Business Economics MCQs

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Managerial Economics is






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The techniques of optimization include






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In economics, desire backed by purchasing power is known as






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Basic assumptions of law of demand include






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Higher the price of certain luxurious articles, higher will be the demand, this concept is called






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In the case of perfect elasticity, the demand curve is






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Outlay method of measurement of elasticity is also called as






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_____________ demand forecasting is related to the business conditions prevailing in the economy as a whole






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_____________ is the base of marketing planning






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______________ is the change in total revenue irrespective of changes in price or due to the effect of managerial decision on revenue






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Perfect competition is characterized by






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Purposes of Short term Demand forecasting doesn’t includes;






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In ______________ approach, the demand for new product is estimated on the basis demand of existing product






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The proportionate change in the quantity demanded of a commodity in response to change in the price of another related commodity is called Cross el...





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______________ Method is also known as Sales-Force – Composite method or collective opinion method






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Psychological pricing is also called as;






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Customary pricing is also known as






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______________ is the process of finding current values of demand for various values of prices and other determining variables.






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In the case of ______________ a small change in price leads to very big change in quantity demanded






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In ______________ approach, on the basis of the growth of an established product, the demand for the new product is estimated






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Which one of the following is not a reason for adopting penetration price strategy






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Car and petrol are






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Criteria for good demand forecasting includes;






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Cost plus pricing is also called






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Generally used strategy for pricing new products is/are






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The architect of the theory of monopolistic competition






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The function of combining the other factors of production is done by






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______________ means the total receipts from sales divided by the number of unit sold.






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Ep=0in the case of ______________ elasticity






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Law of demand shows the functional relationship between ______________ and quantity demanded






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When the change in demand is exactly equal to the change in price, it is called






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Tea and coffee are






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Survey method of demand forecasting includes






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In ______________ pricing fixed cost are excluded.






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The market with a single producer






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The short run production function is called;






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Which are the characteristics of monopoly?






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Whenever ______________ is greater than average total cost, average total cost is rising.






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Which of the following is not a macroeconomic concept?






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Iso-cost line indicate the price of






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Who classified economies of scale into internal and external?






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Product differentiation is the important feature of






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13th Finance Commission has been constituted under the chairmanship of:






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Method of demand forecasting is also called "economic model building"






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The responsiveness of demand due to a change in promotional expenses is called






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Want satisfying power of commodity is called






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The relationship between price and quantity demanded is






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Decision making and ______________ are the two important functions of executive of business firms






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______________ shows the change in quantity demanded as a result of a change in consumers’ income






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The firm charges price in tune with the industry’s price is called






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Which one of the following is not a reason for adopting skimming price strategy






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Information for pricing decisions involves:






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The marginal revenue equation can be derived from the:






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Functional relationship between input and output known as






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in economics ______________ means ’a state of rest ’or ’stability’






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Selling cost is the feature of the market form






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Which is the reason of skimming price?






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Which is the condition of for market penetration?






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If the commodities are substitute in nature, cross elasticity will be






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Which one of the following is not an internal factor influencing pricing policy






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For the commodities like salt, sugar etc., the income elasticity will be






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In the above function, the letter Y stands for






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When a small change in price leads to infinite change in quantity demanded, it is called






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Price Elasticity of demand=






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An increase in income may lead to an increase in the quantity demanded, it is






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Fixing high price during the introduction is called






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In a perfectly competitive market, individual firm






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Which is the determinant of the pricing policy of a firm?






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The causes of emergence of monopoly is/are:






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______________ is situation of severely falling prices and lowest level of economic activities






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Unitary elasticity of demand mean






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Quantity remains the same whatever the change in price, this is the case of






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Which of the following is not a function of managerial economists






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Analysis of long run and short run affects of decisions on revenue as well as costs is based on






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Which is the characteristics of managerial economics






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In the case of ______________ Consumer may moves to higher or lower demand curve






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______________ means an attempt to determine the factors affecting the demand of a commodity or service and to measure such factors and their influenc...






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In the case of unitary elastic demand, the shape of demand curve is






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Demand for necessary goods (salt, rice, etc,) is ______________ and demand for comfort and luxury good is






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______________ Method is also known as Sales‐Force –Composite method or collective opinion method






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Which one of the following is an internal factor influencing pricing






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______________ forecasting is more important from managerial view point as it helps the management in decision making with regard to the firms demand ...






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Total Revenue will be maximum at the point where Marginal Revenue is






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Under ______________ Method, a panel is selected to give suggestions to solve the problems in hand






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Method of charging low price initially called ______________






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Which of the following is/ are the reason for adopting skimming price strategy






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Under oligopoly a single seller cannot influence significantly






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Average cost pricing is also called as






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Which of the following is / are the reason for adopting penetration price strategy






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Purposes of Short term Demand forecasting includes;






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Demand for tyres depends on demand of vehicles, the demand for tyres called as






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when income increases, quantity demanded falls, it is






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Consumer Interview method of demand forecasting may undertaken by;






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Under which method, the cost is added with the predetermined target rate of return on capital invested






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Prices of Bata shoe as Rs.99.99, this pricing is






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Average revenue is the revenue per






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In a perfect market both buyers and sellers are






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So long as Average Revenue is falling, Marginal Revenue will be ______________ Average Revenue






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Price discrimination is also called as






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_____________= R2-R1/Q2-Q1