Economic WK 2

The ranking of a consumers' needs in order of importance is termed

• An opportunity cost

• Economies of scale

• Scale of preference

• Direct production

Rents and interest are the rewards to

• Labor and capital respectively

• Land only

• Capital and labor respectively

• Capital only

The continuous migration of capable hands in a country is known as

• Migration

• Immigration

• Brain drain

• Drain brain

At what price will a trader be ready to sell six oranges using the equation, p = q + 2. Where p is price and q is the quantity

• #3

• #4

• #8

• #6

Lydia is a babysitter.  Which of the following ways can she increase her human capital?

• Babysit only one child at a time

• Charge a higher price for her babysitting

• Purchase toys she can use while she babysits

• Attend a class to improve her babysitting skills

Which of the following is not an example of exchanging human capital for income?

• Walking a neighbors dog for $1

• Washing your dishes and making your bed for your weekly allowance of $3

• Watering a neighbor's plants while they're on vacation for $5

• Receiving $5 from your grandmother for your birthday

When  income is $200 consumption is $140, and when income is $250 consumption is $180. The marginal propensity to save is

• 0.80
• 0.75
• 0.25
• 0.20

An economic system in which the decisions about what to produce, how to produce and for whom to produce are made by private firms is called

• Socialism

• Welfarism

• Communism

• Capitalism

West African economies can be best described as

• Agricultural

• Backward

• Developed

• Industrialized

In production, the formula TP/No of men employed is used to calculate the

• Total product

• Average product

• Marginal product

• Variable product