43
The residual of production which accrues to the owner of land after all other expenses have been met is called?
- A. wages
- B. rent
- C. interest
- D. profit
44
Efficiency of labour is enhanced by?
- A. Average Total Cost less the sum of Varriable Cost
- B. half the sum of all costs
- C. Total Fixed Cost divided by the the level of output
- D. Total Fixed Cost plus Marginal Cost
45
Labour productivity is defined as?
- A. output per man/hour
- B. average output
- C. the maximum number of hours worked
- D. total level of output
46
The additional revenue obtained by using one more unit of a factor is called its?
- A. marginal product
- B. additional product
- C. marginal revenue product
- D. average product
47
Market is defined as?
- A. one geographical location where people meet to buy and sell
- B. the demand and supply of goods and services
- C. a group of people whose sole interest is to make profit
- D. any organizational framework which links the buyers and sellers of a good and service
48
Which of the following best describes the concept of opportunity cost?
- A. a special bargain or scale at below market price
- B. Cost of input tends to go up as we use more of them
- C. Goods that are not produced in order to produce more of another good
- D. A cost that constantly decreases
49
The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?
- A. microeconomics
- B. macroeconomics
- C. production
- D. indifference curve
50
A production possibility curve shows?
- A. how much of the resources of society are used to produce a particular commodity
- B. the rate of inflation
- C. the rate of unemployment in the economy
- D. the various combinations of two commodities that can be produced