Economics Past Questions and Answers

is often described as a science because it

Given the table demonstrating the law of diminishing marginal utility below, what is the value of X?<br/> <br/><br/> <br/><br/><table class='tbn'> <tbody> <tr> <td> No. of oranges Consumed </td> <td> Total Utility </td> <td> Average Utility </td> <td> Marginal Utility </td> </tr> <tr> <td> 1 </td> <td> 9 </td> <td> 9 </td> <td> - </td> </tr> <tr> <td> 2 </td> <td> 16 </td> <td> 8 </td> <td> x </td> </tr> <tr> <td> 3 </td> <td> 24 </td> <td> 8 </td> <td> 6 </td> </tr> <tr> <td> 4 </td> <td> 30 </td> <td> 7.5 </td> <td> 4 </td> </tr> <tr> <td> 5 </td> <td> 34 </td> <td> 6.8 </td> <td> y </td> </tr> <tr> <td> 6 </td> <td> 36 </td> <td> 6 </td> <td> 2 </td> </tr> <tr> <td> 7 </td> <td> 36 </td> <td> 5.1 </td> <td> 0 </td> </tr> </tbody></table><br/><br/><br/><br/>

Which of the following is NOT one of the characteristics of developing countries?

The demand for a good is price inelastic if

A tariff is a tax imposed on