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41.
The additional output obtained by using one more unit of a factor is called
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A.
marginal income
B.
additional product
C.
marginal revenue
D.
average product
E.
marginal physical product

42.
The amount of labour a producer hires relative to other factor input depends on the
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A.
price of labour or its wage
B.
price of labour, machinery and other inputs
C.
price of machinery
D.
price of other inputs
E.
type of machinery

43.
The concept of economic efficiency primarily refers to
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A.
obtaining the maximum output from available resources at the lowest possible cost
B.
conservation of our petroleum resources
C.
equity in the distribution of the nation’s wealth
D.
producing without waste
E.
none of the above

44.
The law of diminishing returns often operates in the —
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A.
long run
B.
short run
C.
medium term
D.
small scale production
E.
none of the above

45.
The main economic objective behind the production of goods and services in an economy is to
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A.
maximise profits
B.
satisfy human wants
C.
become self-reliant
D.
create job opportunities
E.
make people wealthy

46.
The residual of production which accrues to the ownership of land after all other expenses have been met is called
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A.
wages
B.
profit
C.
rent
D.
interest
E.
discount

A.
average total cost less the sum of average variable cost
B.
half the sum of all costs
C.
total fixed cost divided by the level of output
D.
total fixed cost plus marginal cost
E.
total variable cost divided by output

48.
Average fixed cost is a rectangular hyperbola
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A.
since unit cost increases as output increases
B.
unit cost increases as output decreases
C.
unit cost decreases as output increases
D.
unit cost remains the same as output increases
E.
none of the above

49.
Long run cost is U-shaped because of the operation of
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A.
economies of scale on the left hand side and diseconomies of scale on the right hand side
B.
diseconomies of scale on the left and right hand sides
C.
economies of scale on the left and right hand sides
D.
constant return to scale
E.
diseconomies of scale of the left hand side and economies of scale of the right hand side

50.
Marginal cost is the cost
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A.
the lowest cost of producing goods
B.
the cost of production of the most efficient firm in an industry
C.
the cost of production of the most inefficient firm in an industry
D.
the cost of production of the last unit of goods produced by a firm
E.
the cost of production at which minimum profit is obtained by the firm

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