Correct Answer: C. Imported goods

Explanation

A tariff is a tax that a country imposes on its imports, sometimes to protect domestic industries from foreign competition. Therefore, the correct answer is 'Imported goods'.

Correct Answer: D. has attained both full employment and full production

Correct Answer: C. the wages given up to attend the university

Explanation

Opportunity cost is the value of the next best thing you give up whenever you make a decision. It is the loss of potential gain from other alternatives when onealternative is chosen. it is simply the forgone alternative.

If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can't spend the money on something else.

Explanation

(a) X = TP \(_{6}\) x Q\(_{6}\)

= 11.7 x 8

= 70.2

OR

TP\(_{5}\) + MP\(_{6}\)

= 80 + (-9.8)

= 70.2

Y = MP\(_{4}\) =

\(\frac{TP_4 -TP_3}{4 - 3}\)

= \(\frac{80 - 70}{1}\)

= 10

Z = AP\(_{2}\) = TP\(_{2}\) + Q

= \(\frac{50}{2}\)

= 25

(b) i. Increasing returns: 1 - 2 units of labour.

ii. Decreasing returns: 3 - 4 units of labour

iii. Negative returns: 6 units of labour

(c) The law of diminishing returns states that as more and more units of a variable factor are combined with a fixed input, the marginal product increases and after a certain point begins to decline.

ii. From the graph, as the variable input labour increases i.e up to 2 units of labour. At 3 units of labour, TP still increases, but MP attains a maximum of 30 and begins to fall. As MP falls up to 5 units of labour, TP has reached its maximum at 80. When MP turns negative, TP begins to fall to 70.2.

Correct Answer: C. average variable cost curves

Explanation

The long-run average cost (LRAC) curve shows the firm's lowest cost per unit at each level of output, assuming that all factors of production are variable. The LRAC curve assumes that the firm has chosen the optimal factor mix, as described in the previous section, for producing any level of output.

Correct Answer: D. E2

Correct Answer: D. Currency

Correct Answer: B. time frame of the expenditure

Correct Answer: B. Constant complement

Correct Answer: D. decrease the quantity demanded of Q

Explanation

Joint demand is when you need two goods because they work together. If two goods are in joint demand they will have a high and negative cross elasticity of demand. This means a rise in the price of one will lead to a decrease in the demand for the other. Therefore option D is correct. An increase in the price of P, will lead to a decrease in the quantity demanded of Q.