MEFA
Unit-I
CHOOSE THE CORRECT ANSWER
1. Which of the following is true? [ ] BL-2/CO-1
a. Managerial economics deals with issues such as inflation and employment
b. Managerial economics deals with the issues relating to one single individual or firm
c. Managerial economics deals with the issues which are macro nature
d. Managerial economics deals with the issues affect the world economy
2. what is the branch of Managerial economics? [ ] BL-1/CO-1
a. Micro economics b. Macro economics
c. Economics d. Ergonomics
3. what statement that contains the word ‘ought to’ [ ] BL-1/CO-1
a. prescriptive b. normative c. assertive d. negative.
4. Define Integration of economic theory with business practice is [ ] BL-1/CO-1
a. Managerial economics b. economics c. Macro economics d. Micro economics
5. who said this statement “Economics is the study of scarce resources and unlimited wants”
[ ] BL-1/CO-1
a. Paul A. Samuelson b. Prof. Lionel Robbins c. Adam Smith d. Alfred Marshal
6 Which of the following is a normative statement [ ] BL-2/CO-1
a. Reducing inequality should be a major priority for mixed economies
b. Reducing inequality would be a major priority for mixed economies
c. Reducing inequality could be a major priority for mixed economies
d. Reducing inequality might be a major priority for mixed economies
7. Which of the following is not a problem of business [ ] BL-2/CO-1
a. optimization of inputs b. Minimization of costs
c. Maximization of revenue d. increased property tax collections
8. What is the reason for Economic goods are scarce resources . [ ] BL-1/CO-1
a. are limited in supply to satisfy society requirements
b. are limited to man made goods
c. cannot be increased in terms of supply
d are important to satisfy human needs.
9. Which of the following indicates micro approach from national perspective
a. lock out in a factory [ ] BL-2/CO-1
b per capital income of the country
c. total investments in
d. total employment in the country
10. what is the the pre- requisite for rational decision- making ? [ ] BL-1/CO-1
a. logical analysis of one’s choices without error
b. consistency between goals and choices
c. rigidly defined choices
d. choices not involving any trade-offs
11. what is law of demand, If the price raises, then demand
a. rises b. falls c. first falls and then rises d. first rises and then falls.
12. The demand is said to be relatively inelastic when the change in demand
Is …….the change in the price. [ ] BL-2/CO-1
a. more than b. less than c. equal to d. not related.
13. Define If the income elasticity is positive and greater than one it is [ ] BL-1/CO-1
a. Necessity b. Inferior good c. Normal good d. Superior good
14. Which of the following refers to quantity demanded in response to given change in price? [ ] BL-2/CO-1
a. price elasticity b. cross elasticity c. income elasticity d. advertising elasticity
15. If the price of Colgate tooth paste decreases relative to the price of Close-Up, what is the
demand [ ] BL-1/CO-1
a. Close-Up decrease b. Close-Up increases
c. demand for Close Up is not affected d. demand for Colgate increases.
16. what type of Demand for petrol [ ] BL-2/CO-1 a. elastic b. inelastic c. perfectly elastic d. perfectly inelastic
17. Write the Price elasticity of demand is always [ ] BL-1/CO-1
a. positive b. negative c. consistent d. declining
18. Which of the following categories is the income elasticity of demand negative ? BL-2/CO-1 [ ]
a. inferior goods b. luxury goods c. medium goods d. necessities
19. What Forecasting level means estimating the demand for the products and services
offered by a single firm [ ] BL-1/CO-1
a. industry b. firm c. national d. global
20. Which Demand forecasting is not governed by [ ] BL-2/CO-1
a. forecasting level b. degree of orientation c. degree of competition d. market support
UNIT – II
CHOOSE THE CORRECT ANSWER
1. What is the another name of the law of returns [ ] BL-1/CO-2
a. law of fixed proportions b. law of variable proportions
c. law of constant returns d. law of increasing returns.
2. What is the another name of Production function [ ] BL-1/CO-2
a. output-costs relationship b. inputs-costs relationship
c. input-output relationship d. output-input relationship
3. What is the another name of IsoQuants [ ] BL-1/
a. isoproduct curves b. isocost curves
c. price indifference curve d. indifference curve
4. Which costs of the next best alternative forgone is known as [ ] BL-2/CO-2
a. implicit cost b. sunk cost c. opportunity cost d. controllable cost
5. What is The difference between the total revenue and total cost [ ] BL-1/CO-2
a. cost of production b. cost of capital c. profit d. cost
6. Which of the following is defined at a given stage of technical knowledge?
a. theory of production b. production function
c. law of diminishing return d. law of constant returns
7. How many stages are there in the law of returns to scale ? [ ] BL-2/CO-2
a. one b. three c. four d. five
8. what is called transformation of physical inputs into outputs [ ] BL-1/CO-2
a. production b.supply c. demand d.cost
9. Which of the following varies with the volume of production [ ] BL-2/CO-2
a. Fixed cost b. Variable cost c. Semi fixed cost d. Semi variable cost
10. what is the role of ‘k’ in cobb- douglas production function [ ] BL-1/CO-2
a. land b. labour c. capital d. organization
11. which Production function is not a factor [ ] BL-2/CO-2
a. land b. labour c. cost of capital d. organization
12. The producer has to manufacture product at what level [ ] BL-1/CO-2 .
a. Higher cost to attain profit b. lower cost to attain profit c. natural cost to attain profit
d. marginally cost to attain profit
13. Which of the following refers to the returns enjoyed by the firm as a result of change in all the input
a. returns to business b. returns to scale c. increasing returns to scale
d. decreasing returns to scale
14. which of the following refers to the short run relationship of input and output BL-2/CO-2
a. productivity b.factor of productivity
c.returns to scale d. Labour productivity
15. what is the total physical product increases along with a [ ] BL-1/CO-2
A. decrease in the input b. increase in the input c. constant in the input d. none
16. The economies in the production costs which accrue to the firm alone when it expands its
Output is called
a. external economics b internal economics
c diseconomies d marginal economics
17. Which of the following benefits all the firms in the industry as the industry expands a. Internal economics b.external economics c. deferring economics d. consent economics
18. Which of the following are mostly marginal in nature [ ] BL-2/CO-2
a. Economics b. diseconomies c. costs d. expenses
19. To overcome the problem of diseconomies, modern organization have started a. Horizontal structure b. Vertical structure
c. grape vine structure d. flat and lean structure
20. which are not related to external economies [ ]
a. economies of concentration b. economies of R&D
c. economies of
welfare d. economies of health
SUB: MEFA
OBJECTIVE KEY
UNIT - I
Answers
|
1 |
B |
6 |
A |
11 |
B
|
16 |
B |
|
2 |
C |
7 |
D |
12 |
B |
17 |
B |
|
3 |
B |
8 |
A |
13 |
D |
18 |
A |
|
4 |
A |
9 |
A |
14 |
A |
19 |
B |
|
5 |
B |
10 |
B |
15 |
A |
20 |
D |
|
1 |
B |
6 |
B |
11 |
C |
16 |
B |
|
2 |
C |
7 |
B |
12 |
B |
17 |
B |
|
3 |
A |
8 |
A |
13 |
B |
18 |
B |
|
4 |
C |
9 |
B |
14 |
B |
19 |
D |
|
5 |
C |
10 |
C |
15 |
B |
20 |
D |
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