Economics MCQs

Page No. 165

In the long run, if a very small factory were to expand its scale of operations it is likely that it would initially experience ?


aan increase in average total costs

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bdiseconomies of scale

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ceconomies of scale

✓


dconstant returns to scale

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View Answer economies of scale

If marginal costs equal average total costs ?


aaverage total cost is falling

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baverage total cost is raising

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caverage total cost is maximized

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daverage total cost is minimized

✓


View Answer average total cost is minimized

Which of the following is a variable cost in the short run ?


arent on the factory

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bwages paid to factory labor

✓


cinterest payments on borrowed financial capital

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dpayments on the lease for factory equipment

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View Answer wages paid to factory labor

If a production function exhibits diminishing marginal product the slope of the corresponding total-cost curve ?


a is liner (a straight line)

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b could be any of these answers

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c becomes steeper as the quantity of output increases

✓


dbecome flatter as the quantity of output increases.

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View Answer becomes steeper as the quantity of output increases

If there are implicit costs of production ?


aaccounting profit will exceed economic profit

✓


beconomic profit will always be zero

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c economic profit will exceed accounting profit

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daccounting profit will always be zero

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View Answer accounting profit will exceed economic profit

Naila owns a small pottery factory. She can make 1000 pieces of pottery per year and sell them for Rs 100 each. It costs Naila Rs 20,000 for the raw materials to produce the 1,000 pieces of pottery She has invested Rs100,000 in her factory and equipment: Rs50,000 from her savings and Rs50,000 borrowed at 10 per cent. (Assume that she could have loaned her money out at 10 her per cent, too) Naila can work at a competing pottery factory for Rs40,000 per year. The accounting profit at Naila’s pottery factory is ?


aRs30,000

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bRs35,000

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c Rs75,000

✓


dRs70,000

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View Answer Rs75,000

Accounting profit is equal to total revenue minus ?


a implicit costs

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bvariable costs

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cthe sum of implicit and explicit costs.

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dexplicit costs.

✓


View Answer explicit costs.

U.S total official development assistance to developing countries is ?


a lowest among the OECD countries

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b higher currently than it was in the 1960s and 1970s

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c is equivalent to Holland’s aid

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dNone of the above statements is true

✓


View Answer None of the above statements is true

For Harvard’s Dani Rodrik Globalization involves ?


adecreasing autonomy of the nation-state involves

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b the increasing international integration of markets for goods services and capital

✓


cchanges of a traditional culture of a country to a western culture

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d giving aid to poor countries to improve their economy politics and social status

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View Answer the increasing international integration of markets for goods services and capital

The U.S real food aid, as well as food reserves dropped from the 1960s to the 1980s partly because ?


a the transportation and storage cost increased tremendously

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b proponents of basic-needs attainment opposed food-aid

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cU.S farm interests wanted to reduce surplus grain stocks

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dagricultural production suffered excessively due to weather changes

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View Answer U.S farm interests wanted to reduce surplus grain stocks

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