Which of the following is NOT a factor determining supply?
Cost of production
Climatic condition or weather
Income of the producers
Number of producers
Technological development
Correct answer is C
Supply will be determined by factors such as
- price,
- the number of suppliers,
- the state of technology,
- government subsidies,
- weather conditions and
- the availability of workers to produce the good.
The income of the producer doesn't affect supply.
The central point of the Malthusian theory is that
Everybody should become a farmer
Government should provide enough accommodation and food
Increasing population will get enough food
Population increase in geometric progression while food arithmetic progression
Wages has nothing to do with cost of living
Correct answer is A
No explanation has been provided for this answer.
In the demographic transition theory, stage II represents a stage where
Declining birth rates with low death rates lead to little or no population growth
High birth rate with low death rates lead to no population growth
There is population growth due to high birth rates and low death rates at that stages
There is a slow rate of population growth as a result of high birth rate accompanied by high but slightly fluctuating death rate
There is a very high growth as population as a result of high birth rates accompanied by high but slightly fluctuating death rates
Correct answer is D
No explanation has been provided for this answer.
Growth in a nation’s life expectancy
Increase in a nation’s population
Rate of increase in aggregate demand in a country
Rate of increase in a country’s full employment and real output
Rate of increase
Correct answer is C
No explanation has been provided for this answer.
Which of these is NOT a basic economic problem of society?
Efficiency of resource use
For whom to produce
How to produce
Scale of production
What to produce
Correct answer is D
Scarcity, or limited resources, is one of the most basic economic problems we face. We run into scarcity because while resources are limited, we are a society with unlimited wants. The problem of
- What to produce
- how to produce and for
- Whom to produce are the basic economic problems of a society.
- Efficiency of resources used
Scale of production is a secondary production function.