If the coefficient of price elasticity of demand of a product is zero, then its demand curve will be
Parallel to the quantity axis
Parallel to the price axis
Negatively sloped
Positively sloped
Correct answer is B
When the coefficient of price elasticity of demand is equal to zero, it means demand is perfectly inelastic. This means that demand for a good does not change in response to price.
The desire for profits is a major feature of
Traditional economy
Mixed economy
Market economy
Command economy
Correct answer is C
A market economy is an economic system in which the forces of demand and supply determine major economic decisions and the prices of goods and services
In this type of system, there is no central planning authority that determines what should be produced, but rather, private individuals and businesses are in charge of productive resources. Now we all know, private businesses are in business for the main purpose of making profits. A market economy is characterized by business owners who go into business for the sole aim of making profits.
$35
$36
$37
$38
Correct answer is B
Mean is gotten as the sum of the terms divided by the number of terms. That is,
sum of the terms
number of terms
The major employer of labour in developing countries is the
Tertiary sector
Secondary sector
Primary sector
Industrial sector
Correct answer is C
The primary sector of the economy includes any industry involved in the extraction and production of raw materials, such as farming, logging, hunting, fishing, and mining. This sector of the economy has the highest number of human labour in a developing economy, as it doesn't involve skilled labour and acquisition of a former education.
A point X inside the production possibility curve indicates that
Resources are fully utilized
The country is poor
Some resources are idle
Resources are not available
Correct answer is C
Point X in the production possibility curve represents an inefficient use of resources, while points A, B, and C on the PPF curve represent the most efficient use of resources by the economy.
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