CSS Economics Solved Mcqs

Q.  When was the Organisation of Petroleum Exporting Countries (OPEC) formed to control the production and pricing of crude oil?

a. 1956
b. 1958
c. 1960
d. 1962


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MCQs:  Economies of scale:
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MCQs:  In law of diminishing returns at least one factor:
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MCQs:  Economies of scale are of two kinds:
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MCQs:  Laws of return apply to firms working in:
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MCQs:  During short period, diminishing returns may follow because:
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MCQs:  When a firm using a fixed amount of land and capital takes on more workers, it finds that marginal product (MP) of labour falls but the average product (AP) of labour rises. This can be explained by the factors that:
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MCQs:  Which of the following is example of external economies of scale?
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MCQs:  The maximum point on TP curve is at quantity of labour where:
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MCQs:  In an economy government constructed a new water reservoir for the purpose of irrigation; this might be taken as:
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MCQs:  The necessary condition for equilibrium position of a firm is:
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MCQs:  Profit is maximum when:
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MCQs:  Profit is maximum when:
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MCQs:  Profit is maximum when:
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MCQs:  At the point of equilibrium of firm (under perfect competition):
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MCQs:  Normal profit is:
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MCQs:  Economic profit is:
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MCQs:  A firm earns economic profit when total profit exceeds:
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MCQs:  The basic goal of a firm is to:
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MCQs:  A firm's MR exceeds its MC, maximum profit rule requires that firm to:
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MCQs:  Union leaders are in a better position to bargain for higher wages if demand for labour is:
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