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Economics Past Questions and Answers

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Economics Questions

Question 2566:

The benefits that result from concentrating similar firms in an area is referred to as

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A External diseconomies of scales
B Internal diseconomies of scales
C Internal economies of scales
D External economies of scales

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Question 2567:

Per capita income in any West African country is measured by

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A Dividing the GNP by total population
B Adding the total savings to the GNP
C Multiplying the GNP by the total population
D Subtracting the GNP fron the GDP

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Question 2568:

A priority rating of aggregate individuals wants is called

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A Scarcity
B Choice
C A scale of preference
D Opportunity cost

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Question 2569:

Profits can be calculated by

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A Subtracting total cost from total revenue
B Subtracting average revenue from total cost
C Dividing total revenue from total output
D Dividing marginal revenue by marginal cost

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Question 2570:

The marginal revenue curve of a monopolist is

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A Upward sloping from the right to left
B Downward sloping from left to right
C Paralell to the quantity axis
D Downward sloping from right to left

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