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Economics - Paper 1

Quiz by Gulzhan Markabayeva

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47 questions
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  • Q1

    Which one of the following is a factor of production?

    Manufacturing

    Land

    Profit

    Wages

    300s
  • Q2

    A firm has total fixed costs of $40 000 per month and variable costs of $150 per unit. If it produces 1,000 units, what are the total costs per month for the firm?

    41 150 USD

    150 000 USD

    190 000 USD

    40 150 USD

    300s
  • Q3

    Which one of the following is part of the economic problem of scarcity?

    What to produce

    Whether to produce

    Where to produce

    When to produce

    300s
  • Q4

    A country is able to produce agricultural and non-agricultural goods. Its production possibility curve is shown in Figure 3. Which one we cannot obtain?

    Question Image

    Z

    W

    Y

    X

    300s
  • Q5

    A product has an income elasticity of demand (YED) of -0.16. Which one of the following best describes this product?

    An inferior good

    A normal good

    A luxury good

    A public good

    300s
  • Q6

    Which one of the following is a diseconomy of scale?

    An increase in bureaucracy

    An increase in productivity

    A decrease in government regulation

    A decrease in the cost of research and development

    300s
  • Q7

    Which one of the following is a feature of an oligopoly?

    No barriers to entry

    One firm dominates

    Large firms dominate

    Unique product

    300s
  • Q8

    A firm has monthly total costs of $150 000 and monthly fixed costs of $90 000. If it produces 1,000 units, what are the monthly total variable costs for the firm?

    $240 000

    $90

    $60

    $60 000

    300s
  • Q9

    Which one of the following might be an aim of a firm in the private sector?

    Maximise costs

    Reduce economies of scale

    Maximise profits

    Reduce interest rates

    300s
  • Q10

    Which one of the following is most likely to be provided by the public sector in Cyprus?

    Roads

    Cars

    Petrol

    Driving lessons

    300s
  • Q11

    Which one of the following may result in economic growth?

    Decreasing government spending

    Increasing unemployment

    Increasing technological advancements

    Decreasing productivity

    300s
  • Q12

    Which one of the following is an example of an economic want?

    Education

    Shelter

    Water

    Food

    300s
  • Q13

    Which one of the following values shows perfect price inelasticity of supply?

    0

    0.5

    1.5

    1

    300s
  • Q14

    A firm has total costs of $1 250 000 per month and variable costs of $100 per unit. If it produces 5,000 units, calculate the total fixed costs per month for the firm.

    $1 750 000

    $1 249 900

    $750 000

    $1 250 100

    300s
  • Q15

    Which one of the following diagrams shows excess demand?

    Answer Image
    Answer Image
    Answer Image
    Answer Image
    300s

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