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1.
Economics is the study of human behaviour as it relates to the
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A.
efficient allocation of resources
B.
production of goods
C.
operation of companies
D.
generation of income

2.
The downturn in the prices of shares on stock markets is a highlight of
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A.
efficient allocation of resources
B.
the invisible hand
C.
the regulatory nature of the market
D.
consumer rationality

3.
The standard deviation of a set of data is
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A.
always measured from the mode
B.
the most representative of averages
C.
always measured from the median
D.
a measure of dispersion

4.
The mean is the best measure of central tendency because it
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A.
is not affected by extreme values in a data
B.
is a midpoint value in an array of data
C.
is a balancing point in an observation
D.
can be calculated from incomplete data

5.
The most popular sizes of dresses and shoes are determined by the
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A.
range
B.
mean
C.
mode
D.
median

6.
If the demand for a good is more elastic than its supply, the tax burden is borne
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A.
equally by consumers and producers
B.
more by producers
C.
more by consumers
D.
more by retailers and producers

7.
If the price of a commodity with elastic demand increases, the revenue accruing to the producer will
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A.
double
B.
increase
C.
be constant
D.
decrease

8.
Consumer surplus tends to be higher when demand is
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A.
inelastic
B.
perfectly elastic
C.
elastic
D.
unitarily elastic

9.
One of the assumptions of ordinal utility theory is that
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A.
choice is not consistent
B.
utility can be ranked
C.
total utility is a function of price
D.
satisfaction is measurable

10.
The law of diminishing marginal utility explains why
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A.
the slope of a normal demand curve is negative
B.
an abnormal demand curve slopes upwards
C.
the slope of a normal demand curve is positive
D.
the consumption of inferior goods increases with income

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