Top 80+ Solved Principles of Economics and Management MCQ Questions Answer
Q. Management is a creative and ________ process.
a. Systematic
b. Continuous
c. Long
d. None of the above
Q. Economics is a study of wealth(Assets) said by _____.
a. Adam smith
b. Alfred marshall
c. Lionel robbins
d. None of the above
Q. Quantity of a product people are willing to buy at a certain price is known as ______.
a. Supply
b. Supply relationship
c. Deman
d. D Demand relationship
Q. Quantity of a certain goods producers are willing to supply when receiving a certain price is known as ______.
a. Supply
b. Supply relationship
c. Deman
d. D Demand relationship
Q. A point where the quantity of goods being supplied is exactly the same as the quantity of goods being demanded is known as _______
a. Demand quantity
b. Supply Quantity
c. Both A and B
d. Equilibrium
Q. If all other factors remain equal, the higher the price of a good, the fewer people willdemand that good means what?
a. The law of demand
b. The law of supply
c. All A and B
d. None of the above
Q. Producers supply more at a higher price because selling more quantity at higher price increase revenue means what?
a. The law of demand
b. The law of supply
c. All A and B
d. None of the above
Q. Which is the stages of law of variable proportions?
a. Increasing returns
b. Decreasing returns
c. Negative Marginal returns
d. All of the above
Q. Which is the stages of law of returns to scale?
a. Increasing returns to scale
b. Constant returns to scale
c. Diminishing returns to scale
d. All of the above
Q. To find out cut-off production volume means no profit no loss which concept is used?
a. Law of variable proportion
b. Break-Even Analysis
c. Law of returns to scale
d. None of the above
Q. Total Cost equals to ______.
a. Total cost = total fixed cost + total variable cost
b. Total cost = total fixed cost + total marginal cost
c. Total cost = total variable cost + total marginal cost
d. None of the above