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Economics Past Questions and Answers

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Economics Questions

Question 1046:

At any given level of output, the total cost of a firm equals the?

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A Marginal cost plus the average cost
B Fixed costs less its varriable cost
C Average cost multiplied by variable costs
D Economic costs multiplied by variable costs

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Question 1047:

At any given level of output, a firm's total variable cost equals ?

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A Total cost less marginal cost
B Total cost less total fixed costs
C Total cost less average cost
D Average variable cost and marginal cost

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Question 1048:

At any given level of output, a firm's total variable cost equals ?

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A Total cost less marginal cost
B Total cost less total fixed costs
C Total cost less average cost
D Average variable cost and marginal cost

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Question 1049:

If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases from 200 to 300, the point elasticity of demand is equal to?

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A 1.25
B 0.80
C 0.50
D 0.40

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Question 1050:

If a society is operating on the production possibility curve, this implies that the resources are?

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A Fully and efficiently utilized
B Fully but inefficiently utilized
C Efficiently but not fully utilized
D Abundant

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