Economics (UI) | Study Mode

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Question 41
A
marginal income
B
additional product
C
marginal revenue
D
average product
E
marginal physical product
Explanation

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Correct option: E
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Question 42
A
price of labour or its wage
B
price of labour, machinery and other inputs
C
price of machinery
D
price of other inputs
E
type of machinery
Explanation

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Correct option: B
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Question 43
A
obtaining the maximum output from available resources at the lowest possible cost
B
conservation of our petroleum resources
C
equity in the distribution of the nations wealth
D
producing without waste
E
none of the above
Explanation

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Correct option: A
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Question 44
A
long run
B
short run
C
medium term
D
small scale production
E
none of the above
Explanation

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Correct option: B
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Question 45
A
maximise profits
B
satisfy human wants
C
become self-reliant
D
create job opportunities
E
make people wealthy
Explanation

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Correct option: A
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Question 46
A
wages
B
profit
C
rent
D
interest
E
discount
Explanation

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Correct option: C
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Question 47
A
average total cost less the sum of average variable cost
B
half the sum of all costs
C
total fixed cost divided by the level of output
D
total fixed cost plus marginal cost
E
total variable cost divided by output
Explanation

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Correct option: C
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Question 48
A
since unit cost increases as output increases
B
unit cost increases as output decreases
C
unit cost decreases as output increases
D
unit cost remains the same as output increases
E
none of the above
Explanation

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Correct option: C
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Question 49
A
economies of scale on the left hand side and diseconomies of scale on the right hand side
B
diseconomies of scale on the left and right hand sides
C
economies of scale on the left and right hand sides
D
constant return to scale
E
diseconomies of scale of the left hand side and economies of scale of the right hand side
Explanation

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Correct option: A
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Question 50
A
the lowest cost of producing goods
B
the cost of production of the most efficient firm in an industry
C
the cost of production of the most inefficient firm in an industry
D
the cost of production of the last unit of goods produced by a firm
E
the cost of production at which minimum profit is obtained by the firm
Explanation

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Correct option: D

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