Economics 2012 | Study Mode

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Question 1
A
corruption is rampant 
B
consumer's sovereignty is lost 
C
income inequality is entrenched 
D
there is high level of unemployment 
Explanation.
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Correct Option:
A
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Question 2
A
normative reasoning 
B
inductive reasoning 
C
deductive reasoning 
D
positive reasoning 
Explanation.
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Correct Option:
B
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Question 3
A
shows whether a good is normal or inferior 
B
shows the relationship between variables 
C
reveals the magnitude of the change between variables 
D
helps to determine the unit of measurement of variables 
Explanation.
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Correct Option:
D
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Question 4
A
consumers' income 
B
demand 
C
consumers' tastes 
D
quantity damanded 
Explanation.
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Correct Option:
D
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Question 5
A
a movement along the demand curve 
B
a leftward shift of the demand curve 
C
a rightward shift of the demand curve 
D
no effect on the demand curve 
Explanation.
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Correct Option:
B
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Question 6
A
perfectly elastic 
B
inelastic 
C
elastic 
D
perfectly inelastic 
Explanation.
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Correct Option:
B
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Question 7
A
utility is measured in utils 
B
marginal utility is not observable 
C
utility is subjectively determined 
D
individual income differ 
Explanation.
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Correct Option:
A
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Question 8
A
stops consuming more of the commodity 
B
reduces the quantity consumed 
C
increases the quantity consumed 
D
consumes more of another commodity 
Explanation.
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Correct Option:
C
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