Do we ascribe the national shortage of gasoline to the law of demand and supply or is something else at play?
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QandA LiberiaBeginner
Positive checks as envisaged by Thomas Malthus can be prevented if A. marriage is abolished. B. moral restraint is adopted. C. more hospitals are built. D. death rate is reduced.
QandA LiberiaBeginner
If workers at the school canteen cannot sell during the holidays, this is an example of A. structural unemployment. B. residual unemployment. C. frictional unemployment. D. seasonal unemployment.
QandA LiberiaBeginner
Wholesalers play an important role in the distribution of goods and services because they A. pass information on from retailers to consumers. B. are located very close to consumers. C. finance both producers and retailers. D. sell in small unit ...
QandA LiberiaBeginner
In the event of bankruptcy, owners of joint-stock companies lose A. their private properties. B. only their dividends. C. both company and private assets. D. only the capital invested.
QandA LiberiaBeginner
Public limited liability companies are democratic in nature because A. shareholders elect the board of directors. B. they are run by elected public officers. C. government appointees are members of the board. D. electoral principles are adopted in the day-to-day ...
QandA LiberiaBeginner
In the long run, a firm must shut down if its average revenue is A. equal to the minimum average cost. B. greater than average cost. C. less than average variable cost. D. equal to the average cost.
QandA LiberiaBeginner
“The larger a firm, the lower its cost of production”, this statement explains the A. concept of economics of scale. B. law of comparative cost advantage. C. law of diminishing returns. D. theory of division of labour.
QandA LiberiaBeginner
A firm’s average cost decreases in the long run because of A. decreasing marginal returns. B. increasing returns to scale. C. diminishing average returns. D. decreasing average fixed cost.
QandA LiberiaBeginner
A market is in equilibrium when A. there is no government intervention. B. buyers and sellers are free to sell more goods. C. there is no free entry and exit. D. the demand is the same as the supply.
QandA LiberiaBeginner
A price floor is usually fixed A. above the equilibrium and causes shortage. B. above the equilibrium and causes surpluses. C. below the equilibrium and causes surpluses. D. at the equilibrium and causes no shortage.