study called —–.
a. Micro Economics
b. Corporate Economics
c. Macro Economics
d. Managerial Economics
Answer
b. Corporate Economics
Q9. Which of the following does a person need to make a rational decision?
a. Choices that don’t have trade-offs
b. Choices that never change
c. Choices that are consistent with a similar goal every time
d. Logical choices without errors
Answer
c. Choices that are consistent with a similar goal every time
Q10. Dumping policy refers to selling of goods at —– prices in the competitive International market and at —– prices in the protected domestic market.
a. Lower, Higher
b. Lower, Lower
c. Higher, Lower
d. Higher, Higher
Answer
c. Higher, Lower
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
