Course ID: 102351
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Part A: Multiple Choice [30 marks]
Identify the letter of the choice that best completes the statement or answers
the question. Indicate your multiple choice answers on the answer sheet on
the last page, and place the answer sheet inside the front cover of your
answer booklet at the end of the exam.
One mark will be awarded for the correct answer for each question.
1) Economies of scale occur when
A) the demand for a firm’s output increases.
B) a firm’s long-run average total costs fall as it increases the quantity of
output it produces.
C) short-run marginal cost falls.
D) the marginal product of labour is greater than the average product of
labour.
2) The long-run adjustment to a supply shock results in
A) unemployment rising.
B) the short-run aggregate supply curve shifting to the right.
C) the price level rising.
D) workers being willing to accept higher wa
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