Managerial Economics Quiz - 5

1. In case of a proprietary firm the liability of the proprietor is limited
[A]TRUE
[B]FALSE



2. In case of a proprietary firm the liability of the proprietor is limited.
[A]TRUE
[B]FALSE



3. In case of decrease in supply, the supply curve shifts to left side of the original supply curve.
[A]TRUE
[B]FALSE



4. In case of sole proprietorship the owner and organization are same.
[A]TRUE
[B]FALSE



5. In case of the co-operative societies supplying cheap inputs or supplying consumer products at fair prices, a system of subsidized pricing is followed.
[A]TRUE
[B]FALSE



6. In contrast to the normative concept of justice, efficiency and inefficiency are positive concepts.
[A]TRUE
[B]FALSE



7. In experimental price approach the firms takes some cognizance of the demand for the product and proceeds to fix a price by a trial – and – error method.
[A]TRUE
[B]FALSE



8. In general SBI uses its monetary policy to achieve a judicious balance between the growth of production and control of the general price level.
[A]TRUE
[B]FALSE



9. In India, the first phase of economic reforms is believed to have begun in 1985 when Vishwanath Pratap Singh was the Prime Minister of the country.
[A]TRUE
[B]FALSE



10. In macro – economic analysis the behavior of economic agents such as firms, households and government is seen in total, disregarding details at particular level.
[A]TRUE
[B]FALSE



11. In market period supply is elastic.
[A]TRUE
[B]FALSE



12. In the contraction of price index number, selection of the base year needs to be done with utmost care.
[A]TRUE
[B]FALSE



13. In the Long- run, supply of goods can be adjusted to the demand and therefore supply curve is horizontal to the X-axis.
[A]TRUE
[B]FALSE



14. In the market, any one who agrees to pay the requisite price of a product would be excluded from their consumption.
[A]TRUE
[B]FALSE



15. In the measurement of profit, the differences in the concept of profit arise due to differences in cost concepts.
[A]TRUE
[B]FALSE