A. Opportunity cost
B. Real cost
C. Economic cost
D. None
Related Mcqs:
- The monetary payment a firm must make to an outsider to obtain a resource____________________?
A. Implicit cost
B. Explicit cost
C. Net cost
D. Total cost - A line which shows different combinations of two products a consumer can purchase with a specific money income, given the products price?
A. Indifference curve
B. Lorenz curve
C. Budget line
D. Say’s law - To obtain the greates utility consumer should allocate money income so that last dollar spent on each good or service yields the same marginal utility ?
A. Law of diminishing return
B. Say’ law
C. Law of diminishing marginal utility
D. Say’ law - The annual amount that a borrower must pay a lender over an above the total borrowed ?
A. Interest
B. Loan
C. Interest rated
D. None - A ratio that shows the unit of capital required to produce a unit of output over a given period of time?
A. Capital input ratio
B. Capital output ratio
C. Capital intensive ratio
D. None - The sale of products below sale of production in a foreign country or below the prices charged at home is called ?
A. Dumping
B. Subsidy
C. Inflation
D. Monopoly - Tax levied on production of specific product on quantity of product purchased ?
A. Sales tax
B. Excise tax
C. Income tax
D. All - An industry in which expansion through the entry of firms decreases the prices, firms in the industry must pay for resources and there fore decreases their production costs ?
A. Declining industry
B. Decreasing cost industry
C. Both
D. None - Reproduction in the average total cost of producing a products as the firm expands the size of plants (its output) in the long run________________?
A. Economics of scale
B. Economics of mass production
C. Both of these
D. None of these - A market in which products households sell and firms buy resources or the services of resources is__________________?
A. Resource market
B. Product market
C. Consumer market
D. Producer market
