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Economics Past Questions and Answers

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Economics Questions

Question 3851:

A production possibility curve shows

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A How much of resources a society uses to produce a particular commodity
B The rate of inflation
C The rate of unemployment in an economy
D The various combinations of the<br/>commodities that can be produced
E All of the above

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Question 3852:

A rightward shift in the production<br/>possibility frontier may be due to

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A Use of inferior inputs
B Inefficiency
C Improvement in production techniques and practices
D Changes in the product mix
E Changes in consumer taste

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Question 3853:

Direct payment incurred for producing a commodity is called ____

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A Implicit cost
B Real cost
C Opportunity cost
D Due cost
E Explicit cost

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Question 3854:

Diseconomies of scale can be caused by the following EXCEPT ____

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A Managerial inefficiency
B Increased resource-cost
C Large market
D Inefficient business environment
E Technology

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Question 3855:

Diseconomies of scale operates when

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A Doubling inputs brings about more than proportionate increase in output
B Doubling inputs leads to a doubling of output
C Doubling input brings about less than proportionate increase in output
D Decrease in profit
E Increase in revenue

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