Economics 2010 | Study Mode

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Question 2
A
efficient allocation of resources 
B
the invisible hand 
C
the regulatory nature of the market 
D
consumer rationality 
Explanation.
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Correct Option:
C
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Question 4
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 
Explanation.
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Correct Option:
C
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Question 6
A
equally by consumers and producers 
B
more by producers 
C
more by consumers 
D
more by retailers and producers 
Explanation.
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Correct Option:
B
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Question 9
A
choice is not consistent 
B
utility can be ranked 
C
total utility is a function of price 
D
satisfaction is measurable 
Explanation.
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Correct Option:
B
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Question 10
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 
Explanation.
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Correct Option:
A
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