introduction to macro economics section 5 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Macro Economics topic of indian economy mcq
(a) Market Division
(b) Market Space
(c) Dividing target groups as per their needs
(d) Group of Sales Persons
The correct answers to the above question in:
Answer: (c)
Market segmentation is a marketing strategy that refers to the aggregating of prospective buyers into groups, or segments, having similar needs, wants, or demand characteristics.
Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment.
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Read more introduction to macro economics Based Indian Economy Questions and Answers
Question : 1
If a change in all inputs leads to a proportionate change in output, it is case of
a) Increasing returns to scale
b) Variable returns to scale
c) Diminishing returns to scale
d) Constant returns to scale
Answer »Answer: (d)
If output increases by that same proportional change as all inputs change then there are constant returns to scale (CRS).
If output increases by less than that proportional change in inputs, there are decreasing returns to scale (DRS). If output increases by more than that proportional change in inputs, there are increasing returns to scale (IRS).
Question : 2
When aggregate supply exceeds aggregate demand
a) inventories accumulate
b) unemployment develops
c) prices rise
d) unemployment falls
Answer »Answer: (a)
Deflation sets in when aggregate supply exceeds aggregate demand. Recession sets in.
This will lead to a buildup in stocks (inventories) and this sends a signal to producers either to cut prices (to stimulate an increase in demand) or to reduce output so as to reduce the buildup of excess stocks.
Either way - there is a tendency for output to move closer to the current level of demand.
Question : 3
The innovation theory of profit was proposed by
a) Schumpeter
b) Joan Robbinson
c) Clark
d) Marshall
Answer »Answer: (a)
The Innovation Theory of Profit was proposed by Joseph. A. Schumpeter, who believed that an entrepreneur can earn economic profits by introducing successful innovations.
In other words, the innovation theory of profit posits that the main function of an entrepreneur is to introduce innovations and the profit in the form of reward is given for his performance.
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