All the following are the canons of taxation given by Adam Smith except
Objective
Economy
Convenience
Certainty
Correct answer is A
There are four principles given by Adam Smith which include equality/ability to pay, economy, convenience and certainty. Objective is not a canon of taxation.
The concentration of industries in a particular geographical area is
Localization of industries
Roles of industrialization
Location of industry
Strategies of industrialization
Correct answer is A
Localisation means the concentration of a certain industry in a particular area, locality or region. Localisation is related to the territorial division of labour, that is, specialisation by areas or regions. A certain town or region tends to specialise in the production of a particular commodity.
The market in which the operators are many and none of them can influence the price is
Stock exchange market
Imperfect market
Perfect market
Exchange market
Correct answer is C
The Perfect Competition is a market structure where a large number of buyers and sellers are present, and all are engaged in the buying and selling of the homogeneous products at a single price prevailing in the market.
Which of the following best describes the mode? the
Observation with the highest frequency
Average of two middle numbers
Item that occupies the middle position
Difference of two extreme values
Correct answer is A
No explanation has been provided for this answer.
From the table above, find the values of E and F respectively
27 and 1
68 and 12
28 and 5
12 and 19
Correct answer is A
To get the total product for E multiply unit of labour by the average product.
Thus we have 3 x 9 = 27
marginal product for F is gotten as change in the total product. Thus we have 28 - 27 = 1
| Unit of labor | Total product | Average product | Marginal product |
| 1 | 8 | 8 | - |
| 2 | 20 | 10 | 12 |
| 3 | 27 | 9 | 7 |
| 4 | 28 | 7 | 1 |
| 5 | 40 | 8 | 12 |
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