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51.
Which of the following is NOT part of the fixed cost of a firm
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A.
interest on loans
B.
rent on buildings
C.
depreciation reserves
D.
management expenditure
E.
wages

52.
Which of the following is used to describe a payment representing a surplus in excess of transfer earnings?
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A.
interest rates
B.
opportunity costs
C.
economic rent
D.
indirect costs
E.
wages

53.
A perfectly competitive firm produces the most profitable output where its
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A.
marginal revenue equals average cost
B.
price equals average cost
C.
price equals marginal cost
D.
marginal cost equals marginal revenue
E.
average revenue equals average cost

54.
Advertising is the main technique used for effecting in a monopolistic competition
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A.
market segmentation
B.
product differentiation
C.
price
D.
profit
E.
supply

55.
Output of a monopolist is usually determined at a point where
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A.
P=MC
B.
MR=MC
C.
AR=AC
D.
marginal cost is rising
E.
marginal revenue is rising

56.
Product homogeneity is one of the characteristics of
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A.
perfect competition
B.
monopoly
C.
monopolistic competition
D.
oligopoly
E.
competition

57.
Which of the following is compatible with a firm in a purely competitive market?
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A.
demand is inelastic
B.
demand is infinitely elastic
C.
marginal cost is falling
D.
price is greater than marginal cost
E.
price is less than marginal cost

58.
The difference between gross national product and net national product is equal to
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A.
Gross investment
B.
Net investment
C.
Net foreign income
D.
Capital depreciation
E.
Net and gross

59.
The difference between the Gross Domestic Product and the Gross National Product is the
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A.
Allowance for total depreciation
B.
Total interest payments
C.
Total tax and interest payments
D.
Net income from abroad
E.
none of the above

60.
The multiplier is defined as
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A.
The ratio of the change in income to the change in investment
B.
The change in investment divided by the change in income
C.
1/(MPC)
D.
1/(1-MPS)
E.
Process of multiplying initial increase in income

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