14. An Isocost line will be shifted further away from the origin If the prices of...

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14. An Isocost line will be shifted further away from the origin If the prices of both inputs increase. If there is an advance in technology If total cost increases. O All the answers are correct 15. The following graphs (fig-1 and fig-2 below) show the world population in millions from 1000 to 2010 and the world population growth rate in the 20th century. Based on this information, which of the following statements is correct? The world population did not grow much from 1000-1700, after which the growth rate increased sharply. The world population continues to grow at an increasing rate. There has been a 600% increase in the world population over the past 200 years. The graphs suggest that the world population will start shrinking in near-term. Average annual growth rate of world population (%) 50 1910 1930- 1950 1970 1990- 2010 1.0- 1.5- 2.0- fig-2 1000- 1100 1200- 1300- 1400- 1500 1600- 1700- 1800 1900 2000 1,000 World population (millions) 2,000 3,000- 4,000- 5,000 6,000 7,000 8,000- fig-1 13. The figure below shows the production function for Rice. Which of the following statements is correct? 900 Kgs of Rice (thousands) 800 700 600 500 400 300 200 100 400 A 800 1200 1600 2000 2800 2400 Workers The production function exhibits constant average product of labor when the number of workers is more than 1600. The production function exhibits zero average product of labor when the number of workers is more than 1600. The production function exhibits constant average product of labor between 800 and 1600 workers. The production function exhibits constant average product of labor for the first 800 workers. 14. An Isocost line will be shifted further away from the origin If the prices of both inputs increase. If there is an advance in technology If total cost increases. O All the answers are correct 15. The following graphs (fig-1 and fig-2 below) show the world population in millions from 1000 to 2010 and the world population growth rate in the 20th century. Based on this information, which of the following statements is correct? The world population did not grow much from 1000-1700, after which the growth rate increased sharply. The world population continues to grow at an increasing rate. There has been a 600% increase in the world population over the past 200 years. The graphs suggest that the world population will start shrinking in near-term. Average annual growth rate of world population (%) 50 1910 1930- 1950 1970 1990- 2010 1.0- 1.5- 2.0- fig-2 1000- 1100 1200- 1300- 1400- 1500 1600- 1700- 1800 1900 2000 1,000 World population (millions) 2,000 3,000- 4,000- 5,000 6,000 7,000 8,000- fig-1 13. The figure below shows the production function for Rice. Which of the following statements is correct? 900 Kgs of Rice (thousands) 800 700 600 500 400 300 200 100 400 A 800 1200 1600 2000 2800 2400 Workers The production function exhibits constant average product of labor when the number of workers is more than 1600. The production function exhibits zero average product of labor when the number of workers is more than 1600. The production function exhibits constant average product of labor between 800 and 1600 workers. The production function exhibits constant average product of labor for the first 800 workers.

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