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Take Test: MBCE701D-Economics & Management Decisions-Jul19.-Assignment1

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Take Test: MBCE701D-Economics & Management Decisions-Jul19.-Assignment1

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Instructions

Description MBCE701D-Economics & Management Decisions- Assignment-1

Instructions Center for Continuing Education - UPES

MBCE701D-Economics & Management Decisions

Assignment 1

Total Questions: 63
Total Marks: 100

Assignment Information :

The examination will consist of only Objective type (multiple choice) questions
requiring candidates to Mouse-click their correct choice of alternatives against the
related question number. The questions would carry 1 to 5 marks each depending
on the difficulty level of the question as indicated in the table below:

Difficulty Level of Questions:

1 Mark - Direct, Memory based

2 Marks - Memory & Conceptual
3 Marks - Conceptual & Analytical
4 Marks - Analytical based on understanding of concepts
5 Marks - Application based on understanding of concepts

  The question paper will be for 100 marks and considering marks allotted to each
question, the total number of questions would be around 63.

  There will not be negative marking for wrong answers.

  In case candidate does not want to attempt the question he I she should not
mouse-click any option.

  The students are allowed to save the responses and come back later to resume,
complete and "Save and Submit" the assignment. However, if the Due Date has
expired, then the assignment will not be accessible and will be marked as zero. In
such cases, the student can re-attempt the assignment allocated after enrolling in
the subsequent Semester.

  Once submitted, that answer sheet cannot be retreieved for any editing. The
student has to initiate a new attempt (if allowed), if he has submitted the
assignment by mistake.

  The students are normally allowed 3 chances to attempt and submit the
assignment. The number of attempts availed is displayed under the "Test
 Information".

  The Highest Grade of the 3 attempts shall be considered for grading.

  The assignments are auto evaluated, and hence no chance of re-evaluation/re-

totalling is allowed to the student.

Multiple This Test allows 3 attempts. This is attempt number 1.

Attempts

Force This Test can be saved and resumed later.

Completion

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Question 1

The demand for a commodity arises from the consumer's willingness and ability to purchase the
commodity

True

False

2 points  

Question 2

If the monopolist earns losses in the long run, he will not stay in business

True

False

2 points  

Question 3

Negative MU denotes more satisfaction.

True

False
2 points  

Question 4

Which type of elasticity of demand is used in decision making, wherein the same company produces
competing products?

Cross Elasticity of Demand

Price Elasticity of demand

Income Elasticity of Demand

2 points  

Question 5

Name the kind of pricing which is the same as finding out an ideal starting selling price.

Target

price skimmimg

predatory pricing

2 points  

Question 6

The third stage of Law of Variable proportions is the constant returns

True

False

2 points  

Question 7

When demand increases, the demand curve shifts to the left

True

False

2 points  

Question 8
 

Correlation between price and demand is

negative

positive

2 points  

Question 9

There is perfect mobility of resources under perfect competition

True

False

2 points  

Question 10

Improvement in the standard of living in a country is best reflected to be increase in

per capita income at constant prices

per capita income at current prices

2 points  

Question 11

The term social accounting was first introduced into economics by

Cooper

Marshall

Adam Smith

Walker

2 points  

Question 12

The national income is

 NNP-indirect taxes+subsidies

GNP-direct taxes +subsidies

GNP + direct taxes -subsidies

2 points  

Question 13

Estimates of National Income are prepared by the

CSO

RBI

SBI

PNB

2 points  

Question 14

Marginal Utility curve is always falling

True

False

2 points  

Question 15

A monopolist is a 

price maker

price taker

both

none of these

1 points  

Question 16

 
"Human Welfare is the subject of Economics.” This statement is associated with the name of which
of the economists ?

Marshall

Robbins

Adam Smith

All of these

1 points  

Question 17

Open Market Operations, one of the measures taken by RBI in order to control credit expansion in
the economy means

sale and purchase of government securities

issuance of different types of bonds

auction of gold

to make available direct finance to borrowers

1 points  

Question 18

Demand Pull Inflation occurs when

imports exceed exports

aggregate demand rises more rapidly than the economy's productive potential

both a and b

neither a nor b

1 points  

Question 19

An implicit cost is

the cost of giving up an alternative

 cost of the chosen alternative

imputed cost

none of the above

1 points  

Question 20

Characteristics of economic laws are—

Mere statements of economic tendencies

Less certain

Hypothetical

All of the above

1 points  

Question 21

What is the goal of Monetary Policy?

price stability

economic stability

full utilisation of resources

all of the above

1 points  

Question 22

Barter is the exchange of goods for goods

True

False

1 points  

Question 23

 
When the Law of diminishing returns begin to operate the TVC curve begins to

rise

fall

remain constant

1 points  

Question 24

Branch of statistics which deals with development of particular statistical methods is classified as

industry statistics

economic statistics

applied statistics

mathematical statistics

1 points  

Question 25

The compensated” demand curve is the demand curve that

shows only the income efffect

shows only the subsitution effect

shows both the income and substitution effect

shows the giffen good demand curve

1 points  

Question 26

Name the major components of money supply.

currency and deposit components

currency

deposits and coins

 coins

1 points  

Question 27

Determinants of supply includes  

natural disasters

tax and subsidies

new technology

all of these

1 points  

Question 28

Monetary Policy is used by which authority to control inflation?

Reserve Bank of India

the Ministry of finance

the State Government

the Central Government

1 points  

Question 29

In which denomination were India's first bimetallic coins issued in the year 2009?

Rs. 10

Rs.5

Rs. 20

Rs. 2

1 points  

Question 30

 
Full cost pricing method is also known as

Full cost plus Pricing

cost plus pricing

moderate fluctuations

Marginal Costing

1 points  

Question 31

In monopolistic competition, each firm has a demand curve with

a slope equal to zero, and there are barriers to entry into the market

a negative slope, and there are no barriers to entry into the market

negative slope, and there are barriers to entry into the market

a slope equal to zero, and there is are no barriers to entry into the market.

1 points  

Question 32

Who said - "Economics is what economists do" ?

Jacob Viner

Comte

Gunnar Myrdal

Adam Smith

1 points  

Question 33

How does banks facilitate transfers of money?

ATM/Net Banking/drafts/cheques

RTGS
 all of the above

1 points  

Question 34

In using the expenditure approach to GDP consumption

includes consumer durables, semidurables, non-durable goods, but excludes

includes houses and services

includes houses and all purchases by business firms

includes consumers spending on durable goods and non-durable goods and services

1 points  

Question 35

Whose opinions have revolutionised the scope of macro economics ?

Adam Smith

J.B. Say

J.M. Keynes

All of the above

1 points  

Question 36

The main source of India's national income is

industry

forestry

services

None of these

1 points  

Question 37

 
Increasing Unemployment and Inflation is a situation of :

hyper inflation

Galloping Inflation

Stagflation

Reflation

1 points  

Question 38

When total utility becomes maximum, then marginal utility will be—

Minimum

Average

zero

Negative

1 points  

Question 39

There are four phases of a business cycle. Identify the correct sequence of the occurrence of these
phases

Recovery, Recession,Expansion, Depression

Recovery,Expansion, Depression,Recession

Depression, Expansion, Recession, Recovery

Recovery, expansion, recession, depression

1 points  

Question 40

The opportunity cost of a good is

the time lost in finding it

the quantity of other goods sacrificed to get another unit of that good
 the expenditure on the good

the loss of interest in using savings

1 points  

Question 41

Who issues one rupee note in India?

Ministry of Finance

RBI

SBI

PNB

1 points  

Question 42

Who is authorised to issue coin in India?

SBI

RBI

Ministry of Finance

High Court

1 points  

Question 43

Open Market Operations mean

purchase and sale of securities by the Central Bank

sale of bonds

purchase of bonds

none of the above

1 points  

Question 44
 

How can the RBI increase the money supply in the market?

by buying government securities

by selling government securities

by selling bonds

1 points  

Question 45

Firms in monopolistic competition can achieve product differentiation by

exploiting economies of scale in production.

advertising special characteristics.

expanding plant size.

setting the price equal to average revenue

1 points  

Question 46

The most important source of revenue to the states is

Sales tax

Service tax

Excise duty

None of these

1 points  

Question 47

The Engel curve passes through the tendency points of 

isoquant and budget line 

IC curve and budgetline

1 points  
Question 48

A tax imposed on monopoly profits

can be shifted forward

can be shifted backward

can be shifted both forward and backward

cannot be shifted

1 points  

Question 49

The transformation curve is derived from the

Consumption Curve

Utility Possibility curve

Social welfare function

production contract curve

1 points  

Question 50

A firm that break even after all the economic costs are paid in earning

Economic Profit

Accounting profit

Normal Profit

Supernormal profit

1 points  

Question 51

The prices statutorily determined by the Government for certain important goods like steel, cement,
etc is called
 mark up pricing

Customary Pricing

all of the above

Adminsitered Prices

1 points  

Question 52

Which public sector banks has the largest number of branches in foreign countries?

Bank of Baroda

PNB

OBC

SBI

1 points  

Question 53

When RBI announced on increase in Cash Reserve Ratio(CRR) and what does it mean?

The Union Government will have less money to lead

The commercial bank will have less money to lend

the commercial bank will have less money to lend

All of the above

1 points  

Question 54

A perfectly competitive firm has which kind of profit in the long run 

abnormal profit

normal profit

no profits

1 points  
Question 55

Old age pensions, unemployment relief and scholarships to the students are examples of transfer
payments

True

False

3 points  

Question 56

What you give up for something, is its oppurtunity cost

True

False

3 points  

Question 57

Which of the following is a transfer payment

scholarship to poor students

Interest on borrowings

Expenditure on medical care of employees

rent of the factory building

3 points  

Question 58

The minimum level of AC is where AC=MC

True

False

3 points  

Question 59
 

A firm will shut down in the short run if:

Variable costs were to fall below fixed costs

total revenue were less than total variable cost

total revenue were more thantotal variable cost

Variable costs were to rise above fixed costs

4 points  

Question 60

Law of demand states that price and demand are directly related to each other

True

False

4 points  

Question 61

"If the management increases the wages, the cost of production rises, the rise in prices result
causing wage price spiral and cost push inflation"

True

False

4 points  

Question 62

"If the price of computers goes up, the demand for internet connections will fall."

True

False

4 points  

Question 63

 
Price discrimination is studied under monopoly

True

False

4 points  

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