43
Given the supply function P = \(\frac{1}{4}\)(Qs+10) when P = N10, what is Qs?
- A. 20
- B. 1.5
- C. 5.0
- D. 30
44
A rightward shift of the budget line is caused by a
- A. fall in consumer income
- B. change in consumer taste
- C. fall in the commodity relative price
- D. rise in the consumer income
45
If a 10% rise in price causes a 5% decrease in the quantity demanded of a commodity, the elasticity of demand is
- A. unitary elastic
- B. zero elastic
- C. elastic
- D. inelastic
46
A change in demand for a normal goods implies that, there is a
- A. change in the quantity demanded as price changes
- B. shift in the demand curve
- C. movement along a given demand curve
- D. change in the price elasticity of demand
47
The best measure of dispersion to determine the tallest tree in a forest is
- A. range
- B. variance
- C. standard deviation
- D. mean deviation
48
In capitalist economies, questions about what to produce are ultimately answered by
- A. income level of households
- B. available technical skills in the economy
- C. output decisions of firms
- D. holding decision of households
49
The choice of how to produce in a command economy is determined by
- A. government
- B. consumer
- C. industrialists
- D. labour unions