A Level Economics Quiz 2016 Part 2

Profit maximizing output and optimum output are the same in the long run under

Effective product differentiation will tend to make

If a firm has prospective sales of 10 million FCFA, fixed costs of 12 million FCFA and variable costs of 8 million FCFA, in the short run it should

If a nationalized industry is to operate with financial autonomy, which of the following pricing policies should it adopt?

A firm’s total fixed cost = 100,000 FCFA; Average fixed cost = 100 FCFA; and Average variable cost = 600.FCFA. The output produced by this firm is

The reservation of particular tasks to workers with specialized skills is termed

If the government finds that it has to make an interest payment of 36,000 FCFA on a loan of 1,000,000 FCFA for three months, what is the rate of interest per annum?

When a factor of production is in temporarily fixed supply, enabling economic rent to be earned only in the short run, this is referred to as

Gross National Product at market price minus Gross Domestic Product at market price is equal to

Given that the National Income of a given country is 6,000 million FCFA, determine its personal disposable income assuming that households pay taxes for 500 million FCFA, contribute 600 million FCFA for National Social Insurance and receive transfer payments worth 200 million FCFA.

The increase in the value of inventories brought about by inflation is known as

In an economy, total final expenditure is always equal to

In an open economy, an increase in imports everything being equal

In an economy, equilibrium income stands at 1,000 million FCFA while full employment income is 1,500 million. What gap is created in this economy?

In a closed economy with no government intervention, C = 50 + 0.85Y, where Y is income. Autonomous investment is constant at 60. Induced investment is I = 0,05Y for all levels of income. At what level of income will savings equal investment?