Question 4606:

Which of the following statements best describes the relationship between average product and marginal product?

A. Marginal product and average product curves rise and fall together
B. Marginal product equals average product at the minimum point of the latter C. average product curve will rise as long as marginal product is greater than average product
C. Marginal product equals average product at the maximum point of the former

Question 4607:

The shape of a production possibility frontiers is determined by the ____________

A. Increasing relative costs
B. Returns to scale
C. Diminishing returns to a fixed factor
D. Increasing returns toa variable factor

Question 4608:

In a small scale business, the fixed cost is \(N 5,000.00\). variable costs is \(\mathrm{N} 15,000.00\) and the output is 500 units. What will be the unit cost of the goods?

A. N400
B. N80.00
C. N40.00
D. N20.00

Question 4609:

If the labour force in a given community is 2,000,000. the wage employment 200,000 and the unemployed are \(80.000\), what is the unemployment rate in the community?

A. \(0.4 \%\)
B. \(40.0 \%\)
C. \(10.0 \%\)
D. \(4.0 \%\)

Question 4610:

\begin{array}{|l|l|l|l|l|l|l|l|l|}
\hline \(\mathrm{Q}\) & 1 & 2 & 3 & 4 & 5 & 6 & 7 & 8 \\
\hline \(\mathrm{Mu}\) & 16 & 14 & 12 & 10 & 8 & 6 & 4 & 2 \\
\hline Mus & 11 & 10 & 9 & 8 & 7 & 6 & 5 & 4 \\
\hline
\end{array}

In the above. The price of commodity \(\mathrm{y}\) is \(\mathrm{N} 2\) and that of \(x\) is \(\mathrm{H} 1\) while the individual has an income of \(+12\). Determine the combination of the two commodities the individual should consume to maximize his utility

A. \(6 y\) and \(4 x\)
B. \(3 y\) and \(6 x\)
C. \(5 y\) and \(5 x\)
D. \(3 y\) and \(3 x\)