What accounts for the ‘U-shaped’ of the short run average cost (AC) curve?
The law of variable proportions
Increasing returns to scale
Decreasing use of inputs
Change output during the production period
Correct answer is A
No explanation has been provided for this answer.
Labour can be efficient when there are
Adequate tools to work with
High level of employment
Limited vacancies
Government restrictions
Correct answer is A
No explanation has been provided for this answer.
A society that operates below the production possibility curve is using its productive resources
Optimally
Efficiently
Inefficiently
Maximally
Correct answer is C
No explanation has been provided for this answer.
Which of the following sector is most capital intensive?
Insurance
Petroleum
Commerce
Tourism
Correct answer is B
No explanation has been provided for this answer.
Who among the following is the intermediary between the producer and the retailer?
Agent
wholesaler
Consumer
Distributor
Correct answer is B
No explanation has been provided for this answer.