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Economics Past Questions and Answers

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Economics Questions

Question 791:

Under normal circumstances the concept of consumers sovereignty implies that

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A The consumer and not the producer owns the means of production
B The producer and not the consumer determines what is to be produced
C The consumer and not the producer determines what is to be produced
D Both the consumer and the producer determines what should be produced

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Question 792:

A firm is at its optimum size when?

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A It produce the greatest output at a minimum cost
B It has a motive to increase output
C Marginal cost equals marginal revenue
D Marginal cost is less than marginal revenue

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Question 793:

The degree of specialization is limited by the

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A Avalibility of specialized skills and machinery
B Marginal cost exceeding marginal revenue
C Extent of the market
D Disadvantage of standardization

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Question 794:

Production in Economics can be defined as the

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A Totality of producing, buying and consuming
B Transformation of raw materials and services in order to provide ultimate utility
C Transformation of raw materials and services in order to make maximum profit
D Production of goods and services for consumption

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Question 795:

A firm achieves least cost in production by substituting factors until

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A Their factor prices are equal
B Their marginal-physical products are each equal to their factor prices
C Their marginal-physical products are each zero
D The ratio of their marginal-physical products equals the ratio of their prices

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