MCQ On Quantitate Method For Managers

MCQs ON QUANTITATE METHOD FOR MANAGERS
1. A decision problem, where a decision-maker is aware of various possible states of nature
but has insufficient information to assign any probabilities of occurrence to them, is termed
as …………
A. Decision-making under uncertainty
B. Decision-making under certainty
C. Risk-taking under certainty
D. Risk-taking under uncertainty
Answer= A
2. Launching a new product, a major change in marketing strategy could be influenced by
such factors as………. except
A. he reaction of competitors
B. The new competitors
C. technological changes
D. Profit
Answer= D
3. Opening your first branch of business could be influenced by the following factors except
A. Changes in customer demand

B. Economic shifts
C. Risk maximization
D. Government legislation
Answer= C
4. Which of the following is not a criteria that have been proposed for the selection of an
optimal course of action under the environment of uncertainty
A. Maximin Criterion
B. Maximax Criterion
C. Tableau Criterion
D. Regret Criterion
Answer= C
5. A situation where the decision-maker is either optimistic or pessimistic, the best alternative
decision will be…………………
A. Maximin Criterion
B. Maximax Criterion
C. Hurwicz Criterion
D. Regret Criterion
Answer= C
6. In the absence of any knowledge about the probabilities of occurrence of various states of
nature, one possible way out is to assume that all of them are equally likely to occur. This
criterion of decision making is called……………………….

A. Risk and Uncertainty
B. Forecasting Criterion
C. Maximization Criterion
D. Laplace Criterion
Answer= D
7. A situation in whereby the probabilities of occurrence of various states of nature are known
while making decision is called……….
A. Decision Making under Risk
B. Decision Making under Uncertainty
C. Decision Making
D. All of the above
Answer= A
8. The decision making under risk process involves any of the following except…………….
A. Use the information you have to assign your beliefs regarding each state of the nature
B. Each action has a payoff associated with each of the states of nature X(a,s),
C. None of the above
D. Execute the action which minimizes (or maximize) R(a)
Answer= C
9. ………… is a collection of well defined objects, or elements
A. Set theory
B. Probability theory
C. Decision theory
D. Forecasting theory
Answer= A
10. The following are symbols used in set notation except……………….
A. - “is an element of”
B. - “is a proper subset of”
C. ()- “is bracket”
D. - “is a subset of”
Answer= C
11. In layman’s terms, a set A is a ..........of a set B, if all the elements in the set A also lie in
the set B.
A. Subset
B. Union
C. Complement
D. intersection
12. Answer= A
13. The law of set that is denoted by  (B  C) = (A  B)  C is associated with……………
A. Identity Laws
B. Associative Laws.
C. De Morgan’s Laws
D. Distributive Laws
Answer= B
14. De Morgan’s law of set theory is derived from which of the following set notations
A.  (B  C) = (A  B)  C
B. A  (B  C) = (A  B)  (A  C)
C. (A  B) = A  B
D. A = A
Answer= C
15. What is the difference between union and intersection of two set
A. The union of two sets contains only one element in either set or the intersection of two sets
contains two elements in BOTH sets.
B. The union of one set contains all elements in either set and the intersection of two sets
contains all elements in BOTH sets.
C. The union of two sets contains two elements in either set and the intersection of two sets
contains two elements in BOTH sets.
D. The union of two sets contains all elements in either set and the intersection of two sets
contains all elements in BOTH sets.
Answer= D
16. ……….applies to situations where you know all the possible outcomes, such as when
throwing dice or flipping a coin. Profit maximization
A. Classical probability
B. Empirical probability
C. Decision probability
D. Experimental probability
Answer= A
17. ………… applies when we have to estimate a frequency based on actual observations
C. Decision probability
Answer= B
18. ………… applies in situations that cannot really be repeated, so we have to imagine
repeating them to make sense of the notion of “frequency The types of economic system
in the country.
C. Subjective probability
Answer= C
19. If P (A) = 1 means the event occurs with certainty and P(A) = 0 means that it will certainly
not occur. P (A) is always in the interval……………..
A. [1, 1]
B. [0, 1]
C. [2, 1]
D. [0, 0]
Answer= B
20. The probability of all events put together must add up to………..
A. 1
B. 0
C. 2
D. 3
Answer= A
21. The intersection of two events is when two events……………
A. happened differently
B. both happen
C. happen one after another
D. happened one before another
Answer= B
22. The formula for conditional probability is denoted by...............
P( A  B)
A. P( A | B) =
P( B)
B. A  (B  C) = (A  B)  (A  C)
C. (A  B) = A  B
D. A = A
Answer= A
23. Events are called ……......if the occurrence of one does not affect the probability of the
other.
A. independent
B. conditional
C. dependent
D. all of the above
Answer= A
24. …………….is a specification of all different possible values of a random variable along
with a measure of the frequency for each of those values.
A. Expected value
B. Random distribution
C. Probability distribution
D. Normal distribution
Answer= C
25. ……………..is one that is measured on an unbroken number scale, and therefore can take
on an uncountable and infinite number of possible values
A. Random variable
B. Continuous variable
C. Discrete variable
D. Probability variable
Answer= B
26. The probability distributions in which the value of the function P(x) can be interpreted as
the probability of the value x is called.................
A. Random distribution
B. Continuous distribution
C. Discrete distribution
D. Probability distribution
Answer= C
27. The ...........................is the normal distribution with mean of zero and standard deviation
of 1
A. standard normal distribution
B. Continuous distribution
C. Discrete distribution
D. Probability distribution
Answer= A
28. The most important function of the business manager is................
A. Strategic policy making
B. Effective management
C. Decision making.
D. Efficient management
Answer= C
29. Prof. Hassan’s class grades are normally distributed, with a mean of 65 and a standard
deviation of 17. (Yes, he sometimes gives scores above 100.) How many students get B’s,
if the B range is 80 to 90?
A. 11%
B. 12%
C. 13%
D. 14%
Answer= B
30. The process of selecting one action from two or more alternative course of actions is
known as.....................
A. Decision making
B. Policy making
C. Strategy making
D. All of the above
Answer= A
31. Managers of business organizations are constantly faced with wide variety of decisions in
the areas of all of the following except...............
A. Pricing
B. product selection
C. cost control
D. Advertising
Answer= D
32. Which of the following does not involves decision making process
A. The identification of the firm’s objectives.
B. The statement of the problem to be solved.
C. Maximization of cost
D. The listing of various alternatives.
Answer= C
33. Risk and uncertainty can be minimized only by………………..
A. Making accurate forecast and forward planning.
B. Inventory control
C. Setting good standard
D. All of the above
Answer= A
34. …………is the study of the reasoning underlying an agent's choices?
A. Decision making
B. Choice making
C. Theory of choice
D. All of the above
Answer= C
35. ………… gives advice on how to make the best decisions, given a set of uncertain beliefs
and a set of values
A. normative decision theory
B. descriptive decision theory
C. prescriptive decision theory
D. none of the above
Answer= A
36. …………… analyzes how existing, possibly irrational agents actually make decisions
Answer= B
37. ………..tries to guide or give procedures on how or what we should do in order to
make best decisions in line with the normative theory
Answer= C
38. Who published an influential paper entitled Exposition of a New Theory on the Measurement
of Risk, in which he uses the St. Petersburg paradox to show that expected value theory must
be normatively wrong?
A. Daniel Bernoulli
B. St. Petersburg paradox
C. Daniel Benoulli
D. Daniel Bernulli
Answer= A
39. In the 20th century, interest was reignited by Abraham Wald's 1939 paper[8] pointing out
that the two central procedures of sampling-distribution-based statistical-theory,
namely hypothesis testing and parameter estimation, are special cases of ……………….
A. general decision making
B. general decision theory
C. general decision problem
Answer= C
40. The work of …………..showed that human behavior has systematic and sometimes important
departures from expected-utility maximization.
A. Maurice Alais and Daniel Ellserg
B. Murice Allas and Daniel Ellsberg
C. Maurice Ilais and Daniel Ilsberg
D. Maurice Allais and Daniel Ellsberg
Answer= D
40. The economy comprises of the interaction with any of the following element except………
A. Households
B. Firms,
C. Government
D. Others
Answer= D
41. The ……………. of Daniel Kahneman and Amos Tversky renewed the empirical study
of economic behavior with less emphasis on rationality presuppositions.
A. Prospect theory
B. Revenue theory
C. Decision theory
D. Cost theory
Answer= A
42. ……….. is concerned with the kind of choice where different actions lead to outcomes
that are realized at different points in time
A. Relational choice
B. Inter-temporal choice
C. Normative choice
D. Alternative choice
Answer= B
43. The major objectives of the manage include the following except:
A. To achieve the Organizational Goal
B. To maximize the Output
C. To maximize the Sales
D. To minimize profit
Answer= D
44. A manager investing in new product development, adoption of new technology or new
market entry faces………..
A. Various risks
B. Challenges
C. Problems
D. Competition
Answer= A
45. Which of the following is not a type of risk a manager can face when making decision
A. Uncertainty
B. Economic risk
C. Business risk
D. All of the above
Answer= D
46. Some decisions are difficult because of the need to take into account how other people in
the situation will respond to the decision that is taken. The analysis of such social decisions
is more often treated under the label of …………..
A. uncertainty theory
B. economic theory
C. game theory
D. decision theory
Answer= C
47. which of the following is not an advocates for the use of probability theory
A. the work of Richard Threlkeld Cox for justification of the probability axioms,
B. the Dutch book paradoxes of Bruno de Finetti as illustrative of the theoretical difficulties
that can arise from departures from the probability axioms
C. the complete class theorems, which show that all admissible decision rules are equivalent
to the Bayesian decision rule for some utility function and some prior distribution (or for
the limit of a sequence of prior distributions).
D. None of the above
Answer= D
48. The proponents of fuzzy logic, possibility theory, quantum cognition, Dempster–Shafer
theory, and info-gap decision theory maintain that probability is only one of ……………..
A. contract risk
B. many alternatives
C. none of the above

D. all of the above
Answer= B
49. A general criticism of decision theory based on a fixed universe of possibilities is that it
considers ………..
A. the "known unknowns"
B. the "unknown unknowns
C. the "known known"
D. the "unknown knowns
Answer= A
50. The probable payoffs associated with all possible outcomes are called……
A. Expected value.
B. Payoff value
C. Risk value
D. Uncertainty value
Answer= A
51. The behavior of mangers when the payoff is less than the expected value is
called……………
A. Risk loving
B. Risk aversion
C. Risk management
D. Risk neutral
Answer= B
52. Which of the following is not a way of managing the risk and uncertainty
A. Insurance
B. Hedging
C. Diversification
D. Controlling
Answer= D
53. ............is not a criterion for measuring the minimum expected opportunity loss.
A. Minimin
B. Minimax
C. Maximin
D. Maximax
Answer= A
54. ...................originate from telephone network congestion problems and the work of A. K.
Erlang. Erlang (1878-1929),
A. Expenditure theory
B. Queuing theory
C. Cost theory
D. Decision theory
Answer= C
55. .................. form because people or things arrive at the servicing function, or server, faster
than they can be served
A. Waiting lines
B. Queuing theory
C. Lining up
Answer= A
56. Decisions about waiting lines and the management of waiting lines are based on these
averages for customer arrivals and service times. They are used in queuing formulas to
compute…………………….
A. variable characteristics
B. operating characteristics
C. Customer characteristics
D. Fixed cost
Answer= B
57. The basic elements of a waiting line, or queue include the following except
A. Arrivals
B. Servers
C. Waiting line
D. Choice line
Answer= D
58. In queuing, a customer is a person or thing that wants service from an
operation…………….. is the source of the customers to the queuing system
A. The operators
B. The managers
C. The calling population
D. The firm’s owner
Answer= C
59. ................. is the rate at which customers arrive at the service facility during a specified
period of time. Revenue
A. The arrival rate
B. The waiting time
C. The waiting line
D. All of the above
Answer= A
60. Service times in a queuing process may also be any one of a large number of different
probability distributions. The distribution most commonly assumed for service times is
………………
A. The service exponential
B. The negative exponential
C. The positive exponential
D. The neutral exponential
Answer= B
61. It is logical to assume that the rate at which services are completed must exceed the arrival
rate of customers otherwise, there will be no…………………
A. "minimum" solution
B. "maximum" solution
C. "average" solution
D. “Average” function
Answer= C
62. …………… is the order in which waiting customers are served.

A. queue discipline
B. queue waiting
C. queue line
D. queue service time
Answer= A
63. The most common type of queue discipline is………………..
A. Queuing serving
B. last come, first served
C. first come, last served
D. first come, first served
Answer= D
A. If a machine operator might stack in-process parts beside a machine so that the last part is
on top of the stack and will be selected first. This queue discipline is called…………
A. last in, first out
B. first in, first out
C. first in, last out
D. last in, last out
Answer= A
64. A place where we buy and sell goods and services is called………….
A. Business
B. Market
C. Warehouse
D. Store
Answer= B
65. A situation in which a waiting line at a movie theater could stretch through the lobby and
out the door if necessary is an example of……………...
A. Waiting Line
B. Waiting Line Structures
C. infinite queue
D. finite queue
Answer= C
66. Which of the following is not a waiting line processes, according to the nature of the
service facilities
A. single-channel, single-phase
B. single-channel, multiple-phase
C. multiple-channel, single-phase
D. Waiting Line Structures
Answer= D
67. The number of ………….. in a queuing process is the number of parallel servers for
servicing arriving customers
A. channels
B. lines
C. phases
D. servers
Answer= A
68. A post office with several postal clerks waiting on a single line of customers is an example
of a …………. operation.
A. single-channel, single-phase
B. single-channel, multiple-phase
C. multiple-channel, single-phase
D. multiple-channel, multiple-phase
Answer= C
69. There is a type of linear programming problem that may be solved using a simplified
version of the simplex technique called……………..
A. transportation method
B. transportation function
C. transportation solution
D. transportation equation
Answer= A
70. To develop a/an ……………. in a transportation problem involves evaluating each unused
cell to determine whether a shift into it is advantageous from a total-cost stand point.
A. optimal problem
B. optimal solution
C. optimal demand
D. optimal supply
Answer= B
71. What happens when the evaluation of any empty cell yields the same cost as the existing
allocation?
A. an alternate optimal solution exists
B. an alternate solution exists
C. an alternate optimal solution is not reached
D. an alternate solution is not reached
Answer= A
72. ……………..exists in a transportation problem when the number of filled cells is less than
the number of rows plus the number of columns minus one
A. Equilibrium
B. Brake even
C. Degeneracy
D. Optimal solution
Answer= C
73. There are two possible conversions to a transportation model. The first conversion, make
each excess node a supply point and each shortage node a………….
A. Supply function
B. Supply point
C. Demand function
D. Demand point
Answer= D
74. The transportation problem that can be used to assign tasks to people or jobs to machines
or award contracts to bidders is called…………….
A. Degeneracy model
B. Assignment problem
C. Task award model
D. Shipping problem
Answer= B
75. A balanced assignment problem has the same number of people and tasks because the
relationships are…………….
A. all equal
B. all unequal
C. mutual
D. unique
Answer= A
76. A situation in which the variable values for corner point solutions to an assignment model
are integers is called…………..
A. transportation problem
B. special case of transportation problem
C. transportation solution
D. special case of the transportation solution
Answer= B
77. ………………..is an approach to solving linear programming models by hand using slack
variables, tableaus, and pivot variables as a means to finding the optimal solution of an
optimization problem.
A. The linear programming
B. The Simplex method
C. The maximization method
D. The minimization method
Answer= B
78. A ............... is a method of achieving the best outcome given a maximum or minimum
equation with linear constraints
A. linear programming
B. Simplex method
C. maximization method
D. minimization method
Answer= A
79. To solve a linear programming model using the Simplex method the following steps are
necessary:
A. Simple form
B. Introducing slack variables
C. Creating the tableau
D. Pivot variables
Answer= A
80. ……………is a prediction or estimation of a future situation, under given conditions

A. Demand forecast
B. A forecast
C. Supply forecast
D. Consumer forecast
Answer= B
81. Standard form is the baseline format for all linear programs before solving for the optimal
solution. The following are requirements except…………
A. must be a maximization problem
B. all linear constraints must be in a less-than-or-equal-to inequality
C. all variables are non-negative
D. Pivot elements
E. Answer= D
82. To transform a minimization linear program model into a maximization linear program
model, simply multiply both the left and the right sides of the objective function
by...............
A. 1
B. -1
C. 0
D. -0
Answer= B
83. …………..are additional variables that are introduced into the linear constraints of a linear
program to transform them from inequality constraints to equality constraints.
A. Pivot variables
B. Tableau
C. Slack variables
D. Constraint variables
Answer= C
84. ……………is used to perform row operations on the linear programming model as well as
to check a solution for optimality
A. Pivot variables
B. Simplex tableau
C. Slack variables
D. Constraint variables
Answer= B
85. ……………..of a maximization linear programming model are the values assigned to the
variables in the objective function to give the largest zeta value.
A. Simplex method
B. Minimal solution
C. Maximal solution
D. Optimal solutions
Answer = D
86. To check optimality using the tableau, all values in the last row must contain values greater
than or equal to............
A. Zero
B. One
C. Minus zero
D. Minus one
Answer= A
87. …………….is used in row operations to identify which variable will become the unit value
and is a key factor in the conversion of the unit value in linear programming.
A. Variable in linear programming
B. Constraint variable
C. pivot variable
D. slack variable
Answer= C
88. The difference between the mean of a sample and the population mean is
called........................
A. sampling error
B. sampling technique
C. sampling frame
D. sample size
Answer= A
89. ………………is an entity that combines and processes resources in order to produce
output that will satisfy the consumer’s needs.

A. A market
B. A farm
C. A shop
D. A firm
Answer= D
90. ……………..brings out the relationship between inputs used and the resulting output.
A. Production function
B. Cost function
C. Demand function
D. Supply function
Answer= A
91. ………….is a function that defines the maximum amount of output that can be produced
with a given level of inputs.
A. Short run production function
B. Long run production function
C. Cobb douglas production function
Answer= C
92. ……………are used to make generalizations from a sample to a population.
A. Hypothesis testing
B. Inferential statistics
C. Sampling frame
D. Population
Answer= B
93. ……………. is a statistical method that is used in making statistical decisions through
experimental data.
A. Hypothesis testing
B. Inferential statistics
C. Sampling frame
D. Population
Answer= A
94. Suppose we select a random sample of 12 farmers (n = 12) and measure their maize yields
per hectare, if we assumed x = 1.5 tons/ha and s = 0.6 tons. Calculate the standard error
A. 0.16
B. 0.17
C. 0.18
D. 0.15
Answer= B
95. …………….is simply taking each sample and dividing it by a count of the number of
samples in the population
A. Population mode
B. population mean
C. population error
D. The population standard deviation
Answer= B
96. The following are major forecasting techniques except

A. Naïve
B. simple average
C. moving averages
D. Cost
Answer= D
97. To select the appropriate forecasting technique, the manager/forecaster must be able to
accomplish the following except……….
A. Define the nature of the forecasting problem
B. Explain the nature of the data under investigation
C. Describe the capabilities and limitations of potentially useful forecasting techniques.
D. Any of the above
Answer= D
98. .....................is a measurement of the dispersion of the samples of the population from the
mean.
A. standard deviation
B. Population mode
C. population mean
D. population error
Answer= A
99. which of the following is not a steps in calculating the standard error of the mean
A. Determine the population mean or average
B. Calculate the standard deviation of the population
C. Select the mean average

D. Calculate the Standard Error of the Mean
Answer= C
100. ………….Is a statistical hypothesis testing that assumes that the observation is due
to a chance factor
A. Alternate hypothesis
B. Null hypothesis
C. Hypothesis
D. All of the above
Answer= B
101. Which type of hypothesis shows that observations are the result of a real effect
A. Null hypothesis
B. Hypothesis
C. All of the above
D. alternative hypothesis
Answer= D
102. In Hypothesis testing, if the significance value of the test is greater than the
predetermined significance level, the resulting effect is to..............
A. accept the null hypothesis
B. reject the null hypothesis
C. do nothing
D. any of the above
Answer= A
103. In Hypothesis testing, if the significance value is less than the predetermined value,
then the resulting effect is to..............
A. accept the null hypothesis
B. reject the null hypothesis
C. do nothing
D. any of the above
Answer= B
104. which of the following is not a procedure for evaluating a statistical hypothesis
A. Developing one null hypothesis
B. Developing one alternative hypothesis
C. Calculating the test statistic based on the observations
D. Developing a second null hypothesis
Answer= D
105. In Hypothesis testing, .................occurs when we are rejecting the null hypothesis,
but that hypothesis was true
A. type I error
B. type II error
C. type III error
D. type I & II error
Answer= A
106. In hypothesis testing ............... occur when we accept the null hypothesis but it is
false.
A. type I error
B. type II error
C. type III error
D. type I & II error
Answer= B
107. in estimating the probability of encountering a type I or type II error, beta depends
on the following factors except
A. The false difference between the sample estimate and the true value of the population
parameter.
B. The significance level alpha used to evaluate the null hypothesis and whether the test is
one sided or two sided.
C. The standard error of the sampled population.
D. The size of the sample n.
Answer= A
108. ..................... is designed to test if two population variances are equal
A. T-test
B. F-statistics
C. F-test
D. T-statistics
Answer= C
109. The t distributions were discovered by.......................
A. Patrick S. Gosset in 1908

B. Ferdinand S. Gosset in 1908
C. George S. Goset in 1908
D. William S. Gosset in 1908
Answer= D
110. The calculated value of t is compared with a table of critical values, to determine
probability that difference between two samples is due to................
A. chance alone
B. error
C. level of significance
D. confidence interval
Answer= A
111. In hypothesis testing ................refers to the degree of significance in which we
accept or reject the hypothesis.
A. chance alone
B. error
Answer= C
112. In hypothesis testing, 100% accuracy is not possible for accepting or rejecting a
hypothesis. So, we therefore select a level of significance that is usually …………………
except
A. 1%
B. 3%
C. 5%
D. 10%
Answer= B
113. In Hypothesis testing, ...........................is usually known as the probability of
correctly accepting the null hypothesis
A. Power
B. error
Answer= A
114. The type of data that allows the analyst to view the evolution of a variable over a
period of time is called.................
A. Primary data
B. Secondary data
C. Time series data
D. Panel data
Answer= C
115. Any time series can contain some or all of the following components except
A. Trend (T)
B. Cyclical (C)
C. Seasonal (S)
D. Intercept
Answer= D
116. A .....................is a method to obtain a smoother picture of the behaviour of a series.
A. moving average
B. waiting average
C. queuing average
D. seasonal average
Answer= A
117. ...................... refers to the process of predicting future values of the time series
variable
A. Decision
B. Demand
C. Forecasting
D. Supply
Answer= C
118. .................are used to describe data and to explain the relationship between one
dependent variable and one or more independent variables.
A. Regression estimates
B. Hypothesis testing
C. Time series
D. All of the above
Answer= A
119. Linear Regression Analysis consists of more than just fitting a linear line through a
cloud of data points. It consists of any of the following stages except
A. analyzing the correlation and directionality of the data
B. estimating the model, i.e., fitting the line
C. evaluating the validity and usefulness of the model
D. Computing the level of significance
Answer= D
120. Which of the following is not the uses of linear regression analysis
A. Might be used to identify the strength of the effect that the independent variable(s) have on
a dependent variable.
B. Analyzing the Z-value
C. It can be used to forecast effects or impacts of changes
D. Regression analysis predicts trends and future values
Answer= B
121. Standardized regression estimates should be used when the researcher is testing
A. explanatory hypotheses
B. correlational hypothesis
C. regression hypothesis
D. alternate hypothesis
Answer= A
122. Which of the following is not a terms for predictive analysis?
A. Curve fit
B. Polynomial fit
C. Effect size fit
D. Best fit line
Answer= C
123. The general form of the generalized linear regression is: y= a + bx. Which of the
following statement is true?
A. The coefficient "a" is a constant called the y-intercept of the regression
B. The coefficient "b" is called the "slope" of the regression
C. The coefficient “y” defined the dependent variable
D. The coefficient “x” defined the research model
Answer= D
124. Which of the following is not a statistical regression selection methods of data
entry?
A. forward selection
B. backward elimination
C. stepwise selection
D. straight line entry
Answer= D
125. Modern game theory began with the idea regarding the existence of mixed-strategy
equilibria in……………….. game
A. three-person zero-sum games
B. two-person zero-sum games
C. one-person zero-sum games
D. four-person zero-sum games
Answer= B
126. In 1965, …………… introduced his solution concept of subgame perfect
equilibria, which further refined the Nash equilibrium
A. Reinhard Selten
B. John Maynard Smith
C. Thomas Schelling
D. Robert Aumann
Answer= A
127. ……………..is "the study of mathematical models of conflict and cooperation
between intelligent rational decision-makers".
A. Decision theory
B. Set theory
C. Game theory
D. Probability theory
Answer= C
128. A game is ……………. if the players are able to form binding commitments
externally enforced.
A. cooperative
B. non- cooperative
C. mutual
D. non- mutual
Answer= A
129. A ……………is a game where the payoffs for playing a particular strategy depend
only on the other strategies employed, not on who is playing them
A. Cooperative game
B. symmetric game
C. Zero-sum games
D. All of the above
Answer= B
130. ………………are a special case of constant-sum games, in which choices by
players can neither increase nor decrease the available resources.
A. Cooperative game
B. symmetric game
C. Zero-sum games
D. All of the above
Answer= C

MCQ On Quantitate Method For Managers

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MCQs ON QUANTITATE METHOD FOR MANAGERS

1. A decision problem, where a decision-maker is aware of various possible states of nature

A. Decision-making under uncertainty

B. Decision-making under certainty

C. Risk-taking under certainty

D. Risk-taking under uncertainty

2. Launching a new product, a major change in marketing strategy could be influenced by

such factors as………. except

B. The new competitors

A. Changes in customer demand

optimal course of action under the environment of uncertainty

decision will be…………………

criterion of decision making is called……………………….

while making decision is called……….

A. Decision Making under Risk

B. Decision Making under Uncertainty

D. All of the above

C. None of the above

D. Execute the action which minimizes (or maximize) R(a)

9. ………… is a collection of well defined objects, or elements

10. The following are symbols used in set notation except……………….

A. - “is an element of”

B. - “is a proper subset of”

C. ()- “is bracket”

D. - “is a subset of”

13. The law of set that is denoted by  (B  C) = (A  B)  C is associated with……………

contains two elements in BOTH sets.

contains all elements in BOTH sets.

contains two elements in BOTH sets.

contains all elements in BOTH sets.

throwing dice or flipping a coin. Profit maximization

not occur. P (A) is always in the interval……………..

21. The intersection of two events is when two events……………

C. happen one after another

D. happened one before another

22. The formula for conditional probability is denoted by...............

with a measure of the frequency for each of those values.

on an uncountable and infinite number of possible values

the probability of the value x is called.................

A. standard normal distribution

28. The most important function of the business manager is................

A. Strategic policy making

if the B range is 80 to 90?

D. All of the above

the areas of all of the following except...............

A. The identification of the firm’s objectives.

B. The statement of the problem to be solved.

D. The listing of various alternatives.

33. Risk and uncertainty can be minimized only by………………..

A. Making accurate forecast and forward planning.

D. All of the above

34. …………is the study of the reasoning underlying an agent's choices?

D. All of the above

and a set of values

A. normative decision theory

B. descriptive decision theory

C. prescriptive decision theory