Diminishing Marginal Utility - Economics and Management Decisions Assignment Help

Assignment Task:

Economics and Management Decisions Assignment Help

 

Questions

1. Select the most appropriate option 
_________cost helps in making short-run decisions about profit-maximizing rates of output.
 1.    Production
 2.    Selling
 3.    Buying
 4.    Marginal

2. The quantity consumed of a commodity increase, the utility derived from each successive unit decreases, remaining the same consumption of all other commodities is called diminishing marginal utility. 
 1.    true
 2.    false

3. In _________method the forecaster identifies the experts on the commodity to be surveyed and takes their opinion on the; likely demand for the commodity. 
 1.    Opinion Poll
 2.    Expert
 3.    Delphi
 4.    Sample

4. The study and analysis of the existence and interaction of these parameters is of great importance to the ________ systems designer or communication expert.
 1.    Management
 2.    Input
 3.    Output
 4.    Board

5. Advertising and promotional campaigns have a profound impact on consumer tastes and preferences. 
 1.    true
 2.    false

6.  PV ratio = (100) S V S ? − ? ?− ? ? ? Where S is the selling price and V the ________ cost. 
 1.    Variables
 2.    Fixed
 3.    Total
 4.    Marginal

7. Future expectations of an increase (decrease) in the price of a good or service may cause current demand to increase (decrease). 
 1.    true
 2.    false

8. Changes in non-price determinants (price remaining constant) result in changes in demand, that is, shift in the demand? 
 1.    true
 2.    false

9. The price system, in an economy, performs two functions: 2
 1.    Serves as a price rationing device
 2.    Determines allocation of resources
 3.    Serves as a demand rationing device
 4.    Determines allocation of prices

10 . The________models are increasingly used to forecast the firm’s demand and sales of a commodity as well as many other economic variables. 
 1.    Econometrics
 2.    Lagging
 3.    Leading
 4.    Coincident

11. Forecasting is often used to predict the growth in demand or sales growth, assess the possible market share and to gather information on proper ________–mix. 
 1.    Price
 2.    Product
 3.    Process
 4.    Quality

12. The market equilibrium analysis is based on the assumption that the factors other than the ________ price’ of the product remain unchanged. 
 1.    Own
 2.    Individual
 3.    Product
 4.    Cost

13. _________ Method: The time series data on the variable (e.g. sales) under forecast are used to fit a trend line graphically.
 1.    Graphical
 2.    Least square
 3.    Single
 4.    Multiple

14. An Isoquant __________ shows all the possible combinations of the inputs capable of producing the same level of output. 
 1.    Curve
 2.    Map
 3.    Scale
 4.    Method

15. The ________ has forced the decision-maker to very carefully delineate and quantify the variables that make up the building blocks of the decision task. 
 1.    Computer
 2.    Technology
 3.    Scientists
 4.    Researcher

16. The price also includes a mark-up for profit over the cost of _________. 
 1.    Production
 2.    Sales
 3.    Goods
 4.    Product

17. ________ variables can be measured with certainty 
 1.    Deterministic
 2.    Stochastic
 3.    Heuristic
 4.    None of the above

18. The law of diminishing utility is one of the fundamental laws of economics. 

19. ________pattern is promoted by Japanese managers who take a great deal of time communicating with their subordinates, emphasizing faceto- face contact rather than memos 
 1.    Demand
 2.    Parallel
 3.    Communication
 4.    Straight

20. In attempting to determine market boundaries, _________ use product cross elasticity measures [going back to the pioneering work of Smits,1958]. 
 1.    Researcher
 2.    Economist
 3.    Philosopher
 4.    Scientist

21. The income spent on a good the greater the elasticity of demand, and vice versa. 

22. _________ requires followership, and managers are aided by the fact that individuals are expected to subordinate their self-interest to that of the group and the organisation. 
 1.    Leadership
 2.    Management
 3.    Director
 4.    Managers

23. When there is __________ competition, firms cannot engage in rivalrous behaviour because they are price takers in the market.
 1.    Perfect
 2.    Monopoly
 3.    Monopolistic
 4.    Oligopoly

24. The demand by buyer X and buyer Y are individual demands. Total demand by the two is ________ demand. 
 1.    Market
 2.    Individual
 3.    Supplier
 4.    Retailer

25. Demand for a commodity refers to the _________ of the commodity which an individual household is willing to purchase per unit of time at a particular price. 
1.    Quality 
2.    Quantity
3.    Price
4.    Taste

26. Managerial Economics deals with the economic principles and concepts, which constitute ‘Theory of the   

27. Opportunity cost includes the cost of ________owned by the firm as well of those hired from outside. 
 1.    Output
 2.    Input
 3.    Goods
 4.    Services

28. Change in quantity demanded due to a change in price is called as a movement along a ________ curve. 
 1.    Demand
 2.    Supply
 3.    Production
 4.    None of the above

29. A firm cannot retain a hired input if it is paid a _______ price for it than another firm. 
 1.    Lower
 2.    Higher
 3.    Larger
 4.    Smaller

30. In industry, optimization means the_________ of costs and the maximization of profits subject to legal, social and ideological constraints. 
 1.    Minimization
 2.    Maximization
 3.    Reduction
 4.    Fall

31. Income elasticity is positive (Ei > 0) for normal or superior goods. 
 1.    true
 2.    false

32.  ......................refers to the specific factors that influence the demand for a good or service. 

33. The strategic role of product substitutability and market definition plays a significant role in ________. 
 1.    Economics
 2.    Marketing
 3.    Statistics
 4.    HR

34. The law of demand states that other factors held, as the price of a good or service increases, its quantity demanded by consumer's decreases. 

35. Break-even analysis is based on categorising _______ costs between those which are "variable" (costs that change when the production output changes) and those that are "fixed" (costs not directly related to the volume of production). 
 1.    Production
 2.    Explicit
 3.    Implicit
 4.    Economic

36. _______ of output is based on the estimates of likely demand for the product. 
 1.    Expansion
 2.    Contraction
 3.    Increasing
 4.    Decreasing

37. When the   rises, the quantity demanded or sold decreases and when the price falls, the quantity demanded or sold increases 

38. ________ decisions are also facilitated by an understanding of demand at various levels of aggregation. 
 1.    Policy
 2.    Procedure
 3.    Technique
 4.    Methods

39. Changes in non-price determinants (price remaining constant) result in changes in demand, that is, shift in the ________. 1
 1.    Resources
 2.    Demand
 3.    Supply
 4.    Production

40. A situation in which the supply of an item is exactly equal to its demand it is called market _________ 
 1.    Equilibrium
 2.    Segment
 3.    Share
 4.    Price

41. ________ is the want satisfying power of a good or service. Processes of production create utility by conferring form utility, place utility and time utility. 
 1.    Want
 2.    Willingness
 3.    Wish
 4.    Utility

42. .....................effect is due to consumers' inherent tendency to substitute cheaper goods for the relatively expensive ones 

43. Producers tend to supply more at a higher price to earn greater _______. 
 1.    Revenue
 2.    Sales
 3.    Profit
 4.    Purchase

44. _________ in economics refers to the process by which man utilizes or converts the resources of nature, working upon them, so as to satisfy human wants. 
 1.    Purchase
 2.    Selling
 3.    Production
 4.    Distributing

45. The utility increases but at a diminishing rate. 

46. The Tariff Commission of _________ and the Bureau of Industrial Costs and Price (BICP) have been involved in determining fair prices for commodities under price control. 
 1.    India
 2.    America
 3.    Europe
 4.    Australia

47. Communication patterns_________ those for decision making. 
 1.    Parallels
 2.    Divides
 3.    Works
 4.    Straight

48. The ability to set price by a monopolist is limited by the demand curve for its product. He can control both________ and quantity but only one variable at a single point of time. 
 1.    Price
 2.    Quality
 3.    Demand
 4.    supply

49. ‘utility’ is commonly used term, but it has a specific meaning and use in the analysis of consumer demand or consumer behaviour in terms of cardinal analysis. 
 1.    true
 2.    false

50. _________ costs mean the actual expenditure incurred for producing a good or service. 
 1.    Production
 2.    Actual
 3.    Buying
 4.    Selling

51. Follow or lag movements in general economic activity- _______ Indicators 
 1.    Lagging
 2.    Leading
 3.    Index
 4.    Coincident

52. Marginal utility is expressed:MU = DTU/DQ? 
 1.    true
 2.    false

53. ...............................of demand is the responsiveness of the quantity demanded of a good or service to a change in any one variable influencing demand. 

54. Neither economists nor scientists have succeeded in devising a technique or an instrument for measuring the feeling of satisfaction, that is...................,  

54. The _________ gives the least cost for various level of output when all the factors of production are variable. The shape of the LTC curve is due to returns to scale, factor prices given. The LAC and LMC are derived from the LTC. LAC = LTC Q LMC = LTC Q Δ? 
1.    LTC
 2.    AVC
 3.    ATC
 4.    AC

55. The AC and MC curves indicate the optimum level of output for a given size of plant in the short run. The minimum level of AC is where AC ________ MC. Output less than or more than this level will be non-optimal. It should be noted that the intersection point shows only the optimal output but not the maximum output. 
 1.    Equals
 2.    More
 3.    Less
 4.    Greater

56. The AC and MC curves indicate the optimum level of output for a given size of plant in the short run. The minimum level of AC is where AC ________ MC. Output less than or more than this level will be non-optimal. It should be noted that the intersection point shows only the optimal output but not the maximum output. 
 1.    Equals
 2.    More
 3.    Less
 4.    Greater

 57. The ________ management decision-making environment represents a specialized, narrowly defined area within a company’s total decision or operational field. Supervisory personnel of all types are operating in this environment. The decision tasks are normally well defined and repetitive. While the element of uncertainty never leaves the decision environment, here uncertainty can often be programmed into general or sub-routine and stochastic decisions taken as if they were deterministic in nature. 
 1.    Lower
 2.    Middle
 3.    Top 
4.    Board

58. The marginal product is a_________ function in the amount of labour, that is, it is a parabola that rises, peaks, and then falls. Thus, this production function includes an initial region of increasing marginal productivity followed by diminishing returns. The elasticity of production varies at each point along the curve? 
 1.    Quadratic
 2.    Demand
 3.    Supply
 4.    Production

59.  .........................is the capital intensity factor coefficient or distribution parameter. (1 – K) is the labour intensity coefficient. The value of K indicates the relative contribution of capital input (C) and labour input (L) to total input (X). 
 1.    K
 2.    L
 3.    Q
 4.    C

60. The question may have more than one correct answer. 
Some advantages of product bundling which has made it a common practice are: 
 1.    Firms can reduce their production and marketing costs by packaging goods and services in this way,
 2.    It allows firms to increase their profits by extracting additional consumer surplus
 3.    It requires less information about tastes and preferences of customers
 4.    It requires more information about taste of the consumers

61. The long run analysis helps in explaining entry and exit reasons of firms. The analysis is a yardstick to assess how resources are allocated efficiently in the long run for _________ reasons. 
 1.    Three
 2.    Two
 3.    One
 4.    Five

62. In ________, major decisions are made by individuals at the top, but many people are involved in operational decisions. Lower managers have very little authority to make decisions. 
 1.    China
 2.    Japan
 3.    America
 4.    India

63. Choose the right option-The question may have more than one correct answer. 
What are the types of trend projection method? 
 1.    Graphical Method
 2.    Least Square method
 3.    Regression Method
 4.    Simultaneous equation method

 

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