FYBCOM SEM I Fill in the blanks
FYBCOM
Q.1 A) Fill in
blanks/ Choose the correct answer 10 marks
Module No. I & II
1) Opportunity
cost is also called as ------ cost
a)
Total b) Average c) Marginal d) Alternative
2) Incremental
principal state that, a investment decision is profitable if
a) revenue
increase more than cost b) cost
reduce more than revenue C) Both (a) and (b) d)none
of these
3) Marginal
is denoted by a small unit change and it is expressed by the symbol ……
a) Δ b) Ω c) ∑ d) ∞
4) The
ratio of change in total revenue to a unit change in output sold is ------
a) Marginal
revenue b) Marginal
cost c) Average revenue
d) Average Cost
5) -----
shows the relationship between dependant and independent variables
a) Functional
relation b) Equilibrium
price c) Both (a) &
(b) d) None of these
6) ------
refers to a statement of equality of two expressions or two economic variables.
a)
Equation b) Slope c) Function
d) Opportunity cost
7) -----
is a diagram showing how two or more sets of data or variables are related to
one another
a) Graph b) Equation c) Slope d) Curve
8) Market
demand curve slopes ---- from left to right
a)
upward b) downward c) horizontal d) vertical
9) ------
is the sum of total demand for a commodity by all buyers in the market
a)
Market demand b) Market Supply c) demand
d) supply
10)
The relationship between demand and price is
a)
Positive b) Inverse c) Direct d) indefinite
11)
Which of the following is the example of substitute goods?
a)
Tea & Coffee b)
Pen & Ink c) Car &
Petrol
12)
--- refers to the total quantities of commodity offered for
sale by all in producers
a)
Market supply b) Market demand c) equilibrium price d) increase
13)
The point at which the quantity demanded equals supplied is
the ---
a)
total supply b) total demand c) equilibrium point d) None of these
14)
A case of increase in supply, demand remaining the same, the
equilibrium price ----
a)
rises b) falls c) constant d) none of the same
15)
A case of decrease in supply, demand remaining the same, the
equilibrium price ----
a) rises b) falls c) constant d) None of the same
16)
A case of increase in demand, supply remaining the same, the
equilibrium price ----
a) rises b) falls c) constant d) None of the same
17)
Other things remaining constant, if price falls, quantity
demanded will rise is ----- of demand
a) extension b) contraction c) decrease d) none of the above
18)
Other things remaining constant, if price rise, quantity
demanded will fall is ----- of demand
a) extension b) contraction c) decrease d) none of the above
19)
A case of a decrease in demand, supply remaining the same, the
equilibrium price ----
a) rises b) falls c) constant d) None of the same
20)
Market --- is derived by adding up all the individual demand
a)
demand b) supply c) Wages d) Price
21)
Which of the following shows the relationship between the
price of a good and the amount of the good that consumers want at that price?
a) demand curve
b) supply curve c) Supply
schedule d) production
22)
Market clearing price is also called the -----
a) current price b) prevailing price c) equilibrium price d) none of the above
23)
----- is the price of a commodity at which the demand for
the commodity is equal to its supply
a)
Opportunity Price b) equilibrium price c) demand price d) supply price
24)
---- states that other factors being constant, price and
quantity demanded of any commodity are inversely related to each other. When
the price of a commodity rises, the demand falls and vice versa.
a)
Law of supply b) Law of utility c) Law
of demand d) all the above
25)
Which of the following is not a determinant of demand?
a)
Price b) Income c) Fashion d) Production
26)
Qdx = f (Px) is
-------
a) demand
function b) Supply function c) Consumption function d) all
the above
27)
Qdx = a - bPx is
-------
a) demand
function b) Supply function c) Consumption function d) all
the above
28)
Qsx = f (Px) is
-------
a) demand
function b) Supply function c) Consumption function d) all
the above
29)
Qsx = a + bPx is
-------
a) demand function b) Supply function c) Consumption function d) all
the above
30)
Nature of demand curve in perfect competition
a)
downward b) upward c) vertical d) horizontal
31)
Nature of the demand curve in Monopoly is
a)
downward (steeper) b) upward c) vertical d) horizontal
32)
Nature of demand curve in monopolistic competition
a)
horizontal b) upward c) vertical d) downward (flatter)
33)
Nature of demand curve in oligopoly
a)
downward b) upward c) kinky d) horizontal
34)
Suppose the demand function for a commodity is Q = 20 – 3P
when the price is 6 , the demand is
---
a)
5 b) 10
c) 2 d) 23
35)
Price elasticity of demand
a) measures
the responsiveness of quantity demanded of a commodity to a
change in its price
b) measures the responsiveness of quantity
demanded of a commodity to a change in income
c)
measures the responsiveness of quantity demanded of a commodity to a change
in advertisement expenditure
d)
all of the above
36)
Income elasticity of demand
a)
measures the responsiveness of quantity demanded of a commodity to a change
in its price
b) measures the responsiveness of quantity
demanded of a commodity to a change in income
c)
measures the responsiveness of quantity demanded of a commodity to a change
in advertisement expenditure
d)
all of the above
37)
Promotional elasticity of demand
a)
measures the responsiveness of quantity demanded of a commodity to a change
in its price
c)
measures the responsiveness of quantity demanded of a commodity to a change in advertisement
expenditure
d)
all of the above
38 Price elasticity of demand
a) % change in quantity demanded
38 Price elasticity of demand
a) % change in quantity demanded
% change in the price of the commodity
b) % change in quantity demanded
% change in the Income
c) % change in quantity demanded
% change in the Promotional expenditure
39 Income
elasticity of demand
a) % change in quantity demanded
% change in the price of the commodity
b) % change in quantity demanded
% change in the Income
c) % change in quantity demanded
% change in the Promotional expenditure
40 Promotional
elasticity of demand
a) % change in quantity demanded
% change in the price of the commodity
b) % change in quantity demanded
% change in the Incom
e
c) % change in quantity demanded
% change in the Promotional expenditure
41)
In case of Perfectly inelastic demand, demand curve is
a)
vertical line b) rectangular
hyperbola c) horizontal d) none of the above
42)
In case of Perfectly elastic demand, demand curve is
a)
vertical line b) rectangular hyperbola c) horizontal d) none of the above
43)
In case of unitary elastic demand, demand curve is
a) vertical line
b) rectangular hyperbola c) horizontal
d) none of the above
44)
Which of the following is not correct in case of cross
elasticity
a) substitute goods –
positive b) complement goods –
negative c) unrelated goods – zero d) substitute goods – negative
45)
Point Elasticity of Demand measures elasticity of demand
--------- on the demand curve
a)
at a point b) between two points c) below the point d) none of the above
46)
Arc Elasticity of Demand measures elasticity of demand
--------- on the demand curve
a)
at a point b) between two points c) below the point d) none of the above
47)
The ratio of lower segment of demand curve below the point
divided by upper segment of the demand curve above the point
a) Point elasticity
b) Arc elasticity c) geometric elasticity d) none of the above
48)
The value of the income elasticity of demand for inferior
goods is …..
a)
Positive b) Negative c) Zero d) All the above
49)
The value of the income elasticity of demand for necessary
goods is …..
a)
Positive and E < 1 b)
Positive and E = 1 c) Positive
and E > 1 d) Negative
50)
The value of the income elasticity of demand for Comfort
goods is …..
a)
Positive and E < 1 b) Positive
and E = 1 c) Positive and E
> 1 d) Negative
51)
The value of the income elasticity of demand for luxuries
goods is …..
a)
Positive and E < 1 b) Positive
and E = 1 c) Positive and E
> 1 d) Negative
52)
When demand is elastic, price and total revenue move in ----
directions
a)
opposite b) same c) unchanged d) none of the above
53)
When demand is inelastic, price and total revenue move in
---- directions
a)
opposite b) same c) unchanged d)
none of the above
54)
When demand is unitary elastic, total revenue remains ----
a)
opposite b) same c) unchanged d)
none of the above
55)
… is an estimation of demand for the product for a future
period
a) Demand Forecast b) Supply Forecast c) both a & b ) none of the above
56)
Which of the following methods are often used to make
short-term forecasts when quantitative data are not available
a) Consumer Survey
b) regression method c) Trend Method
d) Moving average
57)
Which of the following is not a feature of the sample survey
method
a) Errors may occur in
large size sample b) Possibility of
consumer bias c) All
potential consumers are included in the survey
d) none of the above
58)
Which of the following methods make use of historical data and
demand determinants to forecast demand?
a) Market experiments b) Consumer survey c) end- use d)
statistical
59)
Which of the following methods is used to bridge the
opinions given by different experts?
a) Experts’ Opinion b) Trend Analysis c) Delphi d) Sample survey
60)
The ---- method uses time-series data
a) trend b) end -use c) sample survey d)
delphi
(Reference: Manan
Prakashn and Seth Publication. FYBCOM Sem I, B. Economics I )
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