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Economics Past Questions and Answers

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Economics Questions

Question 4771:

Explicit costs involve:

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A Unpaid family labour only
B Hidden sacrificed opportunities
C Direct monetary payments
D Future expected expenses

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Question 4772:

Which cost remains important during shutdown decisions?

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A Sunk production cost
B Historical accounting cost
C Average fixed cost
D Variable production cost

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Question 4773:

In the long run:

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A Fixed costs remain unchanged
B All factors become variable
C Production must stop fully
D Output cannot be increased

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Question 4774:

Economies of scale occur when:

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A Average cost falls with expansion
B Fixed cost increases sharply
C Output falls continuously
D Revenue becomes negative

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Question 4775:

One example of implicit cost is:

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A Payment of workers wages
B Purchase of raw materials
C Payment of electricity bills
D Owner using personal building

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