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31.
Direct payment incurred for producing a commodity is called
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A.
implicit cost
B.
real cost
C.
opportunity cost
D.
due cost
E.
explicit cost

32.
Diseconomies of scale can be caused by the following EXCEPT
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A.
managerial inefficiency
B.
increased resource-cost
C.
large market
D.
inefficient business environment
E.
technology

33.
Diseconomies of scale operates when
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A.
doubling inputs brings about more than proportionate increase in output
B.
doubling inputs leads to a doubling of output
C.
doubling input brings about less than proportionate increase in output
D.
decrease in profit
E.
increase in revenue

34.
Economic efficiency means
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A.
obtaining maximum output from available resources
B.
equitable distribution of nation’s resources
C.
carrying out production without any waste
D.
producing the maximum output from available resources at the lowest possible cost
E.
efficient utilisation of the nation’s resources.

35.
External economies are
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A.
the advantages accruing to firm as a result of its expansion
B.
the advantages accruing to one firm as a result of the existence of other firms in the same locality
C.
benefits derived by a firm as a result of its own external economies policy
D.
economies reaped only by firms that are externally focused
E.
bound to increase the cost of production

36.
If a firm doubles its output and its costs increase by 60%, the firm is experiencing
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A.
increasing costs
B.
economies of scale
C.
decreasing returns
D.
decreasing costs
E.
none of the above

37.
In economics, production is complete when
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A.
Goods are produced in the factories
B.
Goods are sold to the wholesaler
C.
Goods and services are produced by the government
D.
Prices are fixed for goods and services
E.
Goods and services finally reach the consumer

38.
In the study of economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are —
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A.
profitable to the production process
B.
purchased for the purpose of production
C.
combined in the production process
D.
produced adequately for the production process
E.
brought into factory

39.
Production that takes place within the production possibility curve is said to be
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A.
inefficient
B.
possible
C.
with increased output
D.
x-efficient
E.
pareto-compliant

40.
The act of combining factor inputs in order to obtain specific output is known as
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A.
factor procurement
B.
manufacturing
C.
investment
D.
industrialisation
E.
production

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