Business Economics
201. Factors which change over a long period of time are called ______________ factors
- Business
- Cyclic
- Secular
- All the above
Correct answer: (C)
Secular
202. ______________ is called produced means of production
- Land
- Labour
- Capital
- Raw material
Correct answer: (C)
Capital
203. EP = ______________ in the case of relatively elastic demand
- 1
- >1
- <1
- 0
Correct answer: (B)
>1
204. Demand for milk, sugar, tea for making tea, is an example of
- Composite demand
- Derivative demand
- Joint demand
- Direct demand
Correct answer: (C)
Joint demand
205. When the demand changes due to changes in other factors, like taste and preferences, income, price of related goods etc...., it is called
- Extension of demand
- Contraction of demand
- Shift in demand
- None of these
Correct answer: (C)
Shift in demand
206. Demand =Desires+ ______________ + willingness to pay
- Supply
- utility
- Want
- Purchasing power
Correct answer: (D)
Purchasing power
207. Basic economic tools of managerial economics include
- Opportunity cost principle
- Incremental principle
- Discounting principle
- All of the above
Correct answer: (D)
All of the above
208. Which of the following is not included in functions of managerial economists
- Sales forecasting
- Industrial market research
- Advice on foreign exchange
- None of the above
Correct answer: (D)
None of the above
209. Economics was classified into micro and macro by
- Ragnar Frisch
- Adam Smith
- J M Keynes
- AC Pigou
Correct answer: (A)
Ragnar Frisch
210. The author of the book "The General Theory of Employment, Interest and Money"
- Alfred Marshall
- Adam Smith
- J M Keynes
- A C Pigou
Correct answer: (C)
J M Keynes
Saturday, January 8, 2022