Economics Paper 48

The law of diminishing returns applies to:

Which of the following costs always declines as output increases?

An isocost line reveals the:

A Cobb-Douglas production function:

Which of following is an example of a homogeneous product?

The "perfect information" assumption of perfect competition includes all of the following except one. Which one?

If, in a fully employed, closed economy, the supply of money and the velocity of circulation of money both increase, then in the short-run.

An increase in the rate of inflation which is not accompanied by any change in the volume of consumer goods sold will automatically increase the:

The increase in the Public Sector Borrowing Requirement (PSBR) to almost £50 billion this year will automatically lead to:

The investment demand curve shows the relationship between the levels of: