Q1:____is a discipline that combines economic theory with managerial practice.
Answer: Managerial EconomicsAnswer
Q2:____ is the study of economy as a whole. It deals with questions relating to national income, unemployment, inflation, fiscal policies, and monetary policies.
Answer: MacroeconomicsAnswer
Q3:____ is concerned with the study of individuals like a consumer, a commodity, a market and a producer.
Answer: MicroeconomicsAnswer
Q4:____ theory guides the manager in the selection of goods and services for production.
Answer: Demand Answer
Q5: Allocation of available capital in long-term investment projects can be done through ____ methods.
Answer: AppraisalAnswer
Q6:A ____makes an assessment of change.
Answer: Managerial EconomistAnswer
Q7:A managerial economist has to evaluate changes in the ____ indicators.
Answer: MacroeconomicsAnswer
Q8: Many companies have applied established principles of Managerial Economics to improve their ____.
Answer: ProfitabilityAnswer
Q9: The best way to become acquainted with Managerial Economics is to come face to face with real world …………………
Answer: Decision problemsAnswer
Q10:____ is a representation of preferences over some set of goods and services.
Answer: UtilityAnswer
Q11: Contrary to the consumer’s point of view, utility is supposed as a ____ phenomenon.
Answer: OutwardAnswer
Q12:____may be defined as the sum of the utilities derived by a consumer from the various units of goods and services he consumes.
Answer: Total UtilityAnswer
Q13: TU is the abbreviation for ____.
Answer: Total UtilityAnswer
Q14:____may be defined as the utility derived from the marginal unit consumed.
Answer: Marginal utilityAnswer
Q15:MU is the abbreviation for ____.
Answer: Marginal utilityAnswer
Q16: The law of ____ is one of the fundamental laws of economics.
Answer: Diminishing marginal utilityAnswer
Q17: In simple words, when a person consumes more and more units of a commodity per unit of time, keeping the consumption of all other commodities constant, the utility which he derives from the successive units of consumption goes on ____.
Answer: DiminishingAnswer
Q18: The study of ____ serves as a foundation for understanding the advanced theories of consumer behaviour.
Answer: Classical demand theoryAnswer
Q19:Every rational consumer intends to ____ his/her satisfaction from his/her given money income.
Answer: MaximizeAnswer
Q20:The principle of ____ states that resources should be allocated or hired in such a way that the ratio of marginal costs of various uses of a given resource or of various resources in a given use is the same.
Answer: Equi-marginalismAnswer
Q21:MRP is the abbreviation for ____.
Answer: Maximum Revenue Product.Answer
Q22: The demand for a good or service refers to the ____ that people are ready to buy at various prices within some given time period.
Answer: QuantityAnswer
Q23: Demand can also be called as the ____ for the product backed by willingness and ability to pay for it.
Answer: DesireAnswer
Q24:The demand function is ____.
Answer: A comprehensive formulation in an equation form, which specifies the major factors that influence the demand of a product.Answer
Q25:The segment of population which consumes a particular good or service is called ____.
Answer: Prime populationAnswer
Q26: The ____ states that, other factors held constant, as price of a good or service increases, its quantity demanded by consumer’s decreases.
Answer: Law of demandAnswer
Q27:The____ for a good is a table that shows the total quantity of a good that will be purchased at various price.
Answer: Demand scheduleAnswer
Q28:____are purchased for snob appeal, ostentation and prestige value.
Answer:Some goodsAnswer
Q29:____is an inferior commodity, much cheaper than its superior substitutes, consumed by poor households as an essential commodity.
Answer: Giffen goodAnswer
Q30: Change in quantity demanded due to a change in price is called as a____.
Answer: Movement along a demand curveAnswer
Q31: Changes in non-price determinants (price remaining constant) result in changes in demand, that is,____.
Answer: Shift in the demandAnswer
Q32:____in the price of the product results in consumers buying close substitutes.
Answer: IncreaseAnswer
Q33:In general, luxury goods are price elastic and necessities are price____.
Answer: Elastic demandAnswer
Q34:____measures the responsiveness of sales of a good to changes in its price.
Answer: Price elasticity of demandAnswer
Q35: The elasticity is given a ____ sign despite inverse relation between price and quantity demanded to make analysis simple.
Answer: PositiveAnswer
Q36:____ for a firm is useful in estimation and prediction of demand in the long run.
Answer: Income elasticityAnswer
Q37:The demand for a good with ____ income elasticity will not ?uctuate much with a recession or income boom
Answer: Low Answer
Q38:____is the ratio of n percentage change in the demand for good X to a percentage change in price of good Y, other factors remaining constant.
Answer: Cross Elasticity of DemandAnswer
Q39:____elasticities are appropriate for analysing the effect of discrete, i.e. measurable, changes en price.
Answer: ArcAnswer
Q40: If price decreases and, m percentage terms, quantity rises more then the decrease in price, then total revenue will ____ and vice versa.
Answer: IncreaseAnswer
Q41:____ is the ratio of percentage change in quantity demanded (Q) to a percentage change in advertisement outlay (A).
Answer: Advertisement Elasticity of Demand (EA)Answer
Q42: The greater the promotional elasticity, the ____ will be the incentive to go in for advertising.
Answer: MoreAnswer
Q43:____is the prediction of demand for 3 good or service, for the forecast period, on the basis of present and past behaviour patterns of some related events.
Answer: ForecastingAnswer
Q44:____ is based on the estimates of likely demand for the product.
Answer: Expansion of outputAnswer
Q45: The methods ____ aim at collecting opinions of those who are supposed to possess knowledge of the market, such as sales representatives, sales executives, professional marketing experts and consultants.
Answer: Opinion pollAnswer
Q46: Under the ____ method, the experts are provided information on estimates of forecasts of other experts along with the underlying assumptions.
Answer: Delphi Answer
Q47:____seek to explain the relationship between the particular endogenous Variable and the other variables in the system.
Answer: Structural (behavioural) equationsAnswer
Q48:____ is an identity and is always true by definition.
Answer:De?nitional equationAnswer
Q49: The quantity supplied varies ____ to price of the good, other factors held constant.
Answer: DirectlyAnswer
Q50:____ refer to the cost of factors used in production.
Answer: CostsAnswer
Q51:____ refers to technological innovations or improvements introduced to reduce the unit cost of production or increase factor productivity.
Answer: TechnologyAnswer
Q52: A ____ depicts various quantities of a good or service the ?rm will sell at different prices at a given point of time.
Answer: Supply scheduleAnswer
Q53:____ is a diagrammatic representation of supply schedule.
Answer: Supply curveAnswer
Q54:____ is shown by a downward shift in the supply curve tyo the right, while a decrease in supply by a shift in the supply curve to the left.
Answer: Increase in supplyAnswer
Q55: Changes in price result in changes in the quantity supplied are known as ____.
Answer: Movements along a supply curveAnswer
Q56:____ depicts elastic supply which shows that the supply changes in same proportion as the change in price.
Answer: Supply curveAnswer
Q57: Any straight line passing from the origin, irrespective of its slope has ____ elasticity.
Answer: UnitAnswer
Q58: Supply is said to be elastic when the quantity supplied changes more than proportionately to the change in____.
Answer: PriceAnswer
Q59: Globalization of economic activity has led to ____ of production and consumption.
Answer: InternationalizationAnswer
Q60:____are generally referred to as the stocks held by a firm.
Answer: InventoriesAnswer
Q61:____ are the costs of holding materials in the stores.
Answer: Carrying costsAnswer
Q62:____comprise the costs of placing orders, inspection, checking and handling of goods, the cost of floating tenders, stationery, fax, etc.
Answer: Ordering costsAnswer
Q63: The TVC increases with the increase in ____ of the firm.
Answer: OutputAnswer
Q64:The TVC increases at a ____ rate initially till the point of in?exion (point G’) and then at an rate..
Answer: DecreasingAnswer
Q65:____curve outlines the lowest per unit costs that the firm will incur over the range of output.
Answer: LAC Answer
Q66: The U shape of LAC implies ____ returns to scale or lower AC till the optimal scale followed by decreasing returns to scale or high AC.
Answer: IncreasingAnswer
Q67:Scale economies at the plant level arise because of increase in the ____.
Answer: Scale of operationsAnswer
Q68: At the firm level the economies of scale arise due to ____.
Answer: Financial reasonsAnswer
Q69:____ is an economic activity that transforms inputs or resources into output of goods and services, thus creating or adding utility.
Answer: ProductionAnswer
Q70:____is a purely technical or physical relation between inputs and maximum output that can be produced, within a given period of time, with a given level of technology.
Answer: Production functionAnswer
Q71:____ are taken as two inputs since they are regarded as inevitable inputs to produce any quantity of a good.
Answer: Labour and capitalAnswer
Q72:____ leads to increase in output for a given amounts of capital and labour.
Answer: Technological progressAnswer
Q73: The determinant of technological progress in modern economics is the result of firm’s ____ activities.
Answer: Research and developmentAnswer
Q74: Demand for a commodity refers to the quantity of the commodity which an individual household is willing to purchase per unit of time at a particular price____.
Answer: Labour and capitalAnswer
Q75:Goods and services used for ?nal consumption are called ____ .
Answer: Technological progressAnswer
Q76:____ goods become unusable after sometime, the rest are durable goods.
Answer: Research and developmentAnswer
Q77: The goods whose demand is not tied with the demand for some other goods are said to have ____.
Answer: Labour and capitalAnswer
Q78: A movement along a given supply curve (as a result of change in price) is also known as.
Answer: Technological progressAnswer
Q79: A shift in supply (as a result of factors other than price) is also known as____.
Answer: Research and developmentAnswer
