ECO332 Tma – Managerial Economics

ECO332
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1. The Income elasticity of essential goods is usually ___

Zero

Less than zero

Greater than 1

Less than 1

2. Unlike accounting profit, economic profit takes into account both the imputed costs and __ costs

Implicit

Explicit

Transportation

Black market

3. The areas of business issues to which economic theories can be directly applied is divided into two broad categories, and they are operational and

Environment issues

Internal issues

Biological issues

Physical issues

4. All the expenses incurred to carry out a business is referred to as ___

Business costs

Accounting costs

Economics costs

Market costs

5. Economic profit makes provision for depreciation, necessary minimum payment to shareholders and ___

Pension

Damages

Insurable risks

Risks

6. If company XYZ plans to launch a new product called ZZ Milk in the face of other competitors, the company’s decision makers may need to investigate and analyse the production related issues and the ___

Quantity of milk produced by their competitors

Size of warehouse to get

Sales prospects and problems

Number of marketers to employ

7. All of the given options are factors affecting market demand for a product except ___

Producers Income

Consumers taste and preferences

Price of related goods

Price of the product

8. Average cost can be defined as the ratio between total cost (TC) and ___

Marginal output

Quantity produced

Quantity sold

Total price

9. Demand for a commodity that arises on its own out of a natural desire to consume or possess the commodity is called ___

Autonomous demand

Individual demand

Market demand

Derived demand

10. For a business owner to obtain maximum profit, ___ major condition(s) must be fulfilled

1

2

3

4

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