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Economics Past Questions

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4731

A major characteristics of a firm operating at a long-run equilibrium position is that

  • A. average variable cost is fixed
  • B. all costs can be varied
  • C. only variable cost changes
  • D. fixed cost can not be changed
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4732

An economy in which decision of what to produce is taken partly by private individuals and state is referred to as Economy.

  • A. communist
  • B. mixed
  • C. socialist
  • D. capitalist
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4733

Which of the following is NOT associated with minimum price legislation?

  • A. wastages of resources
  • B. excess supply
  • C. excess demand
  • D. unemployment
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4734

Which of the following is the correct order in the chain of distribution?

  • A. Consumer -> Distributor → Retailer → Producer
  • B. Producer → Wholesaler → Retailer → Consumer
  • C. Retailer → Consumer → Producer → Wholesaler
  • D. Producer → Consumer → Retailer → Wholesaler
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4735

The problem of "how to produce" in any economy is solved by

  • A. combining capital and labour intensive methods of production
  • B. adopting the least cost method of production
  • C. using capital intensive method of production
  • D. employing the services of a manager
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