41. Nations engage in international trade because of difference in?
- A. absolute cost
- B. comparative cost
- C. fixed cost
- D. variable cost
Reveal Answer
42. One advantage of international trade is that
- A. prices of goods become stable
- B. countries become self-sufficient
- C. goods consumed are produced at a very high cost
- D. it makes possible the consumption of variety of goods
Reveal Answer
43. Which of the following forms of economic integration is a member nation free to impose duty against
- A. custom union
- B. free trade area
- C. common market
- D. economic community
Reveal Answer
44. The International bank for reconstruction and development (IBRD) performs the following functions except?
- A. granting long-term loans
- B. assisting with technical expertise
- C. reducing tariff among members
- D. developing human resource
Reveal Answer
45. An electrical engineer who is teaching physics in a secondary school is said to be
- A. under-employed
- B. unemployed
- C. fully employed
- D. technically unemployed
Reveal Answer
46. One benefit a country can derive from the extraction of crude oil is increase in?
- A. population
- B. employment
- C. money
- D. demand for imports
Reveal Answer
47. Which of the following cannot be classified as a natural resource
- A. iron rod
- B. wild life
- C. solar energy
- D. gold
Reveal Answer
48.
| quantity | total cost |
| 0 | 20 |
| 1 | 25 |
| 2 | 28 |
| 3 | 30 |
| 4 | 38 |
| 5 | 55 |
| 6 | 92 |
| 7 | 135 |
Use the table to answer the following questions
the total fixed cost is?
- A. $7.00
- B. $30.00
- C. $20.00
- D. $135.00
Reveal Answer
49. At output level 5, the total variable cost is?
- A. $5.00
- B. $20,00
- C. $55.00
- D. $35.00
Reveal Answer
50. Gross national expenditure at factor cost is_________
- A. ₤ 88,000m
- B. ₤ 82,000m
- C. ₤ 74,000m
- D. ₤ 72,000m
Reveal Answer
