Thus it is a common practice to segregate current demand for durables in terms of replacement of old products and expansion of total stock. Ans. Controllable and Non-Controllable Costs: The concept of responsibility accounting leads directly to the classification of cost as controllable. Also, the demand for packaging material is a derived demand. Ans. In Triffins words, “Pure monopoly is that where the cross-elasticity of demand of the monopolist’s product is Zero.” The monopolist has absolutely no rivals. But Cournot’s solution is not regarded as correct, for the buyer monopolist possesses dual monopoly. A partner in a partnership firm, after severing his connections, can ask for ac­counts of past profits and losses but it is otherwise in the case of a co-partner. If you are not sure which exam board you are studying ask your teacher. Ans. The problem of bilateral monopoly has two facts. In this post, we will be giving out the samples of waec economics questions for candidates that will participate in the examination from past questions. This form of organization provides an opportunity to develop virtues of discipline, self-sacrifice, and co-operation. 1. 4. We, therefore, pass on to the study of price-output policies under simple or imperfect monopoly. Expert Tuition Limited International House 124 Cromwell Road, Kensington, London, SW7 4ET; 0207 060 4494; expert-tuition; enquiries@expert-tuition.co.uk CIMA BA1 exam questions test is a 2-hour computer-based certification exam containing 60 objective test question. How does Managerial Economics Differ from Economics? Perfect competition is often distinguished from pure competition, but they differ only in degree. But a Joint Hindu Family business is the creation of law; the members of the joint family become co-partners by virtue of their status. It is assumed that A regards B as one of the many buyers in a competitive market. As “Karta” takes the responsibility to manage the firm, the other members of the family may become lazy and inactive. For information about the data and how to use it, see the Comparative Data section. There are 20 questions in this test from the Economics section of the CFA Level 1 syllabus. Economics Questions and Answers. Every co-partner is guaranteed a “bare subsistence” irrespective of the extent of his contribution to the business. MCa is the marginal cost curve of the single seller A which cuts the MR curve at E. The seller monopolist would like to sell OM1 output at M1S price in order to maximize his profits. This plant is, however, of less than the optimum size, for the monopoly firm is not producing at the lowest point of the LAC curve L. It has some excess capacity. It has already shown good results. This is so at an output level of 12 units where the marginal cost and the average variable cost are equal to Rs.33. Helpful? This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. Suppose that the equilibrium price of an article is N5.00 … DOWNLOAD: GRADE 11 ECONOMICS EXAM PAPERS PDF Where you can find the Grade 11 Economics Exam Papers easily? All these questions have been asked in previous year. Each question in both A and B sections consists of four – (a), (b), (c), (d) parts, which are compulsory. Exam Type: Exam year: Question Type: Get Questions Change Subject Ask Question Check Syllabus Download App. Chapter 06. In India, company form of organizations have been found favorable with the government as against the consensus of experts for public corporation. Q. Exam Type: Exam year: Question Type: Get Questions Change Subject Ask Question Check Syllabus Download App. Secondly, it is proposed that detailed decision-making in the individual units should be effectively decentralized. It has, therefore, suggested that the membership of the board should be closed to the officials of the departments, members of parliament, and ministers. A correct answer scores 1; an incorrect answer scores 0. (c) Industrial Policy of 1948 Costs which can be postponed at least for some time are known as postponable costs, e.g., maintenance relating to building and machinery. BECE Past Questions & Answers – 2010 (home economics) BECE Past Questions & Answers – 2016 (home economics) BECE Past Questions & Answers – 2014 (Home Economics) BECE Past Questions & Answers – 2015 (Home Economics) BECE Past Questions & Answers 2011(BDT) BECE Past Questions & Answers 2012(BDT) BECE Past Questions & Answers 2013(BDT) However, it is hard to find a product in modern civilization whose demand is wholly and has supposed to have less price elasticity than autonomous demand. Examples of non-durable goods are sweets, bread, milk, a bottle of Coca-Cola, photoflash bulb, etc. A monopolist may operate more than one plant. This, therefore, means that organizations and governments need to know how to use these resources and meet human wants. Choose your answer to the question and click 'Continue' to see how you did. Join Chegg Study and get: Guided textbook solutions created by Chegg experts Learn from step-by-step solutions for over 34,000 ISBNs in Math, Science, Engineering, Business and more 24/7 Study Help. Durable products present more complicated problems of demand analysis than products of non-durable nature. Chapter 05 . Due to several mistakes, flaws, and omissions in project planning, many of the public enterprises take longer time to complete, which results in increasing the cost of the project and considerable delay in their completion. Below is an archive of past general examinations which may prove useful as a resource for current test preparation. This is the right time before the exam to pay attention to your weak side. They are also called single use goods. The Waec Economics (Essay) paper will start by 9:30am and will last for 2hrs while the WAEC Econs (Objective) exam will commence 11:30am and will last for 1hr. Examples of consumers’ goods can be ready-made clothes, prepared food, residential houses, etc. (b) Vallabhbhai Patel Share Your Word File iii. MCQ quiz on Economics multiple choice questions and answers on Economics MCQ questions quiz on Economics objectives questions with answer test pdf. 2017 ECONOMICS EXAM 2 SECTION A continued SECTION A – Multiple-choice questions Instructions for Section A Answer all questions in pencil on the answer sheet provided for multiple-choice questions. The Karta or Manager enjoys wide powers to borrow money, enter into contracts, mortgage or sell assets, or take any other action for the legitimate interest of the business. If the business commenced by a person is carried on by male members of his family after his death, it is a case of JHF. 1. A hypothetical model of a perfectly competitive industry provides the basis for appraising the actual working of economic institutions and organization in any economy. On separation, a co-partner has no right of asking for previous accounts. ‘Take off stage’ in an economy means: [CBI 1990], (a) steady growth begins He can do either of the two things. Nor is he affected by others. Start typing your question Close. 5. All the questions are in English and we will bring it in Hindi soon. Thus he faces the industry demand curve, his firm being an industry itself. (b) Second Five Year Plan Economic Planning is a subject: [Asstt Grade 1991], (a) in the Union List Exam Question # Q.1. Obviously, firms producing distant substitutes would be excluded from the purview of the industry. 64 4. This is a specifically stated objective of government policy, which has yet to be attained. 2. Prof. Galbraith in 1956 and the Estimates Committee in 1960 have recommended the establishment of larger companies in order to derive the benefits and economies of large-scale organization and management. (d) Preamble. 8. Railways usually make use of this distinction. (ECON 2301) Principles of Economics (ECON 203) Academic year. Since the elasticity of the firm’s average revenue curve is equal to one, total outlay on the firm’s product will be the same at every price. “Economics … Pure monopoly “occurs when a producer is so producer is so powerful that he is always able to take the whole of all consumers’ incomes whatever the level of his output. Get 34 important questions of Economy for preparation of UPSC (IAS) Prelims 2021 exam preparation which has been previously asked in the past year's Prelims exam. 4. Long-run demand is that which will ultimately exist as a result of the changes in pricing, promotion or product improvement, after enough time has been allowed to let the market adjust itself to the new situation. (c) Adam Smith iii. Professionals, Teachers, Students and Kids Trivia Quizzes to test your knowledge on the subject. After conducting a … The reasons for favoring company form of organization are as follows – (i) the opportunity that it provides for attracting private investment, both domestic and foreign; and (ii) the executive arm of the government did not want the public to get the full information about the undertaking which is the case if it were a public corporation. At present the managing directors are mostly the senior officers of the government departments who do not possess technical knowledge and experience. The controllability of a cost depends upon the levels of responsibility under consideration. Ans. Since a pure monopolist earns the whole income of the community all the time, he will maximize his profits when his total costs are the lowest. 3. Ask any economics question and an expert will answer it in as little as 30 minutes. Auf unserer Seite finden Sie zu Hause wirklich ausnahmslos die Liste an Produkten, die unseren sehr strengen Qualitätskriterien standgehalten haben. 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