Total revenue curve
Total product curve
Marginal product curve
Marginal revenue curve
Correct answer is B
The curve x represent the total product curve, it rises and decline.
What type of price elasticity of demand is the diagram above representing?
Perfectly inelastic demand
Perfectly elastic demand
Fairly elastic demand
Composite demand
Correct answer is A
The diagram above shows that it is a perfectly inelastic demand. It is also known as Zero demand and it is an abnormal demand curve. The curve is vertical to the "Y-axis".
The pie chart above represent the total population of a school of 1,200. The shaded area of 60∘ shows the population of the underaged pupils.
What is the population of the matured students?
600
800
1000
1200
Correct answer is C
Matured student = 60/360 x 1200
= 1000
Custom union
Free trade area
Common market
Economic community
Correct answer is A
Custom union is a form of economic integration in which higher tarrifs are levied on non-member states. It is an economic integration.
Nation engage in external trade because of difference in
Comparative cost
Absolute cost
Fixed cost
Variable cost
Correct answer is A
Comparative cost advantage is a reason for nations engage in external trade. The principle of comparative cost advantage was propounded by David Ricardo.
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