B.COM ECO-1 MCQ's




Question 1 :
Labour economy is caused by ______.

  1. Better organisation
  2. Time management
  3. Specialisation/division of labour
  4. Mangerial Efficieny
  

Question 2 :
_____ is the per unit value.

  1. Averages
  2. Equations
  3. Functional relation
  4. None of these
  

Question 3 :
When marginal product is zero total product is _____.

  1. constant
  2. minimum
  3. None of these
  4. maximum
  

Question 4 :
A double decker bus is an example of ______ economy of increased dimension.

  1. Technical
  

Question 5 :
Opportunity cost require ascertainment of sacrifices.

  1. TRUE
  2. FALSE
  

Question 6 :
A firm experiences ______ economics of scale when its size expands.

  1. none of there
  2. External
  3. Internal
  

Question 7 :
An _____ firm does not face a definite demand curve.

  1. Monopolistic competition
  2. Monopoly
  3. Perfect Competition
  4. Oligopoly
  

Question 8 :
______ was initially called as the law of diminishing returns.

  1. law of variable proportion
  2. none of there
  

Question 9 :
Economies of scale lead to ______ in cost of production.

  1. None of these
  2. long run
  3. Short run
  

Question 10 :
The scale of production can varied only in the ______.

  1. reduction
  2. none of there
  

Question 11 :
When managerial costs per unit declines it is the case of ______.

  1. Managerial economy
  2. none of there
  

Question 12 :
A producer’s output equilibrium is determined at the point of _____ between isovant and isocost lines.

  1. tangency
  

Question 13 :
There is no uniform pattern as regards to the scope of business economics.

  1. TRUE
  2. FALSE
  

Question 14 :
When percentage change in output is greater than that of input, it is the phenomenon of _____ returns to scale.

  1. constant
  2. increasing
  3. None of these
  4. decreasing
  

Question 15 :
Business economics is applicable to several area of business.

  1. TRUE
  2. FALSE
  

Question 16 :
Expert opinion method is more accurate and reliable.

  1. TRUE
  2. FALSE
  

Question 17 :
Under consumer’s survey method opinion of different expert are collected.

  1. TRUE
  2. FALSE
  

Question 18 :
______ is the functional relationship between physical input and output.

  1. Management function
  2. production function
  3. Labour function
  4. None of these
  

Question 19 :
A steeper demand curve represent relatively ______ demand.

  1. elastic
  2. perfectly elastic
  3. inelastic
  4. unitary
  

Question 20 :
Localisation of industry confers ______ economic to the clustering firm.

  1. Internal
  2. none of there
  3. External
  

Question 21 :
______ refers to total product per unit of variable factor.

  1. average product
  

Question 22 :
Regression method is prescriptive as well as descriptive.

  1. TRUE
  2. FALSE
  

Question 23 :
_____ refers to a statement of equality of two expression or economic variables.

  1. Equations
  2. Averages
  3. Functional relation
  4. All of the above
  

Question 24 :
Demand forecasting at firm level involves forecasting the demand for the whole industry.

  1. TRUE
  2. FALSE
  

Question 25 :
Addition made to total product by adding on extra unit of labour is defined as the _____ of labour.

  1. marginal product
  

Question 26 :
In case of inferior goods income elasticity of demand is positive.

  1. TRUE
  2. FALSE
  

Question 27 :
Demand forecasting is an estimate of the ______ demand.

  1. Present
  2. Past
  3. None of the above
  4. future
  

Question 28 :
The market clearing price is also called the ________.

  1. current price
  2. prevailing price
  3. equilibrium price
  4. None of the above
  

Question 29 :
Demand forecasting will help to determine sales target.

  1. TRUE
  2. FALSE
  

Question 30 :
Statistical method is called qualitative method.

  1. TRUE
  2. FALSE
  
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