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Economics Past Questions and Answers

Economics Questions

Question 3221:
The law of diminishing marginal utility state that, the more a commodity is consumed the
  • A Higher the satisfaction derived from an additional unit
  • B Higher the price to be paid
  • C Lower the quantity supplied
  • D Lower the rate of increase in the total utility derived
View Answer & Explanation
Question 3222:
Greater inter-dependence among workers in production is associated with
  • A Utility
  • B Manufacturing
  • C Division of labour
  • D Factory workers
View Answer & Explanation
Question 3223:
If TC, FC and VC represent total cost, fixed cost and variable cost respectively, which of the following is correct?
  • A TC = FC - VC
  • B FC = TC + VC
  • C TC > FC + VC
  • D TC = FC + VC
View Answer & Explanation
Question 3224:
The reward to land as a factor of production is
  • A Profit
  • B Rent
  • C Interest
  • D Wage
View Answer & Explanation
Question 3225:
A firm is said to be a public joint stock company when it
  • A Is owned by the government
  • B Sells its shares to members of the public
  • C Operates as a government corporation
  • D Is not legally recognized as a firm
View Answer & Explanation