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Question 36

In the long run a firm may find its average cost of production rising because

Options:

A.

of the operation of diminishing returns to a fixed factor

B.

of the effect of diseconomies of scale

C.

over time the price of purchased inputs rises

D.

in the long run all costs are variable costs

Question 37

Which of the following provides a definition of a free good?

Options:

A.

No charge is made for it by its supplier

B.

Its provision is financed by taxation

C.

It is produced from renewable resources

D.

It is available at zero cost of production in unlimited quantities

Question 38

In a market economy the market mechanism can achieve all the following except one. Which is the exception?

Options:

A.

Signaling changes in consumer tastes

B.

Causing supply to respond to changes in demand

C.

Eliminating excess supply and demand

D.

Ensuring a socially fair distribution of goods and services

Question 39

When the government intervenes in the market economy to correct a market failure

Options:

A.

Economic welfare always increases

B.

The problem of government failure may result

C.

In all cases the market mechanism ceases to function

D.

The intervention always creates a surplus

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Exam Code: BA1
Exam Name: Fundamentals of Business Economics
Last Update: May 16, 2024
Questions: 468
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