MANEGRIAL ECONOMICS QUIZ

Managerial economics helps in decision making through application of

• Economic theory only

• Economic theory and methods of science

• Economic theory and methods of decision science

• None of the above

Managerial economics uses

• Micro Economics only

• Macro Economics only

• Both Micro & Macro Economics

• None of the above

Business Profit is ………………….

• An accounting concept

• An accrual concept

• Both (a) and (b)

• None of the above

Business Profit

• Total Sales Revenue – Implicit Costs

• Total Sales Revenue – Explicit Costs

• Total Sales Revenue – Total Costs

• None of the above

Implicit Cost refers to

• Marginal cost

• Total Average Cost

• Opportunity cost of resources

• None of the above

Economic Profit

• Sales Revenue – (Implicit Costs + Explicit Costs)

• Sales Revenue – Explicit Costs

• Sales Revenue – Implicit Costs

• None of the above

Analysis of an industry falls under:

• Macro Economics

• Micro Economics

• Financial Economics

• Environmental Economics

Change in the demand of smartphones due to increase in its price is

• Increase of its demand

• Decrease of its demand

• Contraction of its demand

• None of the above

In case of…………….demand, a slight change in the price will make greater change in demand.

• Inelastic

• Elastic

• Perfectly elastic

• Perfectly inelastic

Normal demand curve of a commodity has

• has negative slope

• Is parallel to the base line

• None of the above