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Economics for Managers
QUESTION 1. Contraction of demand is shown by:
Upward movement on the demand curve
Downward movement on the demand curve
Rightward shift of the demand curve
Leftward shift of the demand curve
QUESTION 2. “Demand Function, X = f (P) where X = demand of a commodity; P = Price of the commodity”
Demand is directly related to price
Price is inversely related to demand
Price is directly related to demand
None of the above
QUESTION 3. Economics is
the study of the markets for stocks and bonds
the study of choice under conditions of scarcity
exclusively the study of business firms
fundamentally the same as sociology e. applicable only when scarcity is not a problem
QUESTION 4. Which of the following statements is NOT TRUE of indifference curves?
They exhibit higher levels of utility as you move from the origin
They could intersect
They are downward sloping
They are convex to the origin
QUESTION 5. An indifference curve between two commodities where one is a bad and the other a good would:
be vertical to the axis measuring units consumed of the good
remain downward sloping
be vertical to the axis measuring units consumed of the bad
be upward sloping
QUESTION 6. Expansion of demand is shown by:
Upward movement on the demand curve
Downward movement on the demand curve
Rightward shift of the demand curve
Leftward shift of the demand curve
QUESTION 7. “In our model of decision making under different conditions, what is the difference between risk and uncertainty?”
“Under risk, there is a well defined problem; under uncertainty, the definition is unclear”
“Under risk, information is reliable; under uncertainty, it is not”
“Under risk, probabilities can be measured; under uncertainty, they cannot”
“Under risk, choices are clear and the chances of different outcomes can be measured; under uncertainty, neither applies”
QUESTION 8. An indifference curve shows combinations of two goods that:
could be available to the consumer in a given time period
would provide the consumer with the same level of satisfaction
could provide the consumer with similar levels of satisfaction
a consumer could buy with their given income.
QUESTION 9. Law of demand shows relation between:
Income and price of commodity
Price and quantity of a commodity
Income and quantity demand
Quantity demanded and quantity supplied
QUESTION 10. The situation in which limited resources are being used most effectively is called:
efficient
economic
abundant
scarce
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QUESTION 11. People and organizations have to make choices about how to allocate time and money because of
government rules and regulations
corporate control of our lives
scarcity of time and money
religious values
QUESTION 12. The three fundamental questions of economic organization are:
“when, for whom, and how”
“how, what, and for whom”
“who, how, and when”
“what, who, and why”
QUESTION 13. Coefficient of elasticity of demand is negative. It means:
Consumers sometimes buy negative units of commodity
Price and quantity demanded move in same capital
Law of demand holds
The two goods are complimentary to each other
QUESTION 14.The opportunity cost of a particular activity
is the same for everyone pursuing this activity
may include both monetary costs and forgone income
always decreases as more of that activity is pursued
usually is known with certainty e. measures the direct benefits of that activity
QUESTION 15. Increase in demand is shown by:
Upward movement on the demand curve
Downward movement on the demand curve
Rightward shift of the demand curve
Leftward shift of the demand curve
QUESTION 16. “In the case of a Giffen good, the demand curve will be:”
Horizontal
Downward-sloping to the right.
Vertical
Upward-sloping to the right
QUESTION 17. “Customers will be ready to purchase a specified quantity of a product, at a specified price, if marginal utility of further spending is equivalent to the”
Cost
opportunity cost
revenue
product cost
QUESTION 18. Tastes & first choices are determinants of
supply
demand
demand curve
elasticity
QUESTION 19. Ostentation means goods purchased not for _______ but for snob appeal.
Utility
Direct satisfaction
Demand
None of these
QUESTION 20. This is an assumption of law of demand:
Price of the commodity should not change
Quantity should not change
Supply should not change
Income of consumer should not change
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