The main advantage of specialization results from (a) The economies of large scale production (b) The specializing country behaves like a monopoly © Smaller production runs resulting in lower unit costs. (d) High wages paid to foreign workers.

The main advantage of specialization results from
(a) The economies of large scale production
(b) The specializing country behaves like a monopoly
© Smaller production runs resulting in lower unit costs.
(d) High wages paid to foreign workers.
by

1 Answer

Answer :

(a) The economies of large scale production
by

Related questions

.Free trade is based on the principle of (a) Comparative advantage (b) Comparative scale © Economies of advantage (d) Production possibility advantage

Description : .Free trade is based on the principle of (a) Comparative advantage (b) Comparative scale © Economies of advantage (d) Production possibility advantage

Last Answer : (a) Comparative advantage

If an industry is characterized by economies of scale then - (1) barriers to entry are not very large (2) long run unit costs of production decreases as the quantity the firm produces increases (3) capital requirement are small due to the efficiency of the large scale operation (4) the costs of entry into the market are likely to be substantial

Description : If an industry is characterized by economies of scale then - (1) barriers to entry are not very large (2) long run unit costs of production decreases as the quantity the firm produces increases (3) ... of the large scale operation (4) the costs of entry into the market are likely to be substantial

Last Answer : (2) long run unit costs of production decreases as the quantity the firm produces increases Explanation: In microeconomics, economies of scale are the cost advantages that an enterprise obtains due to expansion ... in unit cost as the size of a facility and the usage levels of other inputs increase.

If an industry is characterised by economies of scale then (1) barriers to entry are not very large (2) long run unit costs of production decreases as the quantity the firm produces increases (3) capital requirement are small due to the efficiency of the large scale operation (4) the costs of entry into the market are likely to be substantial

Description : If an industry is characterised by economies of scale then (1) barriers to entry are not very large (2) long run unit costs of production decreases as the quantity the firm produces increases (3) ... of the large scale operation (4) the costs of entry into the market are likely to be substantial 

Last Answer : long run unit costs of production decreases as the quantity the firm produces increases

Which of the following are not fixed costs? (1) Rent on land (2) Municipal taxes (3) Wages paid to workers (4) Insurance charges

Description : Which of the following are not fixed costs? (1) Rent on land (2) Municipal taxes (3) Wages paid to workers (4) Insurance charges

Last Answer : (3) Wages paid to workers Explanation: In economics, fixed costs are business expenses that are not dependent on the level of goods or services produced by the business. They tend to be time-related, such ... paid in wages, can often be varied, so this type of labour cost is a variable cost.

Which of the following are not fixed costs? (1) Rent on land (2) Municipal taxes (3) Wages paid to workers (4) Insurance charges

Description : Which of the following are not fixed costs? (1) Rent on land (2) Municipal taxes (3) Wages paid to workers (4) Insurance charges

Last Answer :  Wages paid to workers

Which of the following is necessary for a natural monopoly? a. economies of scale b. a high proportion of the total cost is the cost of capital goods c. the market is very small d. all of the above

Description : Which of the following is necessary for a natural monopoly? a. economies of scale b. a high proportion of the total cost is the cost of capital goods c. the market is very small d. all of the above

Last Answer : d. all of the above

4. The demand for labor slopes down and to the right because of a. the law of demand b. the iron law of wages c. the law of diminishing marginal returns d. economies of scale

Description : 4. The demand for labor slopes down and to the right because of a. the law of demand b. the iron law of wages c. the law of diminishing marginal returns d. economies of scale

Last Answer : c. labor is a large percent of the total cost of production

Gains from trade can be divided into two parts (a) gains from exports and gains from imports. (b) gains from specialization and gains from exchange. © gains from consumption and gains from production. (d) gains from profit and gains from loss.

Description : Gains from trade can be divided into two parts (a) gains from exports and gains from imports. (b) gains from specialization and gains from exchange. © gains from consumption and gains from production. (d) gains from profit and gains from loss.

Last Answer : (b) gains from specialization and gains from exchange.

Which of the following is not a benefit of international trade? (a) Lower domestic prices (b) Development of more efficient methods of production © A wider selection of products for domestic consumers (d) High wage levels for all domestic workers.

Description : Which of the following is not a benefit of international trade? (a) Lower domestic prices (b) Development of more efficient methods of production © A wider selection of products for domestic consumers (d) High wage levels for all domestic workers.

Last Answer : The theory of comparative cost advantage is given by

Comparative advantage occurs when (a) A country can produce more goods than anyone else (b) A country has a lower opportunity cost in the production of a good than any other country © A country has more product lines than other countries (d) The exchange rate appreciates.

Description : Comparative advantage occurs when (a) A country can produce more goods than anyone else (b) A country has a lower opportunity cost in the production of a good than any other country © A country has more product lines than other countries (d) The exchange rate appreciates.

Last Answer : (b) A country has a lower opportunity cost in the production of a good than any other country

Economies of Scale means reduction in (1) unit cost of production (2) unit cost of distribution (3) total cost of production (4) total cost of distribution

Description : Economies of Scale means reduction in (1) unit cost of production (2) unit cost of distribution (3) total cost of production (4) total cost of distribution

Last Answer : (1) unit cost of production Explanation: In microeconomics, economies of scale are the cost advantages that an enterprise obtains due to expansion. "Economies of scale" is a long run concept and refers ... in unit cost as the size of a facility and the usage levels of other inputs increase.

Economies of Scale means reduction in (1) unit cost of production (2) unit cost of distribution (3) total cost of production (4) total cost of distribution

Description : Economies of Scale means reduction in (1) unit cost of production (2) unit cost of distribution (3) total cost of production (4) total cost of distribution

Last Answer : unit cost of production 

Economies of a firm are : (1) An increase in its profits (2) A reduction in its selling expenses (3) Its dominance of the market (4) Saving in it's production costs

Description : Economies of a firm are : (1) An increase in its profits (2) A reduction in its selling expenses (3) Its dominance of the market (4) Saving in it's production costs

Last Answer : (4) Saving in it's production costs Explanation: Economics of a firm includes how it combines labour and capital so as to lower the average cost of output, either from increasing, decreasing, or constant returns ... of a good or a service on a larger scale, yet with (on average) less input costs.

Economies of a firm are : (1) An increase in its profits (2) A reduction in its selling expenses (3) Its dominance of the market (4) Saving in it’s production costs

Description : Economies of a firm are : (1) An increase in its profits (2) A reduction in its selling expenses (3) Its dominance of the market (4) Saving in it’s production costs 

Last Answer : Saving in it’s production costs

” If a country enjoys an absolute advantage in the production of all commodities then also trade is possible”. Who said this? (a) Adam Smith (b) David Ricardo © J.S Mill (d) None of them.

Description : ” If a country enjoys an absolute advantage in the production of all commodities then also trade is possible”. Who said this? (a) Adam Smith (b) David Ricardo © J.S Mill (d) None of them.

Last Answer : (b) David Ricardo

Cost of production of the producer is given by: (1) sum of wages paid to labourers. (2) sum of wages and interest paid on capital. (3) sum of wages, interest, rent and supernormal profit. (4) sum of wages, interest, rent and normal profit.

Description : Cost of production of the producer is given by: (1) sum of wages paid to labourers. (2) sum of wages and interest paid on capital. (3) sum of wages, interest, rent and supernormal profit. (4) sum of wages, interest, rent and normal profit.

Last Answer : (4) sum of wages, interest, rent and normal profit. Explanation: The following elements are included in the cost of production: (1) Purchase of raw machinery, (2) Installation of plant and machinery ... also added, (k) The normal profit of the entrepreneur is also included In the cost of production.

Cost of production of the producer is given by: (1) sum of wages paid to labourers. (2) sum of wages and interest paid on capital. (3) sum of wages, interest, rent and supernormal profit. (4) sum of wages, interest, rent and normal profit.

Description : Cost of production of the producer is given by: (1) sum of wages paid to labourers. (2) sum of wages and interest paid on capital. (3) sum of wages, interest, rent and supernormal profit. (4) sum of wages, interest, rent and normal profit.

Last Answer : sum of wages, interest, rent and normal profit.

.In Heckscher Ohlin theory production function differ between commodities but are same between---- (a) countries. (b) factors © costs. (d) revenues.

Description : .In Heckscher Ohlin theory production function differ between commodities but are same between---- (a) countries. (b) factors © costs. (d) revenues.

Last Answer : (a) countries.

“Natural Monopoly” is the monopoly (a) which is provided by nature. (b) which needs large amount of capital. (c) when there is only one producer. (d) when average costs declines with increase in output.

Description : “Natural Monopoly” is the monopoly (a) which is provided by nature. (b) which needs large amount of capital. (c) when there is only one producer. (d) when average costs declines with increase in output.

Last Answer : (b) which needs large amount of capital.

In a monopoly market, an upward shift in the market demand results in a new equilibrium with A.A higher quantity and a lower price B.A higher quantity and the same price C.A higher quantity and higher price D.All of the above

Description : In a monopoly market, an upward shift in the market demand results in a new equilibrium with A.A higher quantity and a lower price B.A higher quantity and the same price C.A higher quantity and higher price D.All of the above

Last Answer : C.A higher quantity and higher price

According to Absolute and Comparative Advantage theories----- is the only factor of production. (a) land (b) labour © capital (d) organization.

Description : According to Absolute and Comparative Advantage theories----- is the only factor of production. (a) land (b) labour © capital (d) organization.

Last Answer : (b) labour

Which of the following could be defined as a multinational company? A. A firm that owns shares in a foreign company but does not participate in the company's decision making. B. A UK based internet package holiday firm specializing in selling tours to Turkey to German customers. C. A firm owning a chain of supermarket outlets outside its country of origin. D. A finance company transferring its HQ and all its activities from the UK to the US.

Description : Which of the following could be defined as a multinational company? A. A firm that owns shares in a foreign company but does not participate in the company's decision making. B. A UK based internet ... origin. D. A finance company transferring its HQ and all its activities from the UK to the US.

Last Answer : A firm owning a chain of supermarket outlets outside its country of origin.

Which bank enjoys monopoly power of note issue? (a) NABARD. (b) Commercial Bank. © Central Bank. (d) Regional Rural Bank.

Description : Which bank enjoys monopoly power of note issue? (a) NABARD. (b) Commercial Bank. © Central Bank. (d) Regional Rural Bank.

Last Answer : © Central Bank.

Which bank enjoys monopoly power of note issue? (a) NABARD (b) Agricultural bank © Industrial bank (d) Central bank.

Description : Which bank enjoys monopoly power of note issue? (a) NABARD (b) Agricultural bank © Industrial bank (d) Central bank.

Last Answer : (d) Central bank.

A business is able to reduce total cost by spreading fixed costs across a wider range of products. This is known as…. A. Economies of Scope B. The Experience Curve C. Economies of Capacity D. Economies of Scale

Description : A business is able to reduce total cost by spreading fixed costs across a wider range of products. This is known as…. A. Economies of Scope B. The Experience Curve C. Economies of Capacity D. Economies of Scale

Last Answer : Economies of Scale

A business is able to reduce total cost by spreading fixed costs across a wider range of products. This is known as…. A. Economies of Scope B. The Experience Curve C. Economies of Capacity D. Economies of Scale

Description : A business is able to reduce total cost by spreading fixed costs across a wider range of products. This is known as…. A. Economies of Scope B. The Experience Curve C. Economies of Capacity D. Economies of Scale

Last Answer : Economies of Scale

Which of the following is a driver of globalization? A. Trade barriers and controls on inflows of foreign direct investment. B. Weak competition. C. Technological advance. D. Economies of scale are being exploited to the maximum.

Description : Which of the following is a driver of globalization? A. Trade barriers and controls on inflows of foreign direct investment. B. Weak competition. C. Technological advance. D. Economies of scale are being exploited to the maximum.

Last Answer : Trade barriers and controls on inflows of foreign direct investment.

The negatively sloped part of long run cost curve of a firm is due to (a) Increase in production due to specialization and division of labour; (b) Diseconomies of scale ; (c) Diminishing returns to scale ; (d) Marginal utility theory

Description : The negatively sloped part of long run cost curve of a firm is due to (a) Increase in production due to specialization and division of labour; (b) Diseconomies of scale ; (c) Diminishing returns to scale ; (d) Marginal utility theory

Last Answer : (a) Increase in production due to specialization and division of labour;

Which of the following is not an export (a) sales of domestic cars abroad (b) purchase of foreign components © students from abroad studying in your country (d) sales of financial services.

Description : Which of the following is not an export (a) sales of domestic cars abroad (b) purchase of foreign components © students from abroad studying in your country (d) sales of financial services.

Last Answer : (b) purchase of foreign components

Pick out the wrong statement about cavitation. (A) Sudden reduction of pressure in a fluid flow system caused by flow separation, vortex formation or abrupt closing of valve leads to cavitation (B) Cavitation may be caused due to boiling of liquid by decreasing the pressure resulting in formation & collapse of vapor cavities (C) Cavitation begins at higher static pressure and lower velocity in larger diameter pipelines resulting in audible noise(D) Large scale cavitation cannot damage pipeline, restrict fluid flow anddamage steam turbine blades

Description : Pick out the wrong statement about cavitation. (A) Sudden reduction of pressure in a fluid flow system caused by flow separation, vortex formation or abrupt closing of valve leads to cavitation ... (D) Large scale cavitation cannot damage pipeline, restrict fluid flow and damage steam turbine blades

Last Answer : (D) Large scale cavitation cannot damage pipeline, restrict fluid flow and damage steam turbine blades

The company’s negotiation starting position for wages a. is never more than 150% of the current contract. b. is always lower than what Labor expects. c. is always exactly 80% of the current contract. d. is always half of the increase workers are asking for. e. none of these.

Description : The company’s negotiation starting position for wages a. is never more than 150% of the current contract. b. is always lower than what Labor expects. c. is always exactly 80% of the current contract. d. is always half of the increase workers are asking for. e. none of these.

Last Answer : a. is never more than 150% of the current contract.

Which of the following is not a driver of globalization? A. The fragmentation of consumer tastes between countries. B. The competitive process. C. Multinational companies successfully persuading governments to lower trading barriers. D. The need to gain economies of scale.

Description : Which of the following is not a driver of globalization? A. The fragmentation of consumer tastes between countries. B. The competitive process. C. Multinational companies successfully persuading governments to lower trading barriers. D. The need to gain economies of scale.

Last Answer : The competitive process.

Which one of the following is not a feature of monopoly? (1) Single seller of the product (2) Heavy selling costs (3) Barriers to entry of new firms (4) Price discriminations

Description : Which one of the following is not a feature of monopoly? (1) Single seller of the product (2) Heavy selling costs (3) Barriers to entry of new firms (4) Price discriminations

Last Answer : (2) Heavy selling costs Explanation: Heavy selling cost is one of the defining features of an oligopoly. Firms resort to heavy selling cost to attract customers. Under this market ... mainly by heavy advertising and promotional expenditure that ultimately adds to the total selling cost.

Which one of the following is not a feature of monopoly ? (1) Single seller of the product (2) Heavy selling costs (3) Barriers to entry of new firms (4) Price discriminations

Description : Which one of the following is not a feature of monopoly ? (1) Single seller of the product (2) Heavy selling costs (3) Barriers to entry of new firms (4) Price discriminations

Last Answer : Heavy selling costs

You are a market analyst specializing in the oil industry and have been asked to forecast the likely price of oil in 2012.

Description : You are a market analyst specializing in the oil industry and have been asked to forecast the likely price of oil in 2012.

Last Answer : world wide demand will increase as the US economy is in full rebound, EU strengthens, and China and India continue to grow. Crude will rise from its current $84 – $85 range to $120 per barrel.

A semi-conductor is damaged & behaves like a conductor, on passing a strong electric current through it, because it heats up the crystals & breaks the covalent bonds resulting in __________ electrons. (A) Lack of free (B) Excess of (C) Decrease in (D) None of these

Description : A semi-conductor is damaged & behaves like a conductor, on passing a strong electric current through it, because it heats up the crystals & breaks the covalent bonds resulting in __________ electrons. (A) Lack of free (B) Excess of (C) Decrease in (D) None of these

Last Answer : (B) Excess of

All of the following are direct implications of hiring a second shift except: a. increased production capacity. b. paying higher wages to second shift. c. training costs. d. increased MTBF. e. recruitment costs.

Description : All of the following are direct implications of hiring a second shift except: a. increased production capacity. b. paying higher wages to second shift. c. training costs. d. increased MTBF. e. recruitment costs.

Last Answer : d. increased MTBF.

Enterpreneurial ability is a special kind of labour that - (1) is hired out to firms at high wages (2) organizes the process of production (3) produces new capital goods to earn interest (4) manages to avoid losses by continual innovation

Description : Enterpreneurial ability is a special kind of labour that - (1) is hired out to firms at high wages (2) organizes the process of production (3) produces new capital goods to earn interest (4) manages to avoid losses by continual innovation

Last Answer : (2) organizes the process of production Explanation: In economics, factors of production are the inputs to the production process. Factors of production' may also refer specifically to the 'primary factors', ... the other factors of production, land, labor, and capital, in order to make a profit.

Enterpreneurial ability is a special kind of labour that (1) is hired out to firms at high wages (2) organizes the process of production (3) produces new capital goods to earn interest (4) manages to avoid losses by continual innovation

Description : Enterpreneurial ability is a special kind of labour that (1) is hired out to firms at high wages (2) organizes the process of production (3) produces new capital goods to earn interest (4) manages to avoid losses by continual innovation

Last Answer : organizes the process of production

Factor propotion theory is also known as (a) Comparative advantage theory. (b) Laissez faire theory. © Heckscher Ohlin theory. (d) Product cycle theory.

Description : Factor propotion theory is also known as (a) Comparative advantage theory. (b) Laissez faire theory. © Heckscher Ohlin theory. (d) Product cycle theory.

Last Answer : © Heckscher Ohlin theory.

According to Heckscher and Ohlin there are two bases of international trade (a) coparative advantage and absolute advantage (b) gains from trade and cost of trade. © difference in factor endowments and differences in factor intensities. (d) none of them.

Description : According to Heckscher and Ohlin there are two bases of international trade (a) coparative advantage and absolute advantage (b) gains from trade and cost of trade. © difference in factor endowments and differences in factor intensities. (d) none of them.

Last Answer : © difference in factor endowments and differences in factor intensities.

The theory of Comparative Advantage was propounded by (a) Adam Smith (b) David Ricardo © J.S. Mill (d) None of them.

Description : The theory of Comparative Advantage was propounded by (a) Adam Smith (b) David Ricardo © J.S. Mill (d) None of them.

Last Answer : (b) David Ricardo

The theory of Absolute Advantage was propounded by (a) Adam Smith (b) David Ricardo © J. S Mill (d) None of them.

Description : The theory of Absolute Advantage was propounded by (a) Adam Smith (b) David Ricardo © J. S Mill (d) None of them.

Last Answer : (a) Adam Smith

If capital is available in large proportion and labour is less then the economy is known as (a) Labour intensive country (b) Capital intensive country. © Both (a) and (b). (d) None of the above.

Description : If capital is available in large proportion and labour is less then the economy is known as (a) Labour intensive country (b) Capital intensive country. © Both (a) and (b). (d) None of the above.

Last Answer : (b) Capital intensive country.

Which of the following statements defines density of population? (a) Number of persons living in per unit area. (b) Number of persons living in a country © Change in the number of inhabitants of a country during a specific period of time. (d) Absolute numbers added every year.

Description : Which of the following statements defines density of population? (a) Number of persons living in per unit area. (b) Number of persons living in a country © Change in the number of inhabitants of a country during a specific period of time. (d) Absolute numbers added every year.

Last Answer : (a) Number of persons living in per unit area.

Which sector contributes largest to India’s national income? (a) Agricultural sector (b) Manufacturing sector © Service sector (d) Small scale industry.

Description : Which sector contributes largest to India’s national income? (a) Agricultural sector (b) Manufacturing sector © Service sector (d) Small scale industry.

Last Answer : © Service sector

Which of the following best defines price discrimination? a. charging different prices on the basis of race b. charging different prices for goods with different costs of production c. charging different prices based on cost-of-service differences d. selling a certain product of given quality and cost per unit at different prices to different buyers

Description : Which of the following best defines price discrimination? a. charging different prices on the basis of race b. charging different prices for goods with different costs of production c. charging ... a certain product of given quality and cost per unit at different prices to different buyers

Last Answer : d. selling a certain product of given quality and cost per unit at different prices to different buyers