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Economics Past Questions and Answers

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Economics Questions

Question 4576:

Marginal cost is?

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A The lowest cost of producing goods
B The cost of production of the most efficient firm in an industry
C The cost of production of the most inefficient firm in an industry
D The cost of production of the last or extra unit of goods produced by a firm

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Question 4577:

The price mechanism

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A Regulates supply and demand
B Rations the consumers
C Rewards the producers
D Allocates scarce resources
E Does all of the above

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Question 4578:

In a free market economy, the rationing of scarce goods is done principally by?

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A The government
B Business organizations
C The price mechanism
D Consumers

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Question 4579:

Scale of preference shows

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A Incomes of consumers in order of size
B Utilities enjoyed by consumers
C Opportunity cost of goods consumed
D Consumer's wants in order of priority

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Question 4580:

There is unemployment of resources when production is

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A Within the production possibility curve
B Outside the production possibility curve
C Along the production possibility curve
D Adequate to meet market demand

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