The fundamental economic problem in every society is
The large number of the unemployed
Limited supply of productive resources
Inadequate supply of money
Corruption and mismanagement
Correct answer is A
The fundamental economic problem facing all societies is the problem of scarcity or limited resources to satisfy human wants. As we all know, human wants and unlimited, and the resources meant to satisfy these needs are less than required.
Use the information to answer the following question
| Items | Amount ($m) |
| Rents and royalties | 75.00 |
| Company income tax | 150.00 |
| Custom and excise duties | 300.20 |
| personal income tax | 80.00 |
| Fees and fines | 60.00 |
| value added tax | 100.00 |
What is the total revenue from non-tax sources?
$400.20 m
$375.20 m
$135.00 m
$75.00 m
Correct answer is C
Total revenue can be written as P × Q, which is the price of the goods multiplied by the quantity of the sold goods.
Non-tax revenue or non-tax receipts are revenue not generated from taxes and from the table above, only rents and royalties do not fall under taxes.
They include:
Rents and royalties + fees and fines
75.00 + 60.00 = 135.00m
Use the information to answer the following question
| Items | Amount ($m) |
| Rents and royalties | 75.00 |
| Company income tax | 150.00 |
| Custom and excise duties | 300.20 |
| personal income tax | 80.00 |
| Fees and fines | 60.00 |
| value added tax | 100.00 |
What is the total revenue from indirect tax
$686.0 m
$400.20 m
$135.80 m
$100.00 m
Correct answer is B
Indirect tax is a tax levied on goods and services rather than on income or profits. Thus we have;
Indirect tax = customs and excise duties + value-added tax
300.20 + 100.00 = 400.20
Use the table to answer the following question
| Quantity | Total cost |
| 0 | 20 |
| 1 | 25 |
| 2 | 28 |
| 3 | 30 |
| 4 | 38 |
| 5 | 55 |
| 6 | 92 |
| 7 | 135 |
At output level 5, the total variable cost is?
$5.00
$20.00
$55.00
$35.00
Correct answer is D
No explanation has been provided for this answer.
Use the table to answer the following question
| Quantity | Total cost |
| 0 | 20 |
| 1 | 25 |
| 2 | 28 |
| 3 | 30 |
| 4 | 38 |
| 5 | 55 |
| 6 | 92 |
| 7 | 135 |
The total fixed cost is?
$7.00
$30.00
$20.00
$135.00
Correct answer is C
No explanation has been provided for this answer.