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Economics Past Questions and Answers

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Economics Questions

Question 841:

Which of the following best describes the concept of opportunity cost?

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A A special bargain or scale at below market price
B Cost of input tends to go up as we use more of them
C Goods that are not produced in order to produce more of another good
D A cost that constantly decreases

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Question 842:

Market is defined as?

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A One geographical location where people meet to buy and sell
B The demand and supply of goods and services
C A group of people whose sole interest is to make profit
D Any organizational framework which links the buyers and sellers of a good and service

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Question 843:

The additional revenue obtained by using one more unit of a factor is called its?

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A Marginal product
B Additional product
C Marginal revenue product
D Average product

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Question 844:

Labour productivity is defined as?

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A Output per man/hour
B Average output
C The maximum number of hours worked
D Total level of output

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Question 845:

Efficiency of labour is enhanced by?

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A Average Total Cost less the sum of Varriable Cost
B Half the sum of all costs
C Total Fixed Cost divided by the the level of output
D Total Fixed Cost plus Marginal Cost

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