Economics

✅ The correct answer is B.
Productivity of land can be raised by Intensive cultivation. Intensive Farming is a farming method that uses higher inputs and advanced agricultural techniques to increase the overall yield.

✅ The correct answer is A.
Giffen goods are those goods for which demand increases as price increases. A Giffen good has an upward-sloping demand curve, which is contrary to the fundamental law of demand, which states that the quantity demanded for a product falls as the price increases, resulting in a downward slope for the demand curve.

✅ The correct answer is C.
If a firm shuts down temporarily, it will incur loss equal to TFC. The intersection of the average variable cost curve and the marginal cost curve, which shows the price where the firm would lack enough revenue to cover its variable costs, is called the shutdown point. If the perfectly competitive firm can charge a price above the shutdown point, then the firm is at least covering its average variable costs. It is also making enough revenue to cover at least a portion of fixed costs, so it should limp ahead even if it is making losses in the short run, since at least those losses will be smaller than if the firm shuts down immediately and incurs a loss equal to total fixed costs.

✅ The correct answer is D.
Unemployment of labour means that a worker does not get full time job and a person does not get job according to his qualification.

✅ The correct answer is A.
Suppose the demand for meals at a medium-priced restaurant is elastic. If the management of the restaurant is considering rasiing prices, it can expect a relatively large fall in quantity demanded.

✅ The correct answer is D.
Natural resources, Human capital and Physical capital all are sources of growth.

✅ The correct answer is D.
Economic rent can accrue to any of the factors of production. Economic rent is any payment to an owner or factor of production in excess of the costs needed to bring that factor into production.

✅ The correct answer is B.
The shape of PPC is concave due to rising opportunity cost between two goods. Most of the PPF curves are concave due to the inadaptability of the resources. The law of increasing opportunity cost states: as the production of one good rises, the opportunity cost of producing that good increases.

✅ The correct answer is C.
The income elasticity for a household is Zero when the income of this household rises by 5% and the demand for buttons does not change at all.

✅ The correct answer is B.
The elasticity of demand of durable goods is greater than unity. Price elasticity of demand for durable goods is generally more elastic in short run than in long run. That is, quantity demanded is more sensitive to price changes of such durable goods in short run and not so much in the long run.