Quiz question set 2 with answers

Quiz question set 2 with answers - INDIAN INSTITUTE OF...

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1 INDIAN INSTITUTE OF MANAGEMENT INDORE PGP 1 / Term 1 / 2011-12 Microeconomics for Managers – Quiz1 TIME: 20 Minutes MARKS: 25 NAME (CAPS):_____________________ ______________________ SECTION____________ Instructions: 1. There are 20 questions and 4 pages in the question paper. 2. Use ink pens for writing. Untidy work or over-written responses will not be evaluated. 3. Each question carries one mark (except last question with 6 marks). 4. There is NO negative marking. 5. Indicate answers by writing A/B/C/D (upper case only) in the box for Questions 1 to 19. 6. You may change the answer by putting a cross, and writing the new answer on the left side of the box. 7. You may further change it by putting another cross, and writing the latest answer on the right side of the box. ______________________________________________________________________________ 1. __________ questions have to do with explanation and prediction, __________ questions have to do with ‘what ought to be’. A) Positive; negative. B) Negative; normative. C) Affirmative; positive. D) Positive; normative. 2. Firms face trade-offs in production, including decisions related to: A) Which products to produce. B) How much of a particular product to produce. C) The best way to produce a given amount of output. D) All of the above 3. The assumption of transitive preferences implies that indifference curves must: A) Not cross one another. B) Have a positive slope. C) Be L-shaped. D) Be convex to the origin.
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Quiz question set 2 with answers - INDIAN INSTITUTE OF...

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