The use of government income and expenditure instrument to regulate the economy is termed______
Monetary policy
Physical policy
Fiscal policy
Public finance
Correct answer is C
Fiscal policy is used to control inflation, deflation, unemployment, Economic recession.
The demand for labour is a________
Derived demand
Joint demand
Complementary demand
Composite demand
Correct answer is A
The demand for labour is a derived demand and has a negative slope indicating as wage rises less labour is determined.
Which of the following is not a cause of unemployment_______
Poor education
Lack of skills
Good government planning
Corruption
Correct answer is C
Good planning by the government helps to reduce unemployment.
Input
Commodities
Output
Factors
Correct answer is C
An isoquant curve is the combination of labour and capital which shows the same output i.e labour and capital = Product.
The shape of the production possibility frontier is determined by the_________
Law of returns to scale
Law of diminishing returns
Factors of productions
Technology
Correct answer is B
Law of diminishing returns also known as law of variable proportion is used to determine. The shape of the PPF.