Economics Past Questions and Answers

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

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

The relationship between the cost of living and standard of living is

The ordinalist approach of utility postulated that utility can be

The frequent value that occurs most in a data is