ECO332 Tma Solutions
1. The areas of business issues to which economic theories can be directly applied is divided into two broad categories, and they are environmental and ___ issues
—>> operational
physical issues
developmental issues
external
2. The three common techniques of optimisation include, Linear Programming, constrained optimisation by substitution, and ___
Constrained
Minimization
—>> Lagrangian multiplier
Maximization
3. For a business owner to obtain maximum profit, ___ major conditions must be fulfilled
—>> 2
3
4
5
4. Dx = a – bPx represents the general form of a ___ function
dynamic demand
non-linear demand
—>> linear demand
multivariate demand
5. A ___ summation of individual demand schedule gives rise to the market demand schedule
Net
Vertical
Diagonal
—>> Horizontal
6. Whether increase in price as a result of rising cost is beneficial to the firm will depend on the price-elasticity of demand for the product and the ___
income- elasticity of demand for its substitutes
price elasticity of demand of the complimentary goods
—>> price-elasticity of demand for its substitutes
income-elasticity of the demand of the complimentary goods
7. The discovery of managerial economics as a separate course in management studies has been attributed to all of these major factors except___
—>> The discovery of more teachers in the field of managerial economics
The growing complexity of business decision-making processes
Rapid increase in demand for professionally trained managerial manpower
The increasing use of economic logic, concepts, theories, and tools of economic analysis in business decision-making processes
8. ___goods are those goods for which the usefulness is not exhaustible in the short-run use.
—>> Durable
Fixed
Long-run
Consumer
9. In market period, it is assumed the total output of a given product is ___
zero
—>> fixed
insignificant
essential
10. Coefficient of income-elasticity of comfort goods is ___
—>> almost equal to 1
greater than 1
less than 1
zero
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