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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Question 9
A
seasonal conditions
B
the efficacy of fertilizer used
C
the demand for beverages
D
the availability of close substitutes
Explanation

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Correct option: B
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Question 10
A
unitary
B
infinity
C
fairly elastic
D
perfectly inelastic
Explanation

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Correct option: D

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