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Managerial Economics and Ethics - Managerial Economics Quiz

Avatto > > UGC NET Management > > PRACTICE QUESTIONS > > Managerial Economics and Ethics > > Managerial Economics Quiz

21. Goods X and Y are perfect substitutes. A consumer's indifference curve for these commodities is represented by a

A
Upward sloping straight line
B
The upward sloping curve which is convex from below
C
Downward sloping straight line
D
The downward-sloping curve which is convex to the origin

Answer
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Option : C
Explanation :

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22. The Law of variable proportions comes into being when

A
All factors are variable
B
There is a fixed factor and a variable factor
C
There are only two variable factors
D
Variable factors yield less

Answer
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Option : B
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23. Match the following :

(A) Cardinal approach	1. Marginal utility
(B) Ordinal approach	2. Alfred Marshall
(C) Hicks-Allen approach	3. J.R. Hicks
(D) Consumer's surplus	4. Indifference curve
	5. Revealed preference theory

A
(A) (B) (C) (D)
4 3 1 2
B
(A) (B) (C) (D)
1 2 3 4
C
(A) (B) (C) (D)
3 4 2 1
D
(A) (B) (C) (D)
2 4 1 3

Answer
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Option : B
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24. Average fixed cost

A
Remains the same whatever the level of output
B
Increases as output increases
C
Diminishes as output increases
D
All the three are possible

Answer
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Option : C
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25. In case the two commodities are good substitutes, cross-elasticity will be

A
Positive
B
Negative
C
Unitary
D
Infinite

Answer
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Option : A
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