43
If there is an increase in demand without a corresponding increase in supply, there will be a
- A. rise in price
- B. shift in demand curve to the left
- C. fall in price
- D. shift in supply curve to the right
44
The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range, the demand curve is
- A. perfectly inelastic
- B. fairly inelastic
- C. perfectly elastic
- D. fairly elastic
45
Utility is the satisfaction derived from?
- A. demand
- B. production
- C. distribution
- D. consumption
46
In economic analysis, a statement is said to be normative if it?
- A. relates to value judgement
- B. is incorrect
- C. can be tested scientifically
- D. is contradictory
47
For an inferior good, a decreased in real income will lead to?
- A. a lower equilibrium price
- B. a change in quantity demanded
- C. an outward shift of the demand curve
- D. an inward shift of the demand curve
48
When two variables are positively related, the graph of the relationship?
- A. is a downward-sloping curve
- B. has a negative intercept
- C. is a straight line
- D. is an upward-sloping curve