UNICAL Economics 2018/2019 Past Questions

Practice each question, then open it to see the full details.

In order to increase revenue, the seller of a commodity whose demand is elastic is advised to

A.increase price
B.reduce output
C.reduce price
D.retain price

An institution that regulates trade relations among members is the

A.ADB
B.OPEC
C.EU
D.IMF

A decision on input combination solves the economic problems of

A.how to produce
B.for whom to produce
C.when to produce
D.what to produce

If the short-run cost of a firm is U-shaped, the marginal and average costs are equal where the

A.average variable cost is minimum
B.marginal cost is falling
C.average cost is minimum
D.average fixed cost is falling