Question 4511:

Direct payment incurred for producing a commodity is called ____________

A. Implicit cost
B. Real cost
C. Opportunity cost
D. Due cost
E. Explicit cost

Question 4512:

Diseconomies of scale can be caused by the following EXCEPT

A. Managerial inefficiency
B. Increased resource-cost
C. Large market
D. Inefficient business environment
E. Technology

Question 4513:

Diseconomies of scale operates when ____________

A. Doubling inputs brings about more than proportionate increase in output
B. Doubling inputs leads to a doubling of output
C. Doubling input brings about less than proportionate increase in output
D. Decrease in profit
E. Increase in revenue

Question 4514:

Economic efficiency means ____________

A. Obtaining maximum output from available resources
B. Equitable distribution of nation's resources
C. Carrying out production without any waste
D. Producing the maximum output from available resources at the lowest possible cost
E. Efficient utilisation of the nation's resources.

Question 4515:

External economies are ____________

A. The advantages accruing to firm as a result of its expansion
B. The advantages accruing to one firm as a result of the existence of other firms in the same locality
C. Benefits derived by a firm as a result of its own external economies policy
D. Economies reaped only by firms that are externally focused
E. Bound to increase the cost of production