MBA Managerial Economics Quiz

Economics is the study of:

• Unlimited resources

• Scarcity and choice

• Only money

• Politics

The word 'Economics' comes from the Greek word 'Oikos' meaning:

• Money

• House

• Wealth

• Work

Who defined economics as the study of wealth of nations?

• Lionel Robbins

• Alfred Marshall

• Adam Smith

• Karl Marx

Lionel Robbins' definition of economics focuses on:

• Wealth

• Human behavior with scarce resources

• Utility

• Trade

Which of the following is an example of microeconomics?

• Inflation in a country

• Unemployment rate

• Price of milk in the market

• National income

Macroeconomics studies:

• Households and firms

• Individual prices

• The economy as a whole

• Cost of one product

Positive economics is concerned with:

• What is

• What ought to be

• Moral values

• None of the above

Normative economics deals with:

• Facts

• Value judgments

• Statistics

• Prices only

Managerial Economics is the application of:

• Economic theory to business decision-making

• Political science

• History

• Mathematics only

Which of the following is a scope of managerial economics?

• Demand analysis

• Astrology

• Geography

• Literature