MGT610 Quiz 2

Q1. Which of the following view can be seen as a middle ground between the other two? Those who advocate this view do not wish to lose the economies of scale offered by large corporations, but they also wish to ensure that large firms do not harm the consumers.

1. Regulation view
2. Normative View
3. Antitrust View
4. Business View

Correct answer: Regulation view

Q2. Which of the following views argues that prices and profits in highly concentrated industries are higher than they should be?

1. Anti-trust view
2. Unlawful view
3. Unethical view
4. Discrimination view

Correct answer: Anti-trust view

Q3. Naturalistic Fallacy refers to:

1. If something happens naturally is always good
2. Everything that is good it must be natural
3. Good is same as natural property
4. None of the given options

Correct answer: Good is same as natural property

Q4. Which theory includes means of production and selling one's labor?

1. Free economy system
2. Capitalist systems
3. None of the above
4. Socialist system

Correct answer: Capitalist systems

Q5. Who proposed utilitarian argument?

1. Alasdair MacIntyre
2. John Rawls
3. Adam Smith
4. John Locke

Correct answer: Adam Smith

Q6. In which of the following market, no buyer or seller has the power to significantly affect the price of a good?

1. None of the given options
2. Oligopolistic market
3. Monopolistic market
4. Perfectly free competitive market

Correct answer: Perfectly free competitive market

Q7. In the recent times, Korea has developed the vehicle manufacturing capability that is best in the world. What type of country specific advantage it is as classified by Adam Smith?

1. Acquired advantage
2. None of the given options
3. Natural advantage
4. Absolute advantage

Correct answer: Absolute advantage

Q8. In which Year Township and village enterprises (TVEs) legalized?

1. 2004
2. 1994
3. 1984
4. 1974

Correct answer: 1994

Q9. Which of the following is NOT a moral outcome of perfectly competitive markets?

1. Rights
2. Utility
3. Justice
4. Faith

Correct answer: Faith

Q10. “Individuals have purchase options”, this refers to which of the following feature of market economy?

1. Free enterprise
2. Free choice
3. Price flexibility
4. Price discrimination

Correct answer: Free choice