5 Questions
Who referred to 'Economics is a Science which deals with wealth'?
Adam Smith
Exploitation and inequality are minimal under:
Capitalism
Which of the following is a cause of an economic problem?
Unlimited wants
In a perfectly competitive firm, MC curve above AVC is the _____ Curve of the firm.
LMC
Which of the following is a variable cost?
Cost of raw material
Study Notes
Definition of Economics
- Economics is referred to as "a Science which deals with wealth" by Adam Smith.
Types of Economic Systems
- Exploitation and inequality are minimal under a Socialist economic system.
Economic Problems
- One of the causes of an economic problem is Scarcity.
Firm's Cost Curves
- In a perfectly competitive firm, the MC curve above AVC is the Supply Curve of the firm.
Cost Classification
- Wages of labour are a variable cost.
Test your knowledge of business economics with this mock test paper covering topics such as average cost, marginal revenue, and the theories of Adam Smith. Maximize your understanding and prepare for success with this quiz.
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