If goods are exported for less than society’s marginal production cost and the marginal benefit to domestic consumers, it is likely that they benefit from?

Related Mcqs:

1. If as the quantity produced increase a production function first exhibits increasing marginal product and later diminishing marginal product, the corresponding marginal-cost curve will ?

   A. be flat (horizontal)
   B. slope upward
   C. slope downward
   D. be U-shaped.

2. If marginal benefit is greater than marginal cost, a rational choice involves ?

   A. no more of the activity.
   B. less of the activity
   C. more of the activity
   D. more or less, depending on the benefits of other activities

3. When average cost is falling marginal cost is ________ and when average cost is rising marginal cost is?

   A. greater than average cost, greater than average cost
   B. less than average cost, greater than average cost
   C. less than average cost, less than average cost
   D. greater than average cost, less than average cost

4. Market price adjusted to consider differences between social cost-benefit and private cost-benefit calculations are ?

   A. price distortions
   B. consumer surplus
   C. shadow prices
   D. exchange rates

5. If the marginal revenue is less than the marginal cost then to profit maximise a firm should ?

   A. Reduce output
   B. Increase output
   C. Leave output where it is:
   D. Increase costs

6. Term a tax or duty rebate on imported goods that are exported at a later date ?

   A. Duty
   B. Custom
   C. Rebut
   D. Drawback

7. A student chooses to study because the marginal benefit is greater than the ______________ cost?

   A. average
   B. expected
   C. total
   D. marginal

8. When marginal revenue equals marginal cost ?

   A. Total revenue equals total cost
   B. There is the biggest positive difference between total revenue and total cost
   C. There is the biggest negative difference between total revenue and total cost
   D. Profits are Zero

9. If marginal revenue equals marginal cost ?

   A. No profit is being made
   B. Total revenue equals total cost
   C. Profits are maximised
   D. Producing another unit would increase profits

10. If a competitive firm is producing a level of output where marginal revenue exceeds marginal cost the firm could increase profit if it ?

    A. decreased production
    B. maintained production at the current level
    C. temporarily shut down.
    D. increased production