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 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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