Business Economics
191. Allocation of available resources among alternatives is based on the principle
- Opportunity cost principle
- Discounting principle
- Equi‐marginal principle
- None of these
Correct answer: (C)
Equi‐marginal principle
192. Which of the following is included in specific functions of managerial economists
- Economic analysis of competing companies
- Advice on pricing problems of industry
- Environmental forecasting
- All of the above
Correct answer: (D)
All of the above
193. ______________ principle is closely related to the marginal costs and marginal revenue of economic theory
- Principle of time perspective
- Equi‐marginal principle
- Incremental principle
- None of these
Correct answer: (C)
Incremental principle
194. ______________ is known as the ‘first law in market”
- Law of supply
- Law of consumption
- Law of demand
- Law of production
Correct answer: (C)
Law of demand
195. D= f(P,Y,T,Ps,U), where the letter U stands for
- Utility
- Units of consumption
- Usage
- Consumer expectation & others
Correct answer: (D)
Consumer expectation & others
196. Generally demand curve have ______________
- Negative slope
- Positive slope
- Horizontal line
- Vertical line
Correct answer: (A)
Negative slope
19718. The Giffen goods are ______________ Goods
- Inferior goods
- Superior goods
- Related goods
- Same goods
Correct answer: (A)
Inferior goods
188. Demand for electricity is an example of
- Composite demand
- Derivative demand
- Joint demand
- Direct demand
Correct answer: (A)
Composite demand
189. Which of the following is not an exception to the downward sloping of demand curve
- Giffen paradox
- Veblen effects
- Necessaries
- Income effect
Correct answer: (D)
Income effect
200. Perfect elasticity is known as
- Finite elastic
- Infinite elastic
- Unitary elastic
- Zero elastic
Correct answer: (B)
Infinite elastic
Saturday, January 8, 2022