Question 1 of 7 87 total questions
When a firm is reaping economies of large-scale production, it experiences a fall in its?
A long-run marginal cost
B long-run average cost
C long-run total cost
D short-run marginal cost
Which of the following statements best describes the relationship between average product and marginal products?
A Marginal product and average product curves rise and falls together
B Marginal product equals average product at the minimum point of the latter
C Average product curve will rise as product is greater than average product
D Marginal product at the maximum point of the fomer
Specialization often improves economic performance because it?
A permits exploitation of economies of scale
B incorporates external economies
C is based on the law of variable proportions
D allocates resources according to absolute advantage
The short-run period in production is defined as a period when?
A there is at least one fixed factor
B all costs of production must be covered
C the output cannot be varied
D current output is not profitable
Given that
A B = D and X > M
B B - D = O and M > X
C D - B = O and M = X
D X > M and D > B
In certain circumstances, a centrally planned economy adopts the rationing system because of?
A the scarcity of goods and services in the market
B low real and money wages
C the need for equitable distribution of goods and services
D transportation and distribution problems
One of the economic problems of Nigeria today arises from?
A the over utilization of human and natural resources
B unavailability of mineral resources
C inadequate manpower resources
D the under-utilization of human and natural resources
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