Economics II | Study Mode

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Question 1
A
Whose quality is low
B
Consumed by very poor people
C
Whose consumption falls when consumers' income rises
D
Which satisfy only the basic needs
Explanation

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Correct option: C
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Question 2
A
The same as equilibrium supply
B
Greater than equilibrium supply
C
Less than the equilibrium supply
D
Determined later by government
Explanation

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Correct option: C
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Question 3
A
the death rate may become so high that people may not be able to produce
B
population may outgrow the means of subsistence
C
people will eventually decide not to have children
D
migration of people from one place to another may leave some parts of the world barren
Explanation

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Correct option: B
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Question 4
A
They are not liable for the companies losses
B
They control the management
C
They greater voice in the electing board of the directors
D
none of the above
Explanation

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Correct option: D
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Question 5
A
composite demand
B
elastic demand
C
derived demand
D
competitive demand
Explanation

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Correct option: D
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Question 6
A
a change in real income
B
changes in the technique of production
C
a change of fashion or taste
D
change in population
Explanation

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Correct option: B
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Question 7
A
a fall in income
B
a rise in the price of a complement
C
a change in taste against this commodity
D
none of the above
Explanation

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Correct option: D
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Question 8
A
That a country is buying more than is selling
B
That a country is selling more than is buying
C
That a government is spending more than in takes in taxation
D
That a government is spending as much as it takes in taxation
Explanation

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Correct option: C
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Question 9
A
Perfectly elastic
B
Perfectly inelastic
C
Downward slopping
D
circular
Explanation

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Correct option: B
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Question 10
A
Scale of production is limited by size of the market
B
Expansion brings diminishing returns
C
Large firms can carter for wide markets
D
All of the above
Explanation

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Correct option: B

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