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Management Concepts, Managerial Economics and Ethics Questions and Answers

1.

Which of the following are responsibilities of a Business Economist?

Responsibilities:
i) Make a reasonable profit on capital employed.
ii) Make successful forecasts by making in-depth study of the internal and external factors.
iii) Inform the management of all the economic trends.
iv) Establish and maintain contacts with individuals and data sources.
v) Test and analyse the software.

Exam Year(s)

DSSSB TGT - 2023,

Answer: C

The responsibilities are i, ii, iii and iv. A business economist makes a reasonable profit on capital employed, makes successful forecasts from an in-depth study of internal and external factors, informs the management of economic trends, and keeps contacts with individuals and data sources. Testing and analysing software (v) is the work of a software tester, not an economist, so the options that include v are wrong, and the options that leave out one of i to iv are incomplete.

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2.

______ is a discipline which deals with the application of economic theory to business management.

Exam Year(s)

DSSSB TGT - 2023,

Answer: A

Business economics is the discipline that deals with the application of economic theory to business management, helping managers decide on matters such as demand, costs and pricing. A management information system is a system that supplies information to managers, a decision support system helps with specific decisions, and information processing is the handling of data, so these are not branches that apply economic theory. Typical topics in the subject are demand and supply, cost analysis and pricing decisions, which are the economic tools used in running a firm.

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3.

Which of the following are managerial functions? Functions: i) Planning ii) Organising iii) Staffing iv) Directing v) Controlling vi) Coding vii) Testing

Exam Year(s)

DSSSB TGT - 2023,

Answer: A

The managerial functions are planning, organising, staffing, directing and controlling, which is i to v. Coding and testing are technical activities of software development and are not functions of management, so the options that include vi or vii are wrong, and the others leave out some of the five. Planning, organising, staffing, directing and controlling are the functions that management textbooks list for running any organisation.

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