Economics 2011 | Study Mode

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Question 11
A
marginal utility
B
ordinal utility
C
cardinal utility
D
total utility
Explanation

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Correct option: B
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Question 12
A
be supplied at a higher price
B
double at a higher price
C
increase by more than the percentage increase in price
D
equal percentage change in price
Explanation

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Correct option: C
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Question 13
A
there are difficulties in coordinating production
B
there is shortage in labour supply
C
the size of market is small
D
there is an increase in the price of raw materials
Explanation

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Correct option: A
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Question 14
A
in the long-run period
B
to large-scale enterprises
C
to small-scale enterprises
D
in the short-run period
Explanation

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Correct option: A
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Question 15
A
few sellers
B
few buyers
C
many sellers
D
a single seller
Explanation

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Correct option: A
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Question 16
A
the capital base of banks
B
employment opportunities in banks
C
the number of shareholders
D
the number of branches
Explanation

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Correct option: A
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Question 17
A
a rise in income levels
B
stagflation
C
inflation
D
deflation
Explanation

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Correct option: C
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Question 18
A
salaries and wages
B
pension
C
scholarship
D
social welfare
Explanation

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Correct option: D
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Question 19
A
be constant
B
be at equilibrium
C
increase
D
fall
Explanation

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Correct option: D
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Question 20
A
notes
B
precious metals
C
coins
D
commodities
Explanation

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Correct option: D

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