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Economics Past Questions and Answers

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Economics Questions

Question 991:

One of the major advantages of specialization is that?

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A The worker becomes a tenderer of machines
B It causes more employment of labour
C Less machinery is required for production
D The worker wastes less time between operations

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Question 992:

Which of following rewards is associated with entrepreneurship as a factor of production?

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A Salaries
B Profit
C Interests
D Rents

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Question 993:

A firm achieves least-cost in production by substituting factors until?

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

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Question 994:

Economics of scale operate only when?

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A Marginal cost is falling with input
B Average cost is falling with output
C Fixed cost is variable
D Variable cost is less than fixed cost

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Question 995:

At the point of profit maximization by a firm, marginal cost is?

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A Minimum
B Falling
C Constant
D Rising

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