Economics Quiz - Useful for APPSC Groups

1.The demand curve slopes
(A) Upwards
(B) Downwards
(C) Linear
(D) None of the above

2. Market potential is
(A) Minimum possible level of demand
(B) Lower limit to market demand
(C) Declining limit to market demand
(D) Maximum possible level of demand

3. The market demand for a given marketing effort is called
(A) Estimated demand
(B) Market potential
(C) Market structure
(D) Law of demand

4. Which of the following is not a demand forecasting method?
(A) Moving averages method
(B) Static approach
(C)Simultaneous equations method
(D) Judgemental approach

5. If the company wishes to elicit the opinion of all the buyers, this method is called
(A) Census method or total enumeration method
(B) Sample method
(C) Least squares method
(D) Expert opinion method

6. Survey method is considered more advantageous
(A)When the buyers are in large numbers
(B) When the buyers are inaccessible
(C)When the consumers don't slide to their intentions
(D)When the product is new to the market for which no data previously exists

7. Survey method is disadvantageous because?
(A) Surveys are cheap
(B) Consistent buying behavior
(C) Sample size is a small
(D) There exists inconsistent buying behavior

8. The sales force method is not appropriate when
(A) Sales persons don't know the sources of information
(B) Salesmen from a lobby
(C) Bias factor can be corrected by means of growth factor
(D) Sales persons have most knowledge of sources of information

9. Which of the following is capable of assessing the likely reactions of the customers of their territories quickly, given the company's marketing strategy?
(A) Expert opinion method
(B) Sample method
(C) Censes method
(D) Sales force opinion method

10. Product/service-wise or region/customer segment-wise forecast is referred to as -------- forecasts.
(A) General
(B) Determined
(C) Specific
(D) Leading

11. Market demand is not affected by
(A) Demography factors
(B) Economic factors
(C) Social factors
(D) Political factors

12. Which of the following for a particular product is the volume that would be bought by a Defined customer group in a marked geographical area in a certain marketing program?
(A) Company's economic status
(B) Market demand
(C) Industry's economic status
(D) Product demand

13. The features of a good forecasting method 
(A) Complexity
(B) Economy
(C) Demographics
(D) Unavailability

14. Which of the following is not a part of trend projection method?
(A) Least squares method
(B) Moving averages method
(C) Test marketing
(D) Exponential smoothing

15. Which of the following results from the sporadic occurrence of strikes, riots and so on?
(A) Trend (T)
(B) Cyclic trend (C)
(C) Seasonal trend (S)
(D) Erratic trend (E)

16. Which of the following is also called the long term trend?
A) Cyclic trend (C)
B) Seasonal trend (S)
C)Trend (T)
D) Erratic trend (E)

17. Which of the following indicates the trend of the time series, through a series either by observation or by means of statistical techniques such as the method of least squares?
A) Supply
B) Time
C) Trend
D) Demand

18. Time series method is disadvantageous because
(A) It is simple and inexpensive
(B) It considers significantly large data
(C) Decomposition of time series data
(D) The long term trend and seasonal trends can be forecast but not the cyclic and irregular
trends and hence, it has limited utility in business forecasting

19. ---------------- provides consistent results when the past events are consistent and unaffected by wide changes.
(A) Time series analysis
(B) Exponential smoothing
(C) Moving averages method
(D) Simultaneous equations method

20.The main shortcoming of moving averages method is -------------
(A) It is easy to complete
(B) Old data can be dispensed once the averages are completed
(C) Original data is further used as the forecast for the next period
(D)That gives equal weightage to the data both in the recent past and earlier one

21. In --------------- cell time periods (ranging from the immediate past to distant past) are given varying weights.
(A)Weighted average method
(B) Barometric method
(C) Exponential smoothing
(D) Trend line by observation

22. Under the --------------- one set of data is used to predict another set.
(A) Exponential smoothing
(B) Barometric method
(C) Moving average method
(D) Expert opinion method

23. In -------------- method, all variables are simultaneously considered, with other variables in an economic environment.
(A) Correlation
(B) Regression
(C) Simultaneous equation
(D) Causes

24. --------------- describes the degree of association between two variables.
(A) Regression
(B) Relation
(C) Correlation
(D) Precision

25. In ---------------, an equation is estimated which best fits in the sets of observations of dependent variable and independent variables.
(A) Correlation
(B) Regression
(C) Barometric technique
(D) Sales force opinion method

26. In case of two variables influencing each other which of the method is appropriate?
(A) Barometric method
(B) Multiple linear regression
(D) Simultaneous equation

27.The main disadvantage in an expert opinion method is
(A) Independent Demand forecasts can be made relatively quickly and cheaply
(B) That an expert cannot be held accountable if his estimates are found incorrect
(C) Than an expert has no direct commercial involvement in its in its primary activities
(D)None of the above

28. In ---------------- , the entire product and marketing program is tried out for the first time in a small number of well chosen and authentic sales environments.
(A)Controllable experiments
(B) Judgemental approach
(C)Expert opinion
(D) Test marketing

29. The advantage of test marketing is that---------------------
(A) Acceptability of the product can bejudged in an unlimited market
(B) There is no focus on consumer or customer psychology
(C) There is no flexibility in redesigning products or services
(D) The acceptability of the product can be judged in a limited market

30.------------------ refer/refers to exercises where some of the major determines of demand are manipulated to suit to the customers with different tastes and preferences.
(A) Judgemental approach
(B) Controlled experiments
(C) Test marketing
(D) Expert opinion

31. If the price of Colgate toothpaste decreases relative to the price of Close Up, the demand for
(A) Close Up decreases
(B) Close Up increases
(C) Demand for Close Up is not affected
(D) Demand for Colgate increases

32. Point of elasticity is useful when
(A) The pen store is considering doubling the price of its pens
(B) A hotel is considering lowering its coffee price 25 percent
(C) A cycle manufacturer is interested in determining the response of customers to the price of customers to the price of scooters being lowered by Rs.2000/-
(D) The pen store is considering to reduce the price of its pens by 50 percent

33. For which of the following categories is the income elasticity of demand negative?
(A) Inferior goods
(B) Luxury goods
(C) Medium goods
(D) Necessities

34. The price of potato increases by 15 percent and the quantity of potato demanded falls by 25 Percent. This indicates that the demand for potatoes is
(A) Elastic
(B) Inelastic
(C) Relatively elastic
(D) Perfectly elastic

35. Demand forecasting is not governed by
(A) Forecasting level
(B) Degree of orientation
(C) Degree of competition
(D) Market support

36. Which of the following forecast for total demand for a particular product helps to provide a basis to seek short term finances?
(A) Long run
(B) Short run
(C) Medium run
(D) None of the above

37. A ------ forecast provides information for major strategic decisions that result in extension or reduction of limiting resources.
(A) Long run
(B) Short run
(C) Medium run
(D) None of the above

38. Forecasting at ---------------- level means estimating the demand for the products and services offered by a single firm.
(A) Industry
(B) Firm
(C) National
(D) Global

39. The total estimate of different trade associations can also be viewed as
(A) Firm's forecast
(B) National forecast
(C) Industry forecast
(D) Global forecast

40. Which of the following forecasts is worked out bare on the levels of income and savings of the consumers?
(A)Firm level
(B) Industry level
(C) National level
(D) Global level

41. Forecasts in terms of the total sales can be viewed as ------------- forecast.
(A) Specific
(B) General
(C) Determined
(D) Leading

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