ECON 528 Exam Questions And
Answers 100% Verified
Managerial economics is best defined as the economic study of: - ANSWER-how
businesses can decide on the best use of scarce resources.
Managerial economics: - ANSWER-helps managers make decisions in the face of
scarcity.
Microeconomics includes the study of the; - ANSWER-b. choices made by individuals
and businesses.
The form of economics most relevant to managerial decision-making within the firm is: -
ANSWER-b. microeconomics
CEOs should focus on - ANSWER-b. maximizing firm profits.
Managerial economics generally refers to the integration of economic theory with
business - ANSWER-Practice
A managerial decision is not profitable if - ANSWER-b. it increases costs more than
revenue
According to the profit-maximization goal, the firm should attempt to maximize short-run
profits since there is too much uncertainty associated with long-run profits. - ANSWER-
False
1) Microeconomics studies the allocation of - ANSWER-B) scarce resources.
2) Managerial economics - ANSWER-C) helps managers make decisions in the face of
scarcity.
4) Microeconomic models are used to - ANSWER-A) make predictions.
B) explain real-life phenomena.
C) evaluate production alternatives.
D) All of the above.
Answer: D
8) Marginal cost equals - ANSWER-a. the change in total cost that results from a one-
unit increase in output.
Answers 100% Verified
Managerial economics is best defined as the economic study of: - ANSWER-how
businesses can decide on the best use of scarce resources.
Managerial economics: - ANSWER-helps managers make decisions in the face of
scarcity.
Microeconomics includes the study of the; - ANSWER-b. choices made by individuals
and businesses.
The form of economics most relevant to managerial decision-making within the firm is: -
ANSWER-b. microeconomics
CEOs should focus on - ANSWER-b. maximizing firm profits.
Managerial economics generally refers to the integration of economic theory with
business - ANSWER-Practice
A managerial decision is not profitable if - ANSWER-b. it increases costs more than
revenue
According to the profit-maximization goal, the firm should attempt to maximize short-run
profits since there is too much uncertainty associated with long-run profits. - ANSWER-
False
1) Microeconomics studies the allocation of - ANSWER-B) scarce resources.
2) Managerial economics - ANSWER-C) helps managers make decisions in the face of
scarcity.
4) Microeconomic models are used to - ANSWER-A) make predictions.
B) explain real-life phenomena.
C) evaluate production alternatives.
D) All of the above.
Answer: D
8) Marginal cost equals - ANSWER-a. the change in total cost that results from a one-
unit increase in output.
