Division of labour
Employment trends
Relative costs and benefits
Immobility of skilled labour
Correct answer is C
Location of industry is the sitting of a firm in a particular area. The benefits a firm derive i.e economies of scale is one of the principle in location of industry.
Most of the National debts is "dead weight" in the sense that is___
Bound to increase from year to year
Accumulated as the result of past capital investment
The responsibility of the treasury
Not covered by any real asset
Correct answer is D
Dead weight is a debt that is incurred to meet current needs without the security of an enduring asset. It is usually incurred by the government.
Buyer
Seller
Government
Local authority
Correct answer is B
The seller or producer will bear the whole burden of taxation. Any attempt to increase price will make the demand for the commodity to fall to zero.
The determination of wages in a labour market depends on the______
Government
People
Interaction between demand and supply of labour
Economy
Correct answer is C
Irrespective of the presence of labour unions, labour laws and other forces, the interaction between dd and ss of labour determines the wages in a labour market i.e where dd for labour equals ss of labour.
If wage rate is less than the average revenue product, the firms would be earning_______
Loss
Super normal profit
Normal profit
Higher revenue
Correct answer is B
MRP = Marginal Revenue Product
ARP = Average Revenue Product
Therefore, if the wage rate is less than the ARP, the firm will make super normal profit. As a result, new forms will enter the industry and the demand for labour will increase which will push up the wage rate so as to be equal to the ARP.
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