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Economics Past Questions and Answers

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Economics Questions

Question 3171:

A society that operates below the production possibility curve is using its productive resources

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A Optimally
B Efficiently
C Inefficiently
D Maximally

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Question 3172:

labour can be efficient when there are

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A Adequate tools to work with
B High level of employment
C Limited vacancies
D Government restrictions

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Question 3173:

What accounts for the ‘U-shaped’ of the short run average cost (AC) curve?

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A The law of variable proportions
B Increasing returns to scale
C Decreasing use of inputs
D Change output during the production period

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Question 3174:

which of these is true of a perfect competitor?

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A P = AR < MR
B P > AR = MR
C P = MR < AR
D P = AR = MR

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Question 3175:

One advantage of a sole proprietor is that

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A It can be managed without conflicts
B The sole proprietor raises money from the public
C It makes an increase in the volume of business possible
D There is no limit to the number pf people who may bring in capital

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