Economics and Managerial Decision-Making: A Comprehensive Quiz on Key Concepts

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Economics and Managerial Decision-Making: A Comprehensive Quizon Key Concepts1 Other things held constant, consumer surplus increases as:The price of a good decreases.The price of a good increases.The supply curve shifts to the left.None of the above.2. When there are diseconomies of scope between two products that are separatelyproduced by two firms, merging into a single firm can:accomplish an increase in sales.accomplish a reduction in costs.lead to an increase in cost.lead to a reduction in sales.3.For a cost function C = 100 + 5Q + 2Q2, the average variable cost ofproducing 10 units of output is:10.25.35.None of the answers are correct.4. Other things held constant, producer surplus decreases as:The price of a good decreases.The price of a good increases.The demand curve shifts upward.None of the above.5.Managerial economics:helps managers with day-to-day decisions.helps managers with long-term decisions.is valuable to the manager of a not-for-profit organization.All of the above statements are correct.6.The change in benefits that arises from a one-unit change in quantity is

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the:marginal net benefits.marginal benefits.total net benefits.variable benefits.7. Economic profits are:the same as accounting profits.accounting profits minus implicit costs.the same as total revenue.total profits of the economy as a whole.8.A curve that defines the minimum average cost of producing differentlevels of output (allowing for optimal selection of all variables ofproduction) is:long-run average cost curve.long-run variable cost curve.short-run average variable cost curve.short-run variable cost curve.9.Other things held constant, consumer surplus decreases as:The price of a good decreases.The price of a good increases.The supply curve shifts to the right.None of the above.10Supposethe cost function is C(Q) = 100 + Q−2Q2+ 2Q3. What are thefixed costs?$4$2$1001–4Q + 6Q211.Given the linear production function Q = 2K + 10L, if Q = 2,000 and L =100, how much capital is utilized?500 units800 units600 units1,000 units12.Graphically, an increase in advertising will cause the demand curve to:

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