When a country's population is experiencing increase returns, that country is said to be?
Overpopulated
Economically poor
Over-producing goods and services
Underpopulated
Correct answer is A
No explanation has been provided for this answer.
One of the fundamental differences between a capitalist and a socialist economy is that while
The former is characterized by complete government ownership of resources, the latter characterized by complete private ownership
In the former, prices act as signals in the allocation of resources, it is central authority that performs this function in the letter
Taxes are levied in a capitalist economy, there is no taxation in a capitalist economy
Income and wealth are equally distributed in the socialist economy, this is not so in a capitalist economy
Correct answer is B
No explanation has been provided for this answer.
One of the features of a free market economy is that
Resources are directed by the price mechanism
Workers do not earn equal wages
The profit motive is serverly constrained
Decisions on the economy are taken by bureaucratic structures
Correct answer is A
No explanation has been provided for this answer.
Inconsistent
Consistent
Transitive
Rational
Correct answer is A
No explanation has been provided for this answer.
Total utility derived from each goods and services is increasing at an increasing rate
Marginal utility derived from each good or service is increasing at the same rate
Marginal utility derived per naira spent is the same for all the goods and services
Total utility derived from all the goods and services is large
Correct answer is C
No explanation has been provided for this answer.