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This set of Managerial Economics 1 Multiple Choice Questions & Answers (MCQs) focuses on Managerial Economics 1 Set 12
Q1 | The properties of indifference curves are:
- Indifference curve slops downwards from left to right
- Convex to the point of origin
- Two indifference curve never cut each other
- All of these
Q2 | Price discrimination occurs when variation in prices for a product in different markets does notreflect variation?
- Costs
- Price
- Demand
- All of these
Q3 | The competitive firm’s long run supply curve is the portion of it’s …………..curve lies aboveaverage total cost.
- Marginal cost
- Revenue cost
- Fixed cost
- All of these
Q4 | Whenever marginal cost is more than …………average total cost is falling:
- Average total revenue
- Average total cost
- Average profit
- All of these
Q5 | Whenever ………..is greater than average total cost, average total cost is rising.
- Marginal cost
- Variable cost
- Fixed cost
- Full cost
Q6 | The claim that, other things equal, the quantity supplied of a goods rises when the price ofgoods raises known as:
- Law of economics
- Law of supply
- Law of demand
- All of these
Q7 | The marginal revenue equation can be derived from the:
- Demand equation
- Supply equation
- Cost equation
- Price equation
Q8 | Marginal revenue is ………….at the quantity that generate maximum total revenue andnegative beyond that point.
- Zero
- One
- +1
- -1
Q9 | ------------is situation of severely falling prices and lowest level of economic activities
- Boom
- Recovery
- Recession
- Depression
Q10 | ------------is situation with increased investment and increased price
- Recession
- Progress
- Boom
- Recovery
Q11 | Which of the following is not a macroeconomic concept?
- Business cycle
- National income
- Government policy
- None of these
Q12 | Where boom ends,……….. starts
- Recovery
- Recession
- Progress
- Depression
Q13 | Factors which change over a long period of time are called……..factors
- Business
- Cyclic
- Secular
- All the above
Q14 | In business cycle concept, the period (approximately) of “Kit chin cycle” is of:
- 5 years
- 10 months
- 2 years
- 4 months
Q15 | The “law of variable proportion” is first explained by
- Edward west
- Marshall
- Veblen
- Keynes
Q16 | Functional relationship between input and output known as
- Conversion
- Production function
- Work in progress
- Output function
Q17 | …………..product will never be zero or negative
- Marginal
- Total
- Average
- All the above
Q18 | A graph indicating different combination of inputs with different level of output is called
- Iso-cost map
- BEP map
- Input-output map
- Iso-quant map
Q19 | Which is not a property of ISOQUANT?
- Downward sloping
- Convex
- Negative slope
- Positive slope
Q20 | Which of the following is not a variable input?
- Raw material
- Power
- Equipment
- None of these
Q21 | Which of the following is a short run law?
- Law of constant return to scale
- Law of increasing return to scale
- Law of diminishing return
- None of these
Q22 | …………is called produced means of production
- Land
- Labour
- Capital
- Raw material
Q23 | In the long run all input become …………
- Fixed
- Variable
- Semi variable
- None of these
Q24 | The term “Economies” refers to
- Product advantage
- Cost advantage
- Sales advantage
- All of the above
Q25 | Who classified economies of scale into internal and external?
- Robinson
- Marshall
- Edward west
- Pigue