Economics Answers

What are the elements of indifference curve

which one of the following will shift the aggregate supply curve to the left?
(1) a decrease in the general price level
(2) an increase in wages
(3) an increase in taxes
(4) a decrease in the costs of production

which one of the following statement regarding the aggregate demand -aggregate supply (AD-AS) model is correct
(1) the AS curve illustrate the level of total expenditure in the economy at various price levels
(2) the AD curve show the aggregate quantities of a specific product that are demanded at different prices
(3) the AD-AS model seeks to explain the general price level and the total production of goods and services
(4) the AD-AS model cannot be used to determine the changes in the general price level

autonomous consumption C=R300
autonomous investment I= R200
government expenditure G=R600
autonomous net eports X-Z= -R100

marginla propensity to save =1/7
tax rate t=1/8
full employment level =R6000

the equilibrium level of income is
(1) R 1000
(2) R 3000
(3) R 2000
(4) R 4000

autonomous aggregate expenditure is
(1) R 1100
(2) R 1000
(3) R 500
(4) R -R100

the value of the multiplier is
(1) 7
(2) 8
(3) 4
(4) 2

the marginal propensity to consume is
(1) 1/7
(2) 6/7
(3) 0.14
(4) 0.5

to reach full employment, government expenditure should increase by
(1) R 2000
(2) R 3000
(3) R 1100
(4) R 500

given that C=C1+ cy and C1 =500, c=3/4, y =1000
which one of the following statement is correct
(1) autonomous consumption is R1000
(2) induced consumption is R11250
(3) induced consumption is R750
(4) the marginal propensity to save is 3/4

given that C=C1+cy and C1=500, c=3/4, y=1000

which one of the following statements is correct

(1) total consumption is R 500
(2) total consumption is R 1250
(3) aggregate demand is R1000
(4) marginal propensity to consume is 1/4

autonomous consumption c1=R2000
autonomous investment =R6000
marginal propensity to consume c=3/4
the value of the multiplier is
(1) 3/4
(2) 1/4
(3) 5
(4) 4

autonomous consumption c1=R200
autonomous investment =R600
marginal propensity to consume c= 3/4
the equilibrium level of income is
(1) R8000
(2) R32000
(3) R6000
(4) R2000

Suppose a firm in the short run produces an output, Q by using two inputs: Capital (K) & Labor (L), is the only variable input. Then
A. Calculate average physical product of Labor (APPL)
B. Calculate marginal physical product of Labor MPPL)
C. Assuming w as the fixed wage rate per unit of Labor, Calculate total variable cast (TVC) and show that both average variable Cost (AVC) and marginal cost (Mc) curves are U-shaped.

The individual supply of labour for a monopsonist has 2500 worker's,he pays $20 each to the workers per hour,considering his Marginal Revenue Product the monopsonist no longer comfortable with his MRP decides to employ additional labour,he decides to increase the initial wage per worker from $20 to $20.50.What will be the monopsonist Marginal Revenue Product?