Managerial Economics - Study Mode
[#396] Match the items of the List-I with those of the List-II and indicate the correct answer. List-I List-II a. Positive income elasticity 1. Substitute goods b. Negative income elasticity 2. Complementary goods c. Positive cross elasticity 3. Inferior goods d. Negative cross elasticity 4. Superior goods
Correct Answer
(C) a-4, b-3, c-1, d-2
[#397] National income is
Correct Answer
(A) The net output of commodities and services flowing during a year from the country's productivity system in the hands of the ultimate consumers
[#398] Match the following: a. Various combinations of two commodities that a consumer can purchase 1. Indifference map b. Various combinations of two commodities that give consumer equal satisfaction 2. Indifference curve c. A set of indifference curves 3. Budget line d. Point of tangency of a budget line and an indifference curve 4. Consumer's equilibrium
Correct Answer
(D) a-3, b-2, c-1, d-4
[#399] Your firm is selling 1,000 units at a price of Rs. 10 per unit. The firm's total explicit cost is Rs. 8,000. The firm's implicit cost is Rs. 1,000 and the opportunity cost of your time in managing the firm is Rs. 1,000. In the above situation, which one of the following is true?
Correct Answer
(B) Economic profit is less than the accounting profit
[#400] Which of the following statements is correct or more nearly correct?
Correct Answer
(D) The price of a good is its value measured in terms of money