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Question 1
A
government 
B
consumer 
C
industrialists 
D
labour unions 
Explanation.

No official Explanation yet!

Correct Option:
A

Question 2
A
income level of households 
B
available technical skills in the economy 
C
output decisions of firms 
D
holding decision of households 
Explanation.

No official Explanation yet!

Correct Option:
C

Question 3
A
range 
B
variance 
C
standard deviation 
D
mean deviation 
Explanation.

No official Explanation yet!

Correct Option:
B

Question 4
A
change in the quantity demanded as price changes 
B
shift in the demand curve 
C
movement along a given demand curve 
D
change in the price elasticity of demand 
Explanation.

No official Explanation yet!

Correct Option:
D

Question 5
A
unitary elastic 
B
zero elastic 
C
elastic 
D
inelastic 
Explanation.
In economics, the Total Revenue Test is a means for determining whether demand is elastic or inelastic. If an increase in price causes an increase in total revenue, then demand can be said to be inelastic, since the increase in price does not have a large impact on quantity demanded. If an increase in price causes a decrease in total revenue, then demand can be said to be elastic, since the increase in price has a large impact on quantity demanded.

Correct Option:
C

Question 6
A
fall in consumer income 
B
change in consumer taste 
C
fall in the commodity relative price 
D
rise in the commodity relative price 
Explanation.

No official Explanation yet!

Correct Option:
D

Question 7
A
20 
B
15 
C
50 
D
30 
Explanation.

No official Explanation yet!

Correct Option:
A

Question 8
A
an increase in the quantity supplied 
B
a new equilibrium 
C
a decrease in the quantity supplied 
D
a fall in price 
Explanation.

No official Explanation yet!

Correct Option:
D

Question 9
A
auctioning 
B
market forces 
C
the sales of treasury bills 
D
government legislation 
Explanation.

No official Explanation yet!

Correct Option:
B

Question 10
A
external economies of scale 
B
external diseconomies of scale 
C
internal economies of scale 
D
internal diseconomies of scale 
Explanation.

No official Explanation yet!

Correct Option:
C

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