TOP 100+ Economic Analysis for Business Decisions MCQ With Answers PDF

Economic Analysis for Business Decisions MCQ With Answers PDF: Economic Analysis for Business Decisions MCQ with Answers is very helpful for your preparation for any competitive exams. Here given all sorts of questions related to this topic. Solve these questions and get an idea about the exam pattern, difficulty level, and more.

In this post, we are going to discuss the uses of MCQs and answers for Economic Analysis for Business Decisions. These MCQs and answers help you a lot at the time of examinations. You can easily attempt these questions by applying your logic skills to them. Most of the students face difficulty in deciding their choice of subjects.  Today, students are looking for colleges in India and other countries as well.

Economic Analysis for Business Decisions MCQ With Answers

1. Economics is a study of mankind in the ordinary business of life. This definition is given by ______.

A. Lionel Robbins

B. Alfred Marshall

C. Adam smith

D. Samuelson

Answer: Alfred Marshall

2. Normative economics is also known as _______

A. Decisional Economics

B. Positive Economics

C. Applied Economics

D. Prescriptive economics

Answer: Prescriptive economics

3. Increase in national income indicates _______ of an economy.

A. Loss

B. Stagnancy

C. Growth

D. Liability

Answer: Growth

4. Accounting profit can be calculated using ________ & explicit costs.

A. Total Revenue

B. Actual Costs

C. Implicit Costs

D. Exclusive Costs

Answer: Implicit Costs

5. The word ‘economics’ comes from two ________words, ‘eco’ & ‘nomos’.

A. Latin

B. English

C. Greek

D. French

Answer: Greek

6. Money Flow is also known as_______

A. Margin Flow

B. Profit Flow

C. Cash Flow

D. Income Flow

Answer: Income Flow

7. ________ is considered the father of modern economics.

A. Adam Smith

B. J M Keynes

C. Karl Marx

D. Warren Buffet

Answer: Adam Smith

8. ________ is known as the father of modern economics in India.

A. Amartya Sen

B. M. G. Ranade

C. Manmohan Singh

D. Raghuram Rajan

Answer: M. G. Ranade

9. Product flow is also known as_______

A. Real Flow

B. Output Flow

C. Profit Flow

D. Both A & B

Answer: Both A & B

10. _______is a situation where a few large firms compete against each other and there is an element of interdependence in the decision-making of these firms.

A. Monopoly

B. Perfect Competition

C. Oligopoly

D. Duopoly

Answer: Oligopoly

11. ________is a market situation in which there is only one seller of a product with barriers to entry of others.

A. Monopoly

B. Oligopoly

C. Duopoly

D. Perfect Competition

Answer: Monopoly

12. The term _______refers to a particular place where goods are purchased and sold.

A. Warehouse

B. Market

C. Infrastructure

D. Exchange

Answer: Market

13. A large number of buyers and sellers in a homogeneous market, free entry, and exit are the characteristics of ________

A. Duopoly

B. Oligopoly

C. Monopoly

D. Perfect Competition

Answer: Perfect Competition

14. Demand for a commodity refers to______

A. Need for the commodity

B. Quantity of the commodity demanded at a certain price during any particular period of time

C. Desire for the commodity

D. Quantity demanded of that commodity

Answer: Quantity of the commodity demanded at a certain price during any particular period of time

15. Demand for a commodity depends on________

A. Income

B. Price of related goods

C. Price of that commodity

D. All of the above

Answer: All of the above

16._______ the outflows in economic activities.

A. Savings

B. Investments

C. Government spending

D. Personal spending

Answer: Savings

17. Market demand is aggregation of individual demand_______

A. Horizontally

B. Vertically

C. Diagonaly

D. Both A & B

Answer: Horizontally

18. Accounting profit is equal to ________ Cost – Explicit Costs

A. Total

B. Implicit

C. Intrinsic

D. Total Revenue

Answer: Total Revenue

19. A firm and industry are one and the same under_____

A. Monopoly

B. Duopoly

C. Oligopoly

D. Perfect Competition

Answer: Monopoly

20. In case of perfect competition, elasticity will be _____

A. Infinite

B. 0

C. 2

D. 3

Answer: Infinite

21. ______ is not an economic cost.

A. Rents

B. Payments

C. Wages

D. Economic profits

Answer: Economic profits

22. Implicit Cost added in ____ cost.

A. Economic

B. Accounting

C. Simple

D. None of the above

Answer: Accounting

23. Full form of PV in Unit number one is _____

A. Past Value

B. Present Value

C. Perfect Value

D. Program Value

Answer: Present Value

24. How many branches of economics are there?

A. 5

B. 2

C. 4

D. 3

Answer: 2

25. ______ is the central problem in economics.

A. Scarcity

B. Production

C. Revenue

D. Capital

Answer: Scarcity

26. Indian economy is a _______ type of economy.

A. Socialist

B. Socialist

C. Mixed

D. Idealistic

Answer: Mixed

27. Business economics is also known_______

A. Decisional Economics

B. Analytical Economics

C. Managerial Economics

D. Decision Science

Answer: Managerial Economics

28. Economics is______

A. A positive science which deals with economics only

B. A negative science which deals with economical analysis only

C. Neither positive nor negative science but a normative science

D. An art or science depend upon uses – who uses, how uses and for what purpose

Answer: An art or science depend upon uses – who uses, how uses and for what purpose

29. _________is the father of Economics.

A. Peter Drucker

B. Philip Kotler

C. Adam Smith

D. Michael Porter

Answer: Adam Smith

30. Economics is a______

A. Positive Science

B. Relative Science

C. Normative Science

D. Both A & C

Answer: Both A & C

31. The relationship between price and demand is______

A. Normative

B. Positive

C. Negative

D. Horizontal

Answer: Negative

32. Law of demand shows ___________ between price and demand (Quantity Demanded).

A. Positive Relationship

B. Direct Relationship

C. Normative Relationship

D. Negative Relationship

Answer: Negative Relationship

33. The formula (Potential price – Actual price) shows ______

A. Consumer Deficit

B. Consumer Surplus

C. Demand Supply Gap

D. Profit Gap

Answer: Consumer Surplus

34. Economics is a ________ which deals with human wants and their satisfaction.

A. Natural Science

B. Social Science

C. Physical Science

D. Political Science

Answer: Social Science

35. ________is the branch of economics wherein mathematics and statistics are used to measure and analyse economic activities.

A. Econometrics

B. Econography

C. Statistical Economics

D. Ecotronics

Answer: Econometrics

36. ______is the opportunity cost of a machine that can produce only one product.

A. Low

B. Average

C. High

D. Zero

Answer: Low

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