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Economics Past Questions and Answers

Economics Questions

Question 1206:
In the long run, all production factors are?
  • A Fixed
  • B Semi fixed
  • C Variable
  • D Semi-variable
View Answer & Explanation
Question 1207:
A company's expenditure on raw materials is regarded as?
  • A Explicit cost
  • B Implicit cost
  • C Prime cost
  • D Average cost
View Answer & Explanation
Question 1208:
The basic relationship between the cost of production, and the market price of any commodity in the short run is that the market price?
  • A Always reflects the cost of labour
  • B Reflects the variable, but not the fixed cost of production
  • C Does not rise above variable costs
  • D Is determined by the cost of production and the current rate of inflation
View Answer & Explanation
Question 1209:
A firm determines its profit when it studies its?
  • A Marginal Cost
  • B Average Cost
  • C Total Cost
  • D Average Cost relative to price in the market
View Answer & Explanation
Question 1210:
An increase in the supply of labour in a factory while other things remain equal will lead to?
  • A An increase in the wage rate and an increase in the number of people employed
  • B A decreased in the wage rate and a decrease in employment
  • C An increase in the wage rate and an decrease in the employment
  • D A decrease in the wage rate and an increase in employment
View Answer & Explanation