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ECONOMICS QUIZ
PRESENTED BY :ANKITA, DHARAMPAL ,ADITI, AYUSHI
Q1. IN SCOPE OF MANAGERIAL ECONOMICS WHICH
MICRO ECONOMICS APPLIED TO OPERATIONAL ISSUE?
a. ECONOMIC ENVIRONMENT
b. THEORY OF DEMAND
c. SOCIAL ENVIRONMENT
d. POLITICAL ENVIRONMENT
ANS.(B) THEROY OF DEMAND
Q2. WHICH IS THE CORRECT NATURE OF MANAGERIAL
ENVIRONMENT?
5)MAKE A CHOICE
D. 1)MAKE A CHOICE
4)MAKE A CHOICE
a. MARGINAL ANALYSIS
b. NUMERICAL ANALYSIS
c. FORECASTING PROCEDURE
d. INTERNET STRATEGY
ANS.(A)MARGINAL ANALYSIS
Q8. ACCORDING TO MS BARBARA WOOTEN , ECONOMICS
IS -
a. AC > MC
b. AC = MC
c. AC < MC
d. AC ~ MC
ANS.(B) AC = MC
Q11. IN OPPORTUNITY COST, THE PRODUCTION POSSIBILITY
CURVE DEMONSTRATE THAT –
a. THERE IS A LIMIT TO WHAT ONE CAN ACHIEVE, GIVEN THE AVAILABLE INSTITUTIONS,
RESOURCES AND TECHNOLOGY
b. EVERY CHOICE ONE MAKES HAS AN OPPORTUNITY COST. ONE CAN GET MORE OF
SOMETHING ONLY BY GIVING UP SOMETHING ELSE
c. ALL OF THE ABOVE
ANS.(C) ALL OF THE ABOVE
Q12. MANAGERIAL ECONOMICS IS A PRAGMATIC AS IT
TRIES TO SOLVE THE BUSINESS PROBLEM IN THEIR _______
FUNCTIONING
a. YEARLY
b. WEEKLY
c. MONTHLY
d. DAY-TO-DAY
ANS.(D) DAY-TO-DAY
Q13. WHICH IS THE RIGHT FORMULA OF PV (PRESENT
VALUE)?
a. PV = 100 * 1+I
b. PV = 100 * 1/1+I
c. PV = 1+I * 1/100
d. PV = 100 / (1+I)N
ANS.(B) PV = 100 * 1/1+I
Q14. IN ECONOMICS THE CENTRAL PROBLEM IS -
a. ALLOCATION
b. PRODUCTION
c. SCARCITY
d. MONEY
ANS.(C) SCARCITY
Q15. INDICATE BELOW WHAT IS NOT A FACTOR OF PRODUCTION
a. LAND
b. A BANK LOAN
c. LABOUR
d. CAPITAL
ANS.(B) A BANK LOAN
Q16. MACRO ECONOMICS DEALS WITH:
a. AGGREGATE DEMAND
b. CONSUMERS
c. INDUSTRIES
d. FIRMS
ANS.(A) AGGREGATE DEMAND
Q18. THE STUDY OF INFLATION IS A PART OF :
a. NORMATIVE ECONOMICS
b. MACRO ECONOMICS
c. MICRO ECONOMICS
d. DESCRIPTIVE ECONOMICS
ANS.(B) MACRO ECONOMICS
Q19. AGGREGATE SUPPLIES IS THE TOTAL AMOUNT:A
a. NATIONAL DEMAND
b. ECONOMY-WIDE DEMAND
c. GROSS NATIONAL PRODUCT
d. AGGREGATE DEMAND
ANS.(D) AGGREGATE DEMAND
Q21. IF MARGINAL BENEFIT IS GREATER THAN MARGINAL
COST, A RATIONAL CHOICE INVOLVES:
a. CONSUMERS
b. WORKERS
c. GOVERNMENT
d. VOTERS
ANS.(C) GOVERNMENT
Q25. WHICH OF THE FOLLOWING STATEMENT IS TRUE
ABOUT SCARCITY:
a. SCARCITY REFERS TO THE SITUATION IN WHICH LIMITED WANTS NEEDED LIMITED RESOURCES
b. SCARCITY IS NOT A PROBLEM FOR WEALTHY
c. SCARCITY IS ONLY A PROBLEM WHEN A COUNTRY HAS TOO LARGE POPULATION
d. SCARCITY ARISE WHEN THERE IS A WIDE DESPARITY IN INCOE DISTRIBUTION
ANS.(A) SCARCITY REFERS TO THE SITUATION IN WHICH LIMITED WANTS NEEDED
LIMITED RESOURCES
Q26.WHEN AN ECONOMY PRODUCES MORE
HOUSES AND FEWER TYPEWRITERS, IT IS
ANSWERING THE ________ QUESTION.
A)"WHERE"
B)"FOR WHOM"
C) "HOW"
D)"WHAT"
ANS.(D) “WHAT”
Q27. IN ECONOMICS, NORMATIVE STATEMENTS ARE ABOUT
• A)BECAUSE DAVID USED ALL OF HIS VACATION TIME TO PAINT HIS HOUSE, HE WAS UNABLE TO
VISIT THE CARIBBEAN LAST YEAR.
• B)BY CHOOSING TO ATTEND COLLEGE, JEAN WAS NOT ABLE TO CONTINUE WORKING AS AN
ELECTRICIAN; AS A RESULT, SHE GAVE UP MORE THAN $85,000 IN EARNINGS WHILE SHE WAS
IN COLLEGE.
• C) BECAUSE MARY IS NOW BEING PAID A HIGHER WAGE, SHE CAN AFFORD TO BUY A NEW
CAR EVEN THOUGH SHE IS MOVING INTO A BIGGER APARTMENT.
• D)BY SPENDING THURSDAY NIGHT STUDYING FOR AN ECONOMICS EXAM, A STUDENT WAS
UNABLE TO COMPLETE A HOMEWORK ASSIGNMENT FOR CALCULUS CLASS.
ANS. (C) BECAUSE MARY IS NOW BEING PAID A HIGHER
WAGE, SHE CAN AFFORD TO BUY A NEW CAR EVEN
THOUGH SHE IS MOVING INTO A BIGGER APARTMENT
Q31. THE TASK OF ECONOMIC SCIENCE IS TO DISCOVER
________ THAT ARE CONSISTENT WITH ________.
• A)BUSINESS CYCLES.
• B)TECHNOLOGICAL CHANGE.
• C) THE GLOBAL ECONOMY.
• D)INCOME DIFFERENCES.
ANS. (D) INCOME DIFFERENCES.
Q33. THREE STEPS THAT ECONOMISTS TAKE TO DISCOVER
HOW THE ECONOMIC WORLD WORKS ARE.
• A)MACHINERY THAT MEETS OR EXCEEDS FEDERAL SAFETY STANDARDS FOR USE BY HUMANS.
• B)ALL CAPITAL OWNED BY INDIVIDUALS OR CORPORATIONS, BUT NOT BY GOVERNMENTS.
• C) THE SKILL AND KNOWLEDGE OF WORKERS.
• D)ALL CAPITAL OWNED BY INDIVIDUALS, BUT NOT BY CORPORATIONS OR GOVERNMENTS.
ANS. (C)THE SKILL AND KNOWLEDGE OF WORKERS.
Q36. ECONOMISTS POINT OUT THAT SCARCITY
CONFRONTS
• A)ECONOMIC SYSTEM
• B)MOTIVE
• C)PRINCIPLE OF PRICING
• D)ALL OF THE ABOVE
ANS. D)ALL OF THE ABOVE
Q40. MACROECONOMICS IS THE BRANCH OF ECONOMICS
THAT STUDIES
• A)SUPER PROFIT
• B)NORMAL PROFIT
• C)SUB NORMAL PROFIT
• D)NONE OF THE ABOVE
ANS. (B) NORMAL PROFIT
Q45. AS AN ECONOMIC CONCEPT, SCARCITY APPLIES TO.
• A)INCREASE Q
• B)DECREASE Q
• C)STAY AT THAT LEVEL OF Q
• D)ALL ARE CORRECT
ANS.(A)INCREASE Q
Q50.DEMAND IS DETERMINED BY: