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Managerial Economics and Ethics - Managerial Economics Quiz

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

31. Which of the following market situations explains marginal cost equal to the price for attaining equilibrium?

A
Perfect competition
B
Oligopoly
C
Monopoly and imperfect competition
D
Monopoly only

Answer
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Option : A
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32. Which of the following persons is engaged in "secondary production"?
(1) A bricklayer
(2) An automobile assembly-line worker
(3) An accountant
(4) A cinema projectionist

A
1, 2, 3 and 4
B
1 and 2 only
D
2 and 3 only

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Option : B
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33. Imagine a graph showing production possibilities. What does an outward shift of the production possibilities curve indicate?

A
Overproduction
B
Inflation
C
Economic growth
D
Overfull employment

Answer
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Option : C
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34. Consider the following demand schedule

Price per unit (Rs.)	Quantity demanded (000)
6	3
5	9
4	15
3	20

When the price falls from Rs, 5 to Rs. 4, the elasticity of demand can be expressed numerically as

A
3.75
B
2.5
C
3.3
D
1.0

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Option : C
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35. Which of the following does not have a uniform elasticity of demand at all points?

A
A horizontal demand curve
B
A vertical demand curve
C
A rectangular hyperbola demand curve
D
A downward-sloping demand curve

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Option : C
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