Managerial Economics

Economic System

Introduction to Managerial Economics

Scope of Managerial Economics

Scarcity and Choice

Opportunity Cost

Chapter 2: Quiz

Chapter 1 QUIZ

Managerial Economics Chapter 1 QUIZ

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Question 1 of 20

1. Question
Unequal distribution of income is an important feature of which type of economic system?
- Nationalism
- Distribution
- Capitalism
- None of the above
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Question 2 of 20

2. Question
The principle reasons behind economic problems_________
- unlimited wants
- limited or scarce means
- alternatives use of means
- all of the above
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Question 3 of 20

3. Question
What are the basic economic questions society has to answer?
- What to produce?
- How to produce?
- For whom to produce?
- All of the above
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Question 4 of 20

4. Question
Opportunity cost is measured in terms of the
- optional cost that has been avoided
- next best alternative that has been foregone
- negative cost that has been sacrificed
- accounting cost that has been paid
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Question 5 of 20

5. Question
Managerial Economics is
- Dealing only micro aspects
- Only a normative science
- Deals with practical aspects
- All of the above
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Question 6 of 20

6. Question
Managerial economics is close to
- Microeconomics
- Macroeconomics
- Theory of income and employmnet
- Theory of wages and employment
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Question 7 of 20

7. Question
What does “Capitalism” refer to?
- The use of market
- Government ownership of capital
- Private ownership of capital goods
- Private ownership of public goods
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Question 8 of 20

8. Question
What can happen in a planned economy that does not happen in a market economy?
- The allocation of resources can take account of the total effects on society.
- There can be full employment of factors of production.
- There can be inflation
- There can be international trade
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Question 9 of 20

9. Question
In a mixed economy, resources are used as a result of
- The decisions of consumers only.
- There decision of firms only.
- The decision of consumers and firms.
- The decision of consumers, firms and government.
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Question 10 of 20

10. Question
Which of the following is the central problem of an economy?
- Assigning limited resources in such a way that unlimited desires and needs of the society are satisfied.
- Ensuring a minimum income for each citizen
- Assuring that production happens in the most effective way
- Analysing the demand with market economies.
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Question 11 of 20

11. Question
Which one is the advantage of the command economy?
- Equal distribution of income
- Optimum use of economic resources
- Social welfare
- All of the above
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Question 12 of 20

12. Question
Managerial economics analyses the problems of the firms in the perspective of the economy as a whole. Managerial Economics is
- Macro in nature
- conceptual in nature
- Normative economics
- positive economics
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Question 13 of 20

13. Question
Microeconomics is not concerned with the behaviour of:
- Aggregate demand
- Consumers
- Industries
- Firms
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Question 14 of 20

14. Question
Economics is the study of ……….
- allocation of scarce resources to unlimited wants
- allocate unlimited resources to limited wants
- free goods
- political issues of a country
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Question 15 of 20

15. Question
Which of the following is the best definition of managerial economics? Managerial economics is
- a distinct field of economic theory.
- a field that applies economic theory and the tools of decision science.
- a field that combines economic theory and mathematics.
- none of the above.
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Question 16 of 20

16. Question
Which of the following is NOT a type of economic system?
- socialist economy
- free market economy
- controlled market economy
- mixed economy
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Question 17 of 20

17. Question
What two factors contribute to scarcity?
- unlimited resources and limited wants
- unlimited wants and limited resources
- unlimited resources and wants
- limited resources and wants
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Question 18 of 20

18. Question
Who determines prices in a capitalist economy?
- Government
- Big corporates
- Market forces
- None of the above
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Question 19 of 20

19. Question
Basic economic tools of managerial economics include
- Principle of time perspective
- Equi‐marginal principle
- Incremental principle
- All of the above
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Question 20 of 20

20. Question
In a market economy, what is the government’s role?
- Decides what goods are manufactured
- Owns and operates major industries
- Encourage competition among businesses
- Sets prices on goods and services
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