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Economics Past Questions and Answers

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Economics Questions

Question 3621:

Another term for equilibrium price is?

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A Price floor
B Demand price
C Market clearing price
D Satisfactory price

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Question 3622:

when a firm is enjoying internal economies of scale, its?

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A Total cost of production is increasing
B Average fixed cost is rising continuously
C Average cost of production decreases as output increases
D Average revenue and marginal revenue are decreasing

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Question 3623:

The specialization of labour enhances production because people?

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A Can concentrate on all goods
B Can efficiently produce their own needs
C Can save time and produce more
D Become experts in all areas of production

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Question 3624:

which of the following can be added to a firm's profit to obtain total revenue

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A Total variable cost
B Total fixed cost
C Marginal cost
D Total revenue

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Question 3625:

The amount of money that a firm recieves from the sales of its output is called

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A Total profit
B Total revenue
C Total cost
D Average revenue

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