If successive units of labour are added to a piece of land while capital and technology remain constant, a point will be reached in the level of production when each added unit of labour will added less to the output than previous units of the labour. This concept is known as?
- A. the productivity of labour
- B. the law of diminishing marginal utility
- C. the law diminishing returns
- D. the concept of factor intensity
- E. labour intensive production
The concept of economic efficiency primary refers to?
- A. obtaining the maximum output from available resources at the lowest cost
- B. conservation of our petroleum resources
- C. equity in the distribution of the nation's wealth
- D. producing without waste
- E. the limited wants-unlimited resources dilemma
Production possibilities(alternatives)
P Q R S T
Units of shelter 5 4 3 2 0
Units of food 0 5 9 12 15
Based on the above production possibilities table, the real cost of a unit of food when alternative R is selected is?
- A. one unit of shelter
- B. three units of shelter
- C. one third of a unit of shelter
- D. six units of shelter
- E. two units of shelter
Which of the following sets fully represents factors of production?
- A. Sunlight, machinery, man , land,
- B. Land, labour, capital, enterprise, technology
- C. Capital, technology, idaes, markets, land
- D. Land, water, weather
- E. Money, market , middlemen
The natural growth rate of a population is the
- A. sum of the birth rate and the death rate
- B. sum of the birth rate and the net migrate rate
- C. birth rate minus death rate
- D. birth rate divided by the net migration
- E. death rate minus the net imgration
Which of the following items is NOT an argument for locating industries in rural areas?
- A. Rural areas supply agricultural raw material
- B. The pace of development will be quickened in rural areas
- C. Employment will be provided for rural inhabitants
- D. Capital is easily available in rural areas
- E. Suitable humid climate is sometimes found in rural areas
A downward sloping demand curve intersect a fixed supply curve, A shift of this demand curve to the right implies that?
- A. both price and quantity will increased
- B. only price increases
- C. only quantity increases
- D. the price remains constant
- E. the price falls
Which of the following is NOT include in measuring national income by the income approach?
- A. Wages and salaries of public servant
- B. student grants and scholarship
- C. Profit of companies
- D. income earned by self employed persons such as lawyers
- E. Rents on property