ECN 210- principles of microeconomics.

ECN 210-principles of micro economics. 2006/2007

1.The objective of any rational government is to maximise
a. Profit
b. Utility
c.welfare
d.wealth

2. The concept of invisible hard was developed by
a. Paul samuelson
b. Lloyd Atkinson
c. M.L.Jhilgan
d. Adam Smith

3. An imperfect market in which there is only one buyer of a commodity
a. Monopsony
b. Oligopoly
c. Mononpoly
d. Duopoly

4. Perfect competition market involve
a. Absence of transport
b. perfect knowledge of market condition.
c. Perfect mobility of goods and service
d. All of the above

5. Fixed cost equals...........at zero output
a. Average cost
b. Marginal cost
c. total cost
d. Avreage fixed cost
e. Variable cost