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Economics Past Questions and Answers

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Economics Questions

Question 4781:

A firm experiences increasing returns when:

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A Costs rise faster than output
B Revenue falls continuously
C Output rises faster than inputs
D Labour productivity declines

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Question 4782:

Which type of cost is most relevant to future choices?

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A Historical fixed expense
B Opportunity production cost
C Past transportation charge
D Sunk accounting cost

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Question 4783:

A sunk cost refers to:

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A Cost of extra production
B Cost that cannot be recovered
C Cost changing with output
D Future expected expenses

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Question 4784:

Large firms may enjoy bulk buying advantages through:

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A Increased communication delays
B Decreasing specialization levels
C Rising transportation costs
D Purchasing economies gained

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Question 4785:

External economies of scale arise because of:

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A Growth of entire industry
B Reduction in market size
C Government revenue shortage
D Decline in labour supply

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