Economics Past Questions and Answers

\(\begin{array}{c|c}<br/>\text{Units of variable factor} & \text{Total<br/>Product} \\<br/>\hline<br/>1 & 25 \\<br/>\hline<br/>2 & 31 \\<br/>\hline<br/>3 & 40 \\<br/>\hline<br/>4 & 48 \\<br/>\hline<br/>5 & 55 \\<br/>\end{array}\)<br/><br/><br/>The marginal product at the fifth variable factor is

The financial institution known as a building society is

A line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is

The following equations relate to an open economy with a government sector. E = aggregate expenditure on domestically produced goods, C = Consumption, I = Investment, G = Government expenditure, T = taxes, M = imports, X = Exports. Which equation is correct

\(\begin{array}{c|c}<br/>\text{Units of labour} & \text{Fixed capital} & \text{Total product} & \text{Average product} & \text{Marginal product} \\<br/>\hline<br/>0 & 10 & - & - & - \\<br/>\hline<br/>1 & 10 & 10 & 10 & 10 \\<br/>\hline<br/>2 & 10 & 25 & ? & 15 \\<br/>\hline<br/>3 & 10 & 50 & 16.7 & 25 \\<br/>\hline<br/>4 & 10 & 80 & 20.0 & 30 \\<br/>\hline<br/>5 & 10 & 106 & 21.2 & 26 \\<br/>\end{array}\)<br/><br/>Calculate the average product when the 2nd labour was employed 12.5