Economics 2010 | Study Mode

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Question 11
A
N1.50
B
N0.40
C
N1.00
D
N2.00
Explanation

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Correct option: B
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Question 12
A
weather, price and technology
B
technology, weather and population
C
technology, price and taste
D
population, price and taste
Explanation

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Correct option: B
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Question 13
A
perfectly elastic
B
fairly inelastic
C
infinitely inelastic
D
fairly elastic
Explanation

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Correct option: D
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Question 14
A
in competitive supply
B
in composite supply
C
jointly supplied
D
in excess supply
Explanation

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Correct option: B
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Question 15
A
government
B
sellers
C
buyers
D
market
Explanation

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Correct option: D
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Question 16
A
maximum prices
B
commodity boards
C
minimum prices
D
price control boards
Explanation

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Correct option: A
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Question 17
A
there is constant returns to scale
B
there is increasing returns to scale
C
there is decreasing returns to scale
D
diminishing returns set in
Explanation

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Correct option: C
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Question 18
A
reducing average cost as production increases
B
benefiting from the activties of other firms
C
maximizing profits as production increases
D
having an upward-sloping average cost curve
Explanation

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Correct option: A
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Question 19
A
increasing efficiency
B
economies of scale
C
diseconomies of scale
D
increasing marginal returns
Explanation

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Correct option: C
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Question 20
A
enjoying free entry and exit
B
operating at full capacity
C
operating below capacity
D
maximizing profits
Explanation

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Correct option: A

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