Economics Past Questions and Answers

When total revenue is at a maximum, marginal revenue is?

A Constant
B Negative
C Zero
D Positive
E Maximum

Question 47:

In the table, the marginal cost when output is two, units is

A 16.00
B 20.00
C 36.00
D 40.00
E 48.00

Question 48:

The table illustrates the law of diminishing returns on a farm. Which pair of the following answers is appropriate for the missing information in the spaces market X and Y?

A X = 20, Y = 6
B X = 38, Y =9
C X = 46, Y = 9
D X = 46, Y = 14
E X = 10, Y = 10

Question 49:

The interdependence between households and business enterprises illustrated in the figure is known as

A Market interaction
B Cash flow
C Circular flow of income
D Supply and demand for goods and services
E Household preference schedule

Question 50:

Study the figure above. At paint H the price elasticity of supply is

A Perfectly inelastic
B Inelastic
C Unit elastic
D Perfectly elastic
E Elastic