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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

Question 1

1. What is deficit financing?

 printing new notes to meet deficit of the govt.
accepting new notes
printing new notes

2 points  

Question 2

1. Law of Demand is explained by Prof. Robbins.

True

False

2 points  

Question 3

1. The demand for pepper is likely to have a low price elasticity because it is

single use good and has no close sustitutes

it has substitutes
it is a durable good
it is a perishable good

2 points  

Question 4

1. According to Marshall, the basis of consumer surplus is

law of diminshing marginal utility

law of supply
law of demand
none of the above

2 points  

Question 5

1. The standard of living is often measured by

 Real GDP per capita
national income
per capita income
personal disposable income

2 points  

Question 6

1. What is the shape of an indifference curve?

convex to the origin

concave to the origin

2 points  

Question 7

1. Improved telecommunication technology has contributed to the globalization of

markets.

True

False

2 points  

Question 8

1. At point of satiety, marginal utility is

zero
one
less than one
more than one

2 points  

Question 9

1. An increase in the number of available substitutes for a commodity will decrease the
price elasticity of demand for the commodity.
 True

False

2 points  

Question 10

1. The quantity of a commodity demanded by a consumer is influenced by the number of

consumers in the market.

True

False

2 points  

Question 11

1. The number of sellers have a direct impact on supply

True

False

2 points  

Question 12

1. When is the consumer in equilibrium?

Mux=Px
Mux/Py
Mux-Py
Mux+Py

2 points  

Question 13
 1. Law of diminishing Marginal Utility is the cause of law of demand

True

False

2 points  

Question 14

1. There are no barriers to entry in a monopoly

True

False

2 points  

Question 15

1. LAC is also called an envelope curve

True

False

4 points  

Question 16

1. "If the supply curve of a commodity is positively sloped, a rise in the price of the
commodity ceteris paribus, results in "

a decrease in both demand and supply

a increase in quantity supplied
a decrease in supply
a decrease in demand

4 points  
Question 17

1. Under Monopolistic Competition there is only one seller of the product

True

False

4 points  

Question 18

1. Monetary policy of the RBI maintains price stability in the country.

True

False

4 points  

Question 19

1. Stock and Supply is the same thing

True

False

4 points  

Question 20

1. What you give up for something, is its oppurtunity cost

True

False
3 points  

Question 21

1. Implicit costs are actually paid

True

False

3 points  

Question 22

1. A product is demanded because of the demand of any parent product, is called

Derived Demand

True

False

3 points  

Question 23

1. A monopolist is the price maker,and in perfect competition, the sellers are the price
takers

True

False

3 points  

Question 24

1. Whose signature is found on one rupee currency note?

Finance Secretary of India

 Governor,RBI
Incorrect

1 points  

Question 25

1. Which one of the following is not the objective of monetary policy in India?

to issue notes
To achieve price stability
to regulate foreign trade
to stabilise exchange rate

1 points  

Question 26

1. Which of the following is NOT a reason for increasing prices

Cost pressures
Curbing Demand
price leadership
all of the above

1 points  

Question 27

1. The last stage in the five-step decision process described in the text is to

Determine the objective

select the best possible solution
implement the decision
explain the decision to managers

1 points  

Question 28

1. In an Oligopolistic Market, there are

a few sellers and a large number of buyers

 large no. of sellers
few buyers
none of the above

1 points  

Question 29

1. At point of satiety, marginal utility is—

Zero
Positive
Negative
Maximum

1 points  

Question 30

1. The demand for movies is unit elastic if

any increase in the price leads to a 1 percent decrease in the quantity demanded
a 5 percent decrease in the price leads to an infinite increase in the quantity
demanded
a 5 percent increase in the price leads to a 5 percent decrease in the quantity
demanded
a 5 percent increase in the price leads to a 5 percent increase in total revenue

1 points  

Question 31

1. The cost incurred by the firm in hiring labour is called is

explicit cost
implicit cost
marginal cost
total cost

1 points  

Question 32

1. What was the form of money in ancient period?

 grain and cattle
metallic money
plastic money
credit money

1 points  

Question 33

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

Minimum
Average
zero
Negative

1 points  

Question 34

1. Which of the following is known as the Gossen's first law

Law of equi-marginal utility

law of diminishing marginal utility
the law of indifference
law of substitution

1 points  

Question 35

1. Why are bank deposits called the demand deposits?

Deposits can be withdrawn as and when required

savings deposits
recurring deposits
home safe accounts

1 points  

Question 36

1. An example of a Euro Currency is

 a dollar deposit outside the US
a pound sterling deposit outside the UK
a Mark deposit outside Germany
All of the above

1 points  

Question 37

1. Market-penetration pricing refers to the practice of:

setting a high initial price and then penetrating the market with successive prices
for each price sensitive layer.
setting a low initial price to penetrate the market quickly and attract a large
number of buyers to win a large market share.
pricing products very high to penetrate deeply and quickly into large profits for
the company.

1 points  

Question 38

1. The tax on net income of companies is

Personal Income tax

Interest tax
Wealth tax
Corporation tax

1 points  

Question 39

1. The tax levied by the union government on income of individuals is known as

Personal Income tax

Interest tax
Wealth tax
Corporation tax

1 points  

Question 40
 1. A characteristic of monopolistic competition is that each firm

faces perfectly elastic demand.

faces a downward-sloping demand curve.
has a perfectly inelastic supply
has a perfectly elastic supply.

1 points  

Question 41

1. Gross National Product

will exceed gross domestic product if net factor payments from abroad are
positive
will always exceed gross domestic product in a closed economy
will be higher in a private sector economy than in an economy where there is
also a public sector that taxes the private sector
is identical to the gross domestic product in Canada

1 points  

Question 42

1. Wealth

is a stock variable, measured per unit of time

is a stock variable, measured at a point in time
is a flow variable, measured per unit of time
is a flow variable, measured at a point in time

1 points  

Question 43

1. The Engel curve passes through the tendency points of 

isoquant and budget line 

IC curve and budgetline

1 points  

Question 44
 1. Other things being equal, what causes a fall in demand

Fall in the price of the commodity

Rise in the price of the commodity
Rise in the income of the substitute
None of the above

1 points  

Question 45

1. What is Repo Rate?

it is the rate at which RBI sells government securities from banks

it is the rate at which RBI buys government securities from banks
it is the rate at which RBI allows small loan in the market
None of the above

1 points  

Question 46

1. 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 47

1. How many languages are used on a note of Rs.10

15
13
14
10

1 points  
Question 48

1. Demand is inelastic if

a large change in quantity demanded results in a small change in price

the price elasticity of demand is greater than 1
the quantity demanded is very responsive to changes in price
the price elasticity of demand is less than 1

1 points  

Question 49

1. Name the major components of money supply.

currency and deposit components

currency
deposits and coins
coins

1 points  

Question 50

1. Utility may be defined as

willingness to pay for a commodity

the desire for a commodity
availability of a commodity
want satisying power of a commodity

1 points  

Question 51

1. Which bank enjoys the monopoly power of issuing notes?

RBI
IDBI
ICICI
Bank of Baroda

1 points  
Question 52

1. Banks create credit

on the basis of their cash deposits

on the basis of demand deposits
on the basis of savings deposits
on the basis of recurring deposits

1 points  

Question 53

1. Bank rate is decided by which bank?

RBI
SBI
PNB
Indian Overseas Bank

1 points  

Question 54

1. Elasticity of demand when there is a substantial change in the price of a commodity

can be shown using

total outlay method

point method
arc method
percentage method

1 points  

Question 55

1. Reserve Bank of India is the Central bank of India

True

False
1 points  

Question 56

1. Two goods have to be consumed simultaneously are

substitutes
complementary
identical
none of these

1 points  

Question 57

1. 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 58

1. National Income accounts

avoid the technical problems of aggregating data

provides macro economists with much of the data needed for macroeconomic
analysis,research and forecasting
clearly identify who owes how much to whom
can be understood only by accountants

1 points  

Question 59

1. Which theory is generally included under micro economics ?

Price Theory
Income theory
 Employment theory
None of the above

1 points  

Question 60

1. Setting a price below that of the competition is called

Skimming Pricing
Penetration Pricing
Market defence
Predatory Pricing

1 points  

Question 61

1. What does money serve?

a unit of accounting
monetary base
high powered money
cheap money

1 points  

Question 62

1. A numerical description of the outcome of an experiment is called a

descriptive statistic
probability function
variance
random variable

1 points  

Question 63

1. An explicit cost is

the cost of giving up an alternative

 the cost of a chosen alternative
calculated by subtracting the monetary cost of an alternative by the time invested
cost of hiring the factors of production

1 points  

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