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Managerial Economics

SECTION –A

Q1. Attempt any 15 (15X2=30)
1. When a firm’s average revenue is equal to its average cost, it gets ________.
a. Super profit
b. Normal profit
c. Sub normal profit
d. None of the above
2. Given the price, if the cost of production increases because of higher price of raw materials, the supply
a. Decreases
b. Increases
c. Remains same
d. All of the above
3. Which of the following is a characteristic of a perfectly competitive market?
a. Firms are price setters.
b. There are few sellers in the market
c. Firms can Exit and enter the market freely.
d. All of the above
4. Managerial Economics as a specialized branch of Economics.
a. Provide ready-made solutions to business problems
b. Provide logic and methodology to find solutions to business problems
c. provide alternative answers to specific business problems.
d. Provide theoretical background to analyze business problems
5. The first stage in the five-step decision process described in the text is to
a. define the problem.
b. select the best possible solution.
c. determine the objective.
d. identify possible solutions.
6. At the point of equilibrium of firm (under perfect competition):
a. MC curve must be rising
b. MC curve must be falling
c. MR curve must be rising
d. None of these
7. Given the price, if the cost of production increases because of higher price of raw materials, the supply
a. Decreases
b. Increases
c. Remains same
d. Any of the above
8. The cost recorded in the books of accounts are considered as
a. Total cost
b. Marginal cost
c. Average cost
d. Explicit cost
9. In a perfectly competitive industry, a firm can
a. Make an economic profit in the short-run but not in the long-run
b. Make an economic loss in the short-run but not in the long-run
c. Make an accounting profit, but not an economic profit, in the long-run
d. All of the above
10. A tabular representation of different quantities of a commodity demanded at different prices are known as
a. Demand series
b. Demand schedule
c. Demand pattern
d. Statistical demand table
11. By tying a manager's compensation to the performance of the firm relative to that of its competitors, corporate stockholders and directors create incentives that tend to resolve the
a. possibility of bankruptcy.
b. hidden agenda scenario.
c. principal-agent problem.
d. firm's opportunity costs
12. Carrying the line of only one manufacturer is known as
a. Exclusive assortment
b. Open bid
c. Negotiated contract
d. Deep assortment
13. Adoption rate will be higher and faster if the product has
a. Lower price
b. Greater utility
c. Compatibility with society
d. All of the above
14. Under ______, price is determined by the interaction of total demand and total supply in the market.
a. Perfect competition
b. Monopoly
c. Imperfect competition
d. All of the above
15. If price changes from $1.00 to $0.95 what is arc elasticity?
a. %2.5
b. %5
c. %25
d. %50


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