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Economics Past Questions and Answers

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Economics Questions

Question 4546:

A price floor is usually fixed

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A At the equilibrium and causes no shortage
B Above the equilibrium and causes shortage
C Below the equilibrium and causes surpluses
D Above the equilibrium and causes surpluses

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Question 4547:

A firm's average cost decreases in the long-run because of

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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 4548:

In the long-run, 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 revenue is
D Equal to the average cost

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Question 4549:

In the event of bankruptcy, owners of joint-stock companies lose

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

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Question 4550:

Wholesalers play an important in the distribution of goods and services because they

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A Are located very close to consumers
B Finance both producers and retailers
C Pass information on from retailers to consumers
D Sell in small units to consumers

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