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Economics Past Questions and Answers

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Economics Questions

Question 3676:

a firm average cost decreases in the longrun because?

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A Increasing returns to scale
B Diminishing average returns
C Decreasing marginal returns
D Decreasing average fixed cost

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Question 3677:

the larger a firm, the lower its cost of production<br/><br/>this statement explains the?

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A Law of diminishing marginal returns
B Concept of economies of scale
C Law of comparative cost advantage
D Theory of division of labour

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Question 3678:

in the the longrun, a firm must shut down if its average revenue is?

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A Greater than average cost
B Less than average variable cost
C Equal to the minimum average cost
D Equal to the average cost

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Question 3679:

public limited liability companies are democratic in nature because?

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A Government appointees are members of the board
B They are run by elected public officers
C Electoral principles are adopted in the day-to-day management
D Shareholders elect the board of directors

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Question 3680:

in the event of bankruptcy owners of joint-stock companies lose?

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A Their private properties
B Both company and private properties
C Only the capital invested
D Only their dividends

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