43
If the price of a commodity with elastic demand increases, the revenue accruing to the producer will
- A. double
- B. increase
- C. be constant
- D. decrease
44
If the demand for a good is more elastic than its supply, the tax burden is borne
- A. equally by consumers and producers
- B. more by producers
- C. more by consumers
- D. more by retailers and producers
45
The most popular sizes of dresses and shoes are determined by the
- A. range
- B. mean
- C. mode
- D. median
46
The mean is the best measure of central tendency because it
- A. is not affected by extreme values in a data
- B. is a midpoint value in an array of data
- C. is a balancing point in an observation
- D. can be calculated from incomplete data
47
The standard deviation of a set of data is
- A. always measured from the mode
- B. the most representative of averages
- C. always measured from the median
- D. a measure of dispersion
48
The downturn in the prices of shares on stock markets is a highlight of
- A. efficient allocation of resources
- B. the invisible hand
- C. the regulatory nature of the market
- D. consumer rationality
49
Economics is the study of human behaviour as it relates to the
- A. efficient allocation of resources
- B. production of goods
- C. operation of companies
- D. generation of income