Managerial Economics Quiz - 10

1. The law of variable proportion means the same thing as the laws of returns to scale.
[A]TRUE
[B]FALSE



2. The laws of returns to scale explain the behavior of output in response to changes in scale.
[A]TRUE
[B]FALSE



3. The management of the cooperative form of business organization is totalitarian in nature.
[A]TRUE
[B]FALSE



4. The meaning of the word “economic” is most closely associated with the word unlimited
[A]TRUE
[B]FALSE



5. The most significant feature of perfect competition is the existence of an automatic price mechanism.
[A]TRUE
[B]FALSE



6. The opportunity cost of a product is the opportunity gained of being able to produce some other product.
[A]TRUE
[B]FALSE



7. The partners are joint owners of the property a partnership firm.
[A]TRUE
[B]FALSE



8. The products sold by different sellers under pure competition are heterogeneous.
[A]TRUE
[B]FALSE



9. The prosperity phase is characterized by rise in the level of employment.
[A]TRUE
[B]FALSE



10. The prosperity phase is characterized by rise in the national output
[A]TRUE
[B]FALSE



11. The question regarding the nature and quantities of commodities to be produced is solely restricted to capitalist economies.
[A]TRUE
[B]FALSE



12. The railways using a lot of coal in firing the steam locomotives put the residential and other areas near the loco – shades to a lot of sufferings on account of smoke nuisance, is an example of pr
[A]TRUE
[B]FALSE



13. The regarding the nature and quantities of commodities to be produced is solely restricted to capitalist economies.
[A]TRUE
[B]FALSE



14. The registration of a partnership firm is voluntary.
[A]TRUE
[B]FALSE



15. The rise in prices is basically because of shortages of basic goods & services and a rapid growth of money supply.
[A]TRUE
[B]FALSE