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Economics Past Questions and Answers

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Economics Questions

Question 4421:

A rightward shift in the production 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 4422:

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 4423:

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 4424:

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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Question 4425:

Economic efficiency means ____________

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A Obtaining maximum output from available resources
B Equitable distribution of nation's resources
C Carrying out production without any waste
D Producing the maximum output from available resources at the lowest possible cost
E Efficient utilisation of the nation's resources.

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