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MBA Business Economics MCQ Set 1

Review each question and reveal answers to strengthen your understanding

1 Managerial Economics is
✅ Correct Answer: 4
2 The techniques of optimization include
✅ Correct Answer: 4
3 In economics, desire backed by purchasing power is known as
✅ Correct Answer: 2
4 Basic assumptions of law of demand include
✅ Correct Answer: 3
5 Higher the price of certain luxurious articles, higher will be the demand, this concept is called
✅ Correct Answer: 2
6 In the case of perfect elasticity, the demand curve is
✅ Correct Answer: 2
7 Outlay method of measurement of elasticity is also called as
✅ Correct Answer: 2
8 _______ demand forecasting is related to the business conditions prevailing in the economy as a whole
✅ Correct Answer: 1
9 ________ is the base of marketing planning
✅ Correct Answer: 4
10 ____ is the change in total revenue irrespective of changes in price or due to the effect of managerial decision on revenue
✅ Correct Answer: 4
11 Perfect competition is characterized by
✅ Correct Answer: 4
12 The distinction between variable cost and fixed cost is relevant only in
✅ Correct Answer: 2
13 Purposes of Short term Demand forecasting doesn’t includes;
✅ Correct Answer: 4
14 In ______________ approach, the demand for new product is estimated on the basis demand of existing product
✅ Correct Answer: 2
15 The proportionate change in the quantity demanded of a commodity in response to change in the price of another related commodity is called
✅ Correct Answer: 3
16 Which one is the method for measurement of elasticity
✅ Correct Answer: 4
17 _______ Method is also known as Sales-Force – Composite method or collective opinion method
✅ Correct Answer: 1
18 Which of the following is not a method of demand forecasting of new products
✅ Correct Answer: 1
19 Psychological pricing is also called as;
✅ Correct Answer: 3
20 Customary pricing is also known as
✅ Correct Answer: 2
21 _____ is the process of finding current values of demand for various values of prices and other determining variables.
✅ Correct Answer: 2
22 In the case of ______________ a small change in price leads to very big change in quantity demanded
✅ Correct Answer: 3
23 In ______________ approach, on the basis of the growth of an established product, the demand for the new product is estimated
✅ Correct Answer: 1
24 Which one of the following is not a reason for adopting penetration price strategy
✅ Correct Answer: 4
25 Car and petrol are
✅ Correct Answer: 1
26 Criteria for good demand forecasting includes;
✅ Correct Answer: 4
27 Cost plus pricing is also called
✅ Correct Answer: 4
28 Generally used strategy for pricing new products is/are
✅ Correct Answer: 3
29 The architect of the theory of monopolistic competition
✅ Correct Answer: 4
30 The function of combining the other factors of production is done by
✅ Correct Answer: 4
31 _____ means the total receipts from sales divided by the number of unit sold.
✅ Correct Answer: 1
32 Ep=0in the case of ______________ elasticity
✅ Correct Answer: 2
33 Law of demand shows the functional relationship between ______________ and quantity demanded
✅ Correct Answer: 3
34 When the change in demand is exactly equal to the change in price, it is called
✅ Correct Answer: 4
35 Tea and coffee are
✅ Correct Answer: 2
36 Survey method of demand forecasting includes
✅ Correct Answer: 4
37 In ______________ pricing fixed cost are excluded.
✅ Correct Answer: 4
38 The market with a single producer''
✅ Correct Answer: 4
39 The short run production function is called;
✅ Correct Answer: 2
40 Which are the characteristics of monopoly?
✅ Correct Answer: 4
41 Whenever ______________ is greater than average total cost, average total cost is rising.
✅ Correct Answer: 1
42 Which of the following is not a macroeconomic concept?
✅ Correct Answer: 4
43 Iso-cost line indicate the price of
✅ Correct Answer: 2
44 Who classified economies of scale into internal and external?
✅ Correct Answer: 2
45 Product differentiation is the important feature of
✅ Correct Answer: 3
46 13th Finance Commission has been constituted under the chairmanship of:
✅ Correct Answer: 2
47 Method of demand forecasting is also called "economic model building"
✅ Correct Answer: 3
48 The responsiveness of demand due to a change in promotional expenses is called
✅ Correct Answer: 4
49 Want satisfying power of commodity is called
✅ Correct Answer: 2
50 The relationship between price and quantity demanded is
✅ Correct Answer: 2
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