Which of these is NOT a basic economic problem of society?
Efficiency of resource use
For whom to produce
How to produce
Scale of production
What to produce
Correct answer is D
Scarcity, or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants. The problem of
- What to produce
- how to produce and for
- Whom to produce are the basic economic problems of a society.
- Efficiency of resources used
Scale of production is a secondary production function.
Total revenue can be obtained by multiplying
Price by quantity sold
Averages revenue by the demand
Marginal revenue by marginal cost
Average revenue plus marginal revenue
Average cost by variable cost
Correct answer is A
Total revenue can be obtained by multiplying the quantity of output sold by the market price of the product (P.Q)
For a monopolist, the demand curve is
Inelastic
Perfectly elastic
Perfectly inelastic
Elastic
Unitary elastic
Correct answer is C
No explanation has been provided for this answer.
Of what importance is a wholesaler in the chain of distribution?
Creation of artificial scarcity
Bulk breaking
Formation of trade unionism
Hoarding of goods
Making prompt payment to producers
Correct answer is B
No explanation has been provided for this answer.
In a free market economy, wages are determined by
The employees
The employers
Trade unions
Interaction of demand and supply forces
The government
Correct answer is D
No explanation has been provided for this answer.