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Unit 1 : Managerial Economics and Ethics - Managerial Economics - Managerial Economics Section 3 Online Exam Quiz

Important questions about Unit 1 : Managerial Economics and Ethics - Managerial Economics - Managerial Economics Section 3. Unit 1 : Managerial Economics and Ethics - Managerial Economics - Managerial Economics Section 3 MCQ questions with answers. Unit 1 : Managerial Economics and Ethics - Managerial Economics - Managerial Economics Section 3 exam questions and answers for students and interviews.

1. "Utils" is a term used

Options

A : To mean marginal utility

B : By Walras to measure cardinal utility

C : By Marshal in Demand theory

D : None of the above

2. Iso-quants are also known as

Options

A : Equal cost curves

B : Equal revenue curves

C : Equal product curves

D : Indifference curves

3. A set of all possible production combinations while producing two commodities is

Options

A : Iso cost line

B : Isoquant map

C : Production possibility curve

D : Production functions

4. Which of the following is most closely connected with Paul A. Samuelson?

Options

A : Liquidity preference theory

B : Marginal utility analysis

C : Revealed preference theory

D : Indifference curve analysis

5. Marginal product becomes negative

Options

A : When total output grows swiftly

B : When total output turns down

C : In no circumstances

D : When total output ceases to grow swiftly

46. Average fixed costs

Options

A : Increase as output increases

B : Remain the same whatever the level of output

C : Diminish as output increases

D : Do not show any uniform pattern

47. Ordinal approach is based on

Options

A : The utility could not be measured in ordinal numbers

B : The utility could not be measured in cardinal numbers

C : Law of maximum satisfaction

D : The utility can be measured

48. Of the following, which one corresponds to fixed cost?

Options

A : Transportation charges

B : Payments for raw material

C : Labor costs

D : Insurance premium on property

49. The marginal product curve is above the average product curve when the average product is

Options

A : Becomes constant

B : Increasing

C : Decreasing

D : None of the above

50. If the individual firm's demand curve is coincident with the market demand curve then

Options

A : Marginal revenue is equal to average revenue

B : The firm is a monopolist

C : The firm can set any price it wants without limitation

D : The firm is price-taker

6. The MC curve reaches its minimum point before the AVC curve and the AC curve. In addition the MC curve intersects the AVC curve and the AC curve at their lowest point. The above statements are both true

Options

A : Always

B : Often

C : Never

D : Sometimes

7. If cross-elasticity of one commodity for another turns out to be zero, it means they are

Options

A : Good complements

B : Close substitutes

C : Completely unrelated

D : None of these

8. The case of a right angled indifference curve occurs when

Options

A : The two goods are perfect complement

B : The two goods are normal

C : The two goods are inferior

D : The two goods are perfect substitutes

9. While analysing Marshall's measure of consumer's surplus one assumes

Options

A : Monopoly

B : Perfect competition

C : Imperfect competition

D : Monopsony

10. A monopolist will fix the equilibrium output of his product where the elasticity of his AR curve is

Options

A : Equal to or less than one

B : Greater than or equal to one

C : Less than one but more than zero

D : Zero

11. Consumer's surplus is the highest in the case of

Options

A : Necessities

B : Luxuries

C : Comforts

D : Conventional necessities

12. A concept which has importance in the equilibrium analysis and thus economic analysis is

Options

A : Opportunity cost

B : TFC

C : AFC

D : MC

13. The LAC curve

Options

A : Goes through the lowest point of the LMC curve

B : Rises when the LMC curve rises

C : Falls when the LMC curve falls

D : Falls when LMC LAC

14. If the ATC curve is a rising straight line, then as output expands, the MC curve will

Options

A : Both will be the same

B : Lie below the ATC curve

C : Lie above the ATC curve

D : Any of the above

15. The term optimum allocation on consumer's expenditure on various goods and services is used in

Options

A : Giffen paradox

B : Law of demand

C : Law of equi-marginal utility

D : Law of diminishing marginal utility

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