NOUN Past TMA Questions & Answers: ECO332 - Managerial Economics

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NOUN Past TMA Questions & Answers: ECO332 - Managerial Economics

Postby Jed » Mon Jul 26, 2021 9:28 am

NOUN Past TMA Questions & Answers: ECO332 - Managerial Economics


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[ECO332] Goods that add to the pleasure and prestige of a consumer without enhancing his or her earning fall in the category of ___
Luxury goods

[ECO332] TR – (w + r + I + m) can also be referred to as ___
Accounting profit

[ECO332] Pricing and output decisions under monopoly are based on ___
Revenue and cost conditions

[ECO332] To an Economist, profit is referred to as economic profit or ___
Pure profit

[ECO332] The Long-run Average Cost curve (LAC) is also known in economics as the___
Envelope curve

[ECO332] In regression models, the quantity to be forecasted in the demand function is the___ variable
Dependent

[ECO332] In mathematics, ___ can be defined as a symbolic representation of relationship between dependent and independent variables
Function

[ECO332] The techniques used to optimise business objective(s) under constraints are referred to as ___
Constrained optimisation techniques

[ECO332] Variable Cost (VC) + Fixed Cost (FC) = ___
Total cost

[ECO332] For inferior goods, the income-elasticity of demand is always ___
Negative




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Jed
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Re: NOUN Past TMA Questions & Answers: ECO332 - Managerial Economics

Postby Jed » Mon Jul 26, 2021 9:29 am

Email: Solutions2tma@gmail.com
Whatsapp/ Telegram/ SignalApp: 08155572788


[ECO332] Managerial economics is made up of ___
Both micro- and macro-economic theories

[ECO332] By definition, the ___ is a period for which all inputs change
Long-run

[ECO332] A cost function is a symbolic statement of the technological relationship between cost and ___
Output

[ECO332] Economic profit is a return over and above the ___
Opportunity cost

[ECO332] The Demand for agricultural tools, is a/an ___
Derived demand

[ECO332] The ___ can be defined as the degree of responsiveness of demand to changes in the consumer’s income
Income-elasticity of demand

[ECO332] Under ___, a firm’s discretion in determining the price of its product is close to zero as such, the firm has to accept the price determined by the market forces of demand and supply
Perfect competition

[ECO332] Managerial economics is defined as the study of ___ theories, logic and tools of economic analysis, used in the process of business decision making
Economic

[ECO332] In economics, normal goods are goods demanded in increasing quantities as a consumer’s income___
Rises

[ECO332] Own-price elasticity can be measured between two points on a demand curve for ___ Elasticity or on a point for Point Elasticity
Arc





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Jed
Posts: 1654
Joined: Tue Oct 10, 2017 6:37 pm
Contact:

Re: NOUN Past TMA Questions & Answers: ECO332 - Managerial Economics

Postby Jed » Mon Jul 26, 2021 9:29 am

Email: Solutions2tma@gmail.com
Whatsapp/ Telegram/ SignalApp: 08155572788



======
ECO332
======

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 ___

--->> Producer’s Income

Consumer’s 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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