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Economics Past Questions and Answers

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Economics Questions

Question 4766:

Private cost refers to:

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A Government infrastructure expense
B Cost borne by producer
C Consumer welfare reduction
D Cost affecting entire society

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Question 4767:

Which cost changes directly with output level?

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A Fixed production cost
B Variable production cost
C Sunk production cost
D Historical accounting cost

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Question 4768:

Which concept involves unavoidable past expenses?

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A Marginal production expense
B Opportunity production cost
C Variable production charge
D Sunk production cost

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Question 4769:

One cause of diseconomies of scale is:

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A Administrative inefficiency growth
B Better technological advancement
C Increased production efficiency
D Improved worker specialization

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Question 4770:

If TFC = ₦400 and TVC = ₦600, calculate total cost:

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A ₦1,000
B ₦400
C ₦200
D ₦600

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