3.5 kg
4.0 kg
4.2 kg
5.0 kg
Correct answer is B
The mean is the average of the numbers. It is easy to calculate: add up all the numbers, then divide by how many numbers there are. In other words it is the sum divided by the count.
thus we have;
mean = 3.5 + 3.0 + 4.2 + 5.0 + 4.3 = 20 / 5 = 4
In a market economy, the problem of what goods to produced is solved primarily by
Directives of the government
The pattern of consumers spending
Producers of consumer goods
People producing what they want
Correct answer is B
Consumer preferences and resource scarcity determine which goods are produced and in what quantity; the prices in a market economy act as signals to producers and consumers who use these price signals to help make decisions. Governments play a minor role in the direction of economic activity.
Which of the following items is not an example of circulating capital?
Raw material
Money
Fuel
Machinery
Correct answer is D
Circulating capital can consist of cash, operating expenses, raw materials, inventory in process, finished goods inventory and accounts receivable.
Circulating capital is frequently referred to as working capital or alternatively, revolving capital.
The opportunity cost of a worker going to the university is
Tuition, fees and books
Boarding and lodging
The wages given up to attend the university
Transportation and entertainment
Correct answer is C
Opportunity cost is the value of the next best thing you give up whenever you make a decision. It is "the loss of potential gain from other alternatives when one alternative is chosen". it is simply the forgone alternative
If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else.
Economics is regarded as a science because
Its issues can be easily verified by reference to facts
It adopts scientific methods in making its analysis
Its issues are relevant for national development
Its subject matter studies human behaviour
Correct answer is B
Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behavior of individuals, groups, and organizations.