Miscellaneous Economics Mcqs

A. The marginal product fall as more units of a variable factor are added to a fixed factor
B. Marginal utility falls as more unity of a product are consumed
C. The total product falls as more units of a variable factor are added to a fixed factor
D. The marginal product increases as more units of a variable factor are added to a fixed factor

A. If the marginal cost is greater than the average cost the average cost falls
B. If the marginal cost is greater than the average cost the average cost increase
C. If the marginal cost is positive total costs are miximised
D. If the marginal cost is negative total costs increase at a decreasing rate if output increases

A. Allocatively inefficient
B. X inefficient
C. Consumer inefficient
D. Productively inefficient

A. Demand
B. Land
C. Labour
D. Capital

A. 7As
B. 10As
C. 3As
D. 1A

A. An inward shift of the production possibility frontier
B. A movement along the production possibility frontier
C. An outward shift of the production possibility frontier
D. The pivoting of the production possibility frontier

A. Everyone is wealthy
B. Resources are unemployed
C. More of one product can only be produced if less of another product is produced
D. The distribution of income is eqal