Economics 2009 | Study Mode

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Question 11
A
an increase in equilibrium price and a decrease in equilibrium quantity
B
a decrease in equilibrium price and an increase in equilibrium qantity
C
a decrease in equilibrium price and equilibrium quantity
D
an increase in equilibrium price and quantity
Explanation

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

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Correct option: D
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Question 13
A
output is transformed into input
B
machines replace human effort
C
input is transformed into output
D
there is specialization and division of labour
Explanation

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Correct option: C
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Question 14
A
MP is greater than AP
B
MP is less than AP
C
MP is equal to AP
D
MP is equal to zero
Explanation

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Correct option: A
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Question 15
A
continue to decrease
B
remain unchanged
C
continue to increase
D
be equal to the total cost
Explanation

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Correct option: A
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Question 16
A
law of diminishing returns
B
law of returns to scale
C
cost of fixed inputs
D
cost of variable inputs
Explanation

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Correct option: B
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Question 17
A
total cost
B
marginal cost
C
fixed cost
D
variable inputs
Explanation

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Correct option: B
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Question 18
A
selling price is above the short-run marginal cost
B
selling price is below the short-run marginal cost
C
average revenue is greater than marginal revenue
D
average reveune is less than marginal revenue
Explanation

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Correct option: B
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Question 19
A
GNP
B
GDP
C
NDP
D
NNP
Explanation

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Correct option: B
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Question 20
A
make abnormal profits
B
suffer losses
C
make normal profits
D
collude with each other
Explanation

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Correct option: C

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