Economics | Study Mode

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Question 1

Human wants are

limited

scarce

unlimited

in grades

Explanation

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Correct option: C

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Question 2

The difference between the money cost and the real cost of any item is that

real cost is the laternative forgone while the money cost is the actual amount paid for buying the item

the real cost is the opportunity cost, while the money cost is the marginal cost

money cost is the opportunity, cost while the real cost is the actual cost in monetary terms

money cost is always greater than the real cost

Explanation

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Correct option: A

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Question 3

The production possibility curve (PPC) indicates that as more of one good is produced.

less of the other goods is produced

the same quantity of the other good is produced

more of the other good is produced

none of the other good is produced

Explanation

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Correct option: A

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Question 4

An arrangement of data in rows and columns is referred to as

graph

bar chart

pie chart

table

Explanation

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Correct option: D

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Question 5

A normal demand curve slopes

downward from left to right

upwards from right to left

downwards from right to left

upwards from left to right

Explanation

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Correct option: A

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Question 6

The co-efficient of income elasticity of demand for inferior goods is

positive

equal to one

less than one

negative

Explanation

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Correct option: D

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Question 7

If a 20% rise in price of Whiskey leads to a 30% increase in quantity demanded of Schnapps, the cross elasticity of demand is

2.5

2.3

1.5

Explanation

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Correct option: D

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Question 8

Palm oil and palm kernel have

competitive supply

excess supply

joint supply

composite supply

Explanation

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Correct option: C

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Question 9

A supply curve which is vertical has an elasticity co-efficient of

0.5

1.5

Explanation

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Correct option: A

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Question 10

if the current price of an apple is twice that of last year, it implies that the value of money is

stable

falling

rising

getting stronger

Explanation

Explanation not provided, please join discuss, your contributions are welcomed

Correct option: B

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Economics | Study Mode

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