Economics Past Questions and Answers

Which of the following must be true to have a closed economy with no government, and yet the value of the investmet multiplier still increase?

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?

No. of oranges Consumed	Total Utility	Average Utility	Marginal Utility
1	9	9	-
2	16	8	x
3	24	8	6
4	30	7.5	4
5	34	6.8	y
6	36	6	2
7	36	5.1	0

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

The demand for a good is price inelastic if