Which of the following is capable of increasing the population of a country?
Increase in birth rate
Increase in death rate
Poor medical facilities
Decrease in birth rate
Correct answer is A
Birth rate is the proportion of births to the total population in a place in a given time. That is, the amount of babies born and alive in a given period of time. An increase in the birth rate would cause the population of that geographical area to increase.
The law of diminishing marginal utility applies to a
Firm which minimizes cost
Consumer who maximizes satisfaction
Producer who maximizes marginal product
Consumer who minimizes total utility
Correct answer is B
The law of diminishing marginal utility states that the marginal utility of a good or service declines as its consumption increases. This means that, as a consumer keeps consuming additional units of a commodity, the additional satisfaction derived will keep decreasing (goods become less valuable as you continue consuming more of it)
Why is the law of diminishing returns a short run phenomenon?
All inputs are fixed
All inputs are variable
Some outputs are variable
Some inputs are variable
Correct answer is A
The law of diminishing returns states that as an increasing amount of a variable factor is added to a fixed factor, the marginal product of the variable factor may at first rise but must eventually fall.
The law of diminishing returns applies in the short run because only then is some factor fixed.
88 utils
18 utils
5.5 utils
3.5 utils
Correct answer is C
Average utility will be the total utility derived form the consumption of a commodity divided by the number of units consumed. Thus we have;
22 ÷ 4 = 5.5 utils
Given the demand function Qd = 20 - 1/ 2P. What is Qd when P is $12?
6 units
10 units
12 units
14 units
Correct answer is D
No explanation has been provided for this answer.