Economics Past Questions and Answers

Collectivism refers to the system of management of state enterprises in a?

The group of unemployed members of a community who are physically handicapped or disabled, is generally classified under unemployment as?

A textile firm operates a plant in the North (where capital expensive relative to labour)as well as a plant in the South (where labour is expensive relative to capital ). In this diagram above the Southern plant will minimize cost by combining labour and capital in the amounts indicated by

If in this demand-supply diagram, the quantity supplied is OQ, then

The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as