Production in Economics occurs when
A commodity or service is sold
Utility is created or added
A commodity is manufactured
Raw materials are produced or extracted from mines
All of these
Correct answer is E
No explanation has been provided for this answer.
A baby food and a baby clothing factories
Those which are introducing new products
Cases of arrested development
Industries temporarily protected by tariff barriers until mature enough to compete on world markets
Industries that are allowed to remain permanent cases of adolescence
Correct answer is D
No explanation has been provided for this answer.
In most cases the marginal utility derived from a particular good
Increases as additional units are consumed
Increases at a decreasing rate as additional units are consumed
Decreases at a constant rate as additional units are consumed
Decreases as additional units are consumed
Remains constant as additional units are consumed
Correct answer is D
No explanation has been provided for this answer.
Increasing aggregate demand
Paying higher wages
Increasing government expenditure
Reducing aggregate demand
A deficit budget
Correct answer is D
No explanation has been provided for this answer.
The burden of tax on a commodity whose demand is infinitely inelastic
Is zero
Will be borne by the seller alone
Will be borne by the buyer alone
Will be borne by both buyer and seller
Is impossible to tell who bears it
Correct answer is C
No explanation has been provided for this answer.