Economics | Study Mode

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Question 11
A
a composite demand
B
a joint demand
C
a derived demand
D
an elasticity of demand
E
cross elasticity of demand
Explanation
Factors of production are demanded not for their own sake but for what they will be used to produced. Hence, it is a derived demand.(C)

Correct option: C
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Question 12
A
limited liability
B
high profits
C
high sense of ownership d) low credit rating
D
low failure value
Explanation
The major disadvantage of sole proprietorship is limited capital expansion emanated From limited credit rating. (D)

Correct option: D
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Question 13
A
the gold standard
B
the uarter practice
C
the commodity system
D
the good exchange standard
E
the Cheque system
Explanation
Barter practice is the exchange system where goods and services are exchange directly. It involves double coindence of wants. (B)

Correct option: B
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Question 14
A
utility
B
productivity
C
rate of substitution
D
revenue
E
proceeds
Explanation
Thus, for profit to be maximized, marginal products of factors of production must equal to their prices. Hence MP,=w and MPk,=r. (B)

Correct option: B
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Question 15
A
limited her imports to its currency of exports
B
reducing the nation's domestic price level
C
limiting her exports to its currency value of imports
D
overvaluing the country's
E
undervaluing the country's currency
Explanation
Deficit balance of payment ( BOP) occur when imports are more than exports. Hence, will control it by limiting her imports to what can be financed by her currency of exports. (A)

Correct option: A
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Question 16
A
marginal cost is falling with input
B
average cost is falling with output fixed cost is variable
C
fixed cost in variable
D
variable cost less than fixed cost
E
variable cost is equal to cost of output
Explanation
Economics of scale only occurs in the long run when all factors of production are variable (C).

Correct option: C
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Question 17
A
a normal good
B
an inferior good
C
a substitute
D
a dash
E
a gifted good
Explanation
An inferior goods will have a negative income elasticity. (B)

Correct option: B
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Question 18
A
per capital income
B
per capital output
C
per capital real income
D
per capital revenue
E
growth rate
Explanation
An optimum population is a situation where available population can exploit available resources efficiently and per capital output is maximized. (B)

Correct option: B
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Question 19
A
from above at its lowest point
B
from below before the lowest point
C
from below at its lowest point
D
from below after the lowest point
E
at the zenith of turn
Explanation
The minimum point of average cost(AC) is the efficiency point and the firm will break-only where the margined cost curve intersects average cost curve from below at its Lowers point. (C)

Correct option: C
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Question 20
A
obtained the maximum output from available resources at the lowest possible cost
B
conservation of natural gas and oil deposits
C
equity in the distribution of national resources
D
production without waste
E
the limited wants unlimited resources dilemma
Explanation
Since our want are unlimited and our resources limited in supply. Thus, economics seeks to obtain the maximum output firm available resources of the lowest possible cost.(A)

Correct option: A

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