Business and Economics English

Question. Managerial Economics is

Ans: Dealing only micro aspects,Only a normative science,Deals with practical aspects

Question. The techniques of optimization include

Ans: Marginal analysis,Calculus,Linear programming

Question. In economics, desire backed by purchasing power is known as

Ans: Demand

Question. Basic assumptions of law of demand include

Ans: The commodity should not confer any distinction

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

Ans: Veblen effects

Question. In the case of perfect elasticity, the demand curve is

Ans: Horizontal

Question. Outlay method of measurement of elasticity is also called as

Ans: Expenditure method

Question. ______________ demand forecasting is related to the business conditions prevailing in the economy as a whole

Ans: Macro level

Question. ___________ is the base of marketing planning

Ans: Demand forecasting

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

Ans: Incremental revenue

Question. Perfect competition is characterized by

Ans: large number of buyers and sellers,homogeneous product,free entry and exit of firms

Question. The distinction between variable cost and fixed cost is relevant only in

Ans: short period

Question. Purposes of Short term Demand forecasting doesn’t includes

Ans: Planning of a new unit or expansion of existing unit

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

Ans: Evolutionary approach

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

Ans: Cross elasticity

Question. Which one is the method for measurement of elasticity

Ans: Proportional or Percentage Method,Outlay Method,Geometric method

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

Ans: Opinion survey

Question. Which of the following is not a method of demand forecasting of new products

Ans: Trend projection

Question. Psychological pricing is also called as;

Ans: Odd pricing

Question. Customary pricing is also known as","Consumer pricing

Ans: Conventional pricing

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

Ans: Demand Estimation

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

Ans: Relative elastic demand

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

Ans: Growth curve approach

Question. Car and petrol are

Ans: Complimentary goods

Question. Criteria for good demand forecasting includes

Ans: Plausibility,Simplicity,Economy

Question. Cost plus pricing is also called

Ans: margin pricing,full cost pricing,mark up pricing

Question. Generally used strategy for pricing new products is/are

Ans: Skimming price strategy,Penetration price strategy

Question. The architect of the theory of monopolistic competition

Ans: Chamberlin

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

Ans: Entrepreneurship

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

Ans: Average revenue

Question. Ep=0in the case of ______________ elasticity

Ans: Perfectly inelastic demand

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

Ans: Price

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

Ans: Unitary elastic demand

Question. Tea and coffee are

Ans: Substitute goods

Question. Survey method of demand forecasting includes

Ans: Opinion survey,Expert opinion,Delphi method


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