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Examination Paper of Managerial Economics

Part one: Multiple choices: 1. It is a study of economy as a whole. a. Macroeconomics b. Microeconomics c. Recession d. Inflation 2. A comprehensive formulation which specifies the factors that influence the demand for the product. a. Market demand b. Demand schedule c. Demand function d. Income effect 3. It is computed when the data is discrete and therefore incremental changes is measurable. a. Substitution effect b. Arc elasticity c. Point elasticity d. Derived demand 4. Goods & services used for final consumption is called: a. Demand b. Consumer goods c. Producer goods d. Perishable goods 5. The curve at which satisfaction is equal at each point. a. Marginal utility b. Cardinal measure of utility c. The Indifference Curve d. Budget line 6. Costs that are reasonably expected to be incurred in some future period or periods are: a. Future costs b. Past costs 1 IIBM Institute of Business Management

Examination Paper of Managerial Economics c. Incremental costs d. Sunk costs 7. Condition when the firm has no tendency either to increase or to contract its output: a. Monopoly b. Profit c. Equilibrium d. Market 8. Total market value of all finished goods & services produced in a year by a country’s residents is known as: a. National income b. Gross national product c. Gross domestic product d. Real GDP 9. The sum of net value of goods & services produced at market prices: a. Government expenditure b. Product approach c. Income approach d. Expenditure approach 10. The market value of all the final goods & services made within the borders of a nation in an year. a. Globalization b. Subsidies c. GDP d. GNP

Part Two: 1. Discuss the concept of Demand Schedule. 2. Explain the law of ‘Diminishing marginal returns’. 3. List the various forms of Market Structure. 4. What are the various methods of measuring national income?…...

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