| 1 |
A monopoly firm is in equilibrium when |
- A. MC intersects AC
- B. MC intersect MR
- C. AC intersects AR
- D. TC intersects TR
|
| 2 |
Demand and supply forces determine market price |
- A. only in perfect competition
- B. only in monopoly market
- C. in both markets
- D. none of the above
|
| 3 |
Efficiency of labour is not affected by |
- A. attitude of worker
- B. attitude of employer
- C. attitude of wife/husband
- D. all affect
|
| 4 |
Lowest point on the average cost curve in the long-run represents; |
- A. Optimum factors combination
- B. Maximum level of output
- C. Maximum level of total revenue
- D. None of the three
|
| 5 |
Which of the following is <i>NOT </i>capital as economists use the term |
- A. an office building
- B. machinery in a factory
- C. an industrial robot
- D. money
|
| 6 |
Which statement is true? |
- A. Economics is a physical and normative science
- B. Economics is a social and natural science
- C. Economics is physical and positive science
- D. Economics is a social and normative science
|
| 7 |
The difference between iron ore deposits and the steel produced illustrates the difference between |
- A. labour and natural resources
- B. labour and capital
- C. natural resources and capital
- D. natural resources and entrepreneurship
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| 8 |
Economics of scale are of two kinds |
- A. temporary and permanent
- B. internal and external
- C. managerial and industrial
- D. natural and artificial
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| 9 |
All materials goods which can satisfy humans wants are called. |
- A. Non economic goods
- B. Economic goods
- C. Capital goods
- D. Services
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| 10 |
The wage which is paid in cash is known as. |
- A. Real wage
- B. Nominal wage
- C. Excess wage
- D. Low wage
|