Top 250+ Solved Managerial Economics 1 MCQ Questions Answer
Q. A utility function shows the relation between …..
a. the amount of goods consumed and a consumer utility.
b. income and a consumer utility.
c. prices and consumers utility.
d. maximum utility and the price and income facing a consumer.
Q. The famous book on economics “An Enquiry into the Nature and Cause of Wealth ofNation” was written by
a. marshal
b. ricardo
c. robins
d. adam smith
Q. Welfare (neo classical) definition of economics is given by
a. j b say
b. lionel robbins
c. adam smith
d. alfred marshall
Q. If the income elasticity of demand is that one, the good is a
a. necessity
b. luxury
c. substitute
d. complement
Q. The income elasticity of demand is negative for a
a. positive good
b. normal good
c. elastic good
d. inferior good
Q. What effect is working when the price of a good falls and consumers tend to buy itinsteadof other goods
a. income effect
b. substitution effect
c. price effect
d. none of these
Q. Two goods that are used jointly to provide satisfaction are called
a. inferior goods
b. normal goods
c. complementary goods
d. substitute goods
Q. Demand curve slopes downwards because of
a. the law of diminishing marginal utility
b. the income effect
c. substitution effect
d. all of the above
Q. If the income and substitution effect of a price increase works in the same direction thegood whose price has changed is a
a. giffen goods
b. inferior goods
c. normal goods
d. superior
Q. Which of the following is not a survey method of demand forecasting
a. consumers interview method
b. expert opinion method
c. barometric method
d. collective opinion method
Q. Which of the following is not a method of demand forecasting
a. trend projection method
b. substitute approach
c. sales experience approach
d. evolutionary approach
Q. Which one is not a property of isoquant
a. downward sloping
b. convex
c. negative slope
d. positive slope
Q. In which production function, the degree of homogeneity is always one
a. cobb doubglas production fuction
b. homogeneous production function
c. linear homogeneous production function
d. none of these
Q. Which of the following is a short run law
a. law of diminishing returns
b. law of constant returns to scale
c. law increasing returns to scale
d. none of these