The slope of the budget constraint is the negative of the wage rate (–15).

An increase in the wage rate would cause a parallel upward shift in the budget constraint.

A gift of $60 would make the budget constraint steeper, with the intercept on the vertical axis increasing to $300.

The budget constraint is a feasible frontier with a constant marginal rate of transformation.

The potential friendships she could form with colleagues at Barclays

The income she would have earned at Barclays.

The cost of a gap year.

The income she would have earned on her gap year.

Malthusianism provided an explanation of why income would stay constant over centuries without trending upwards.

The predictions of Malthus were correct throughout 19th century Britain.

According to Malthusianism, the rise in productivity of labour would be offset by population growth.

Malthus held that a sustained increase in income per capita would be impossible.

Has diminishing average product of labour.

Has increasing returns to scale.

Is concave.

An equilibrium is a self-perpetuating situation that does not change, even when a force for change is introduced from the outside that alters the basic data describing the situation.

Ceteris paribus is an assumption used in economic models in which the important variables that you are focusing on are kept constant.

In economics, a model is a simplified representation (diagrammatical or physical) that helps us to understand what is going on by focusing attention on what is important.

An economic rent is the benefit you receive above what you would have earned from your reservation option.

For this production function, it is possible that initially there are economies of scale (for example, when there are two farmers instead of one, the average output increases as they efficiently share the workload).

The slopes of the rays from the origin to the production function decrease along the curve, indicating that the average product of labour is decreasing.

When the labour input is 2,800, the average product of labour is 300 kg.

If the production function curve is an upward-sloping straight line, then there is no diminishing average product of labour.

The decreasing slopes of the rays from the origin to the production function along the curve indicate the decreasing average product of labour.

The costs of production are decreasing as the number of farmers increases.

If the production function curve is an upward-sloping straight line, then there is no diminishing average product of labour.

The average product of labour when the labour input is 2,800 is 300.