Economics Weekly Assessment (Feb 07 25)

When the Total Product (TP) is at maximum point, the Marginal Product (MP) and the Average Product (AP) respectively are?

zero and decreasing

Correct Incorrect Correct answer

decreasing and zero

Correct Incorrect Correct answer

negative and decreasing

Correct Incorrect Correct answer

both at their maximum

Correct Incorrect Correct answer

In the long run, all production factors are?

fixed

Correct Incorrect Correct answer

semi fixed

Correct Incorrect Correct answer

variable

Correct Incorrect Correct answer

semi-variable

Correct Incorrect Correct answer

A company's expenditure on raw materials is regarded as?

explicit cost

Correct Incorrect Correct answer

implicit cost

Correct Incorrect Correct answer

prime cost

Correct Incorrect Correct answer

average cost

Correct Incorrect Correct answer

The basic relationship between the cost of production, and the market price of any commodity in the short run is that the market price?

always reflects the cost of labour

Correct Incorrect Correct answer

reflects the variable, but not the fixed cost of production

Correct Incorrect Correct answer

does not rise above variable costs

Correct Incorrect Correct answer

is determined by the cost of production and the current rate of inflation

Correct Incorrect Correct answer

A firm determines its profit when it studies its?

Marginal Cost

Correct Incorrect Correct answer

Average Cost

Correct Incorrect Correct answer

Total Cost

Correct Incorrect Correct answer

Average Cost relative to price in the market

Correct Incorrect Correct answer

An increase in the supply of labour in a factory while other things remain equal will lead to?

an increase in the wage rate and an increase in the number of people employed

Correct Incorrect Correct answer

a decreased in the wage rate and a decrease in employment

Correct Incorrect Correct answer

an increase in the wage rate and an decrease in the employment

Correct Incorrect Correct answer

a decrease in the wage rate and an increase in employment

Correct Incorrect Correct answer

A demand which is positively related to price is true of?

normal goods

Correct Incorrect Correct answer

giffen goods

Correct Incorrect Correct answer

ostentatious goods

Correct Incorrect Correct answer

capital goods

Correct Incorrect Correct answer

Elasticity demand is an effective tool in the hands of a producer in that it enables him?

raise his profit and lower his costs

Correct Incorrect Correct answer

discourage buyers from cheating

Correct Incorrect Correct answer

determine what he will produce

Correct Incorrect Correct answer

set his price to maximize his profit

Correct Incorrect Correct answer

The basic idea behind brand differentiation under an imperfect market arrangement is to?

stimulate demand for rival products

Correct Incorrect Correct answer

create demand for the particular product

Correct Incorrect Correct answer

enable the product penetrate the market

Correct Incorrect Correct answer

enable the product to complete with others

Correct Incorrect Correct answer

In the long run, a firm in a perfectly competitive market will make?

normal profit

Correct Incorrect Correct answer

adnormal profit

Correct Incorrect Correct answer

marginal profit

Correct Incorrect Correct answer

no profit

Correct Incorrect Correct answer

Economics Weekly Assessment (Feb 07 25)

Economics Weekly Assessment (Feb 07 25)

ola February 6, 2025

Quiz Summary

Information

Results

Results

Categories

1. Question

2. Question

3. Question

4. Question

5. Question

6. Question

7. Question

8. Question

9. Question

10. Question