Economics 2012 | Study Mode

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Question 11
A
profit
B
productivity
C
national income
D
price index
Explanation

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Correct option: B
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Question 12
A
consumers
B
society
C
government
D
producers
Explanation

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Correct option: C
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Question 13
A
demand and supply to remain constant
B
an increase in quantity supplied
C
an increase in supply
D
a decrease in quantity supplied
Explanation

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Correct option: B
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Question 14
A
ensure that producers' profits remain high
B
guarantee full employment of resources
C
allocate resources to most productive uses
D
protect the economic interests of government
Explanation

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Correct option: D
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Question 15
A
decreasing returns to scale
B
increasing returns to scale
C
diminishing returns
D
economies of scale
Explanation

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Correct option: B
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Question 16
A
greater than the isocost
B
less than the isocost
C
tangent to the isocost
D
greater than the output
Explanation

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Correct option: B
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Question 17
A
minimum points of all short run average cost curves
B
declining points of all short-run average cost curves
C
minimum point of only one of the short-run cost curves
D
rising points of all short-run average cost curves
Explanation

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Correct option: D
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Question 18
A
diminishing returns
B
constant returns to scale
C
increasing returns to scale
D
decreasing returns to scale
Explanation

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Correct option: D
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Question 19
A
determine the quality of their products
B
determine the scale of their products
C
restrict information flow to new firms
D
restrict entry of new firms
Explanation

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Correct option: B
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Question 20
A
a common elasticity in different markets
B
different elasticities in different markets
C
a finite elasticity in all markets
D
zero elasticity in all markets
Explanation

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Correct option: A

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