A major problem facing all economies is how to?

5 years ago

A. increase consumption of imported goods B. improve trade among nations C. transform from a developing to a developed economy…

When a generalization is made based on observed facts; it is known as?

5 years ago

A. deductive reasoning B. inductive reasoning C. theoretical reasoning D. normative reasoning Correct Answer: Option B - inductive reasoning Explanation…

A change in supply is best described as a?

5 years ago

A. movement along the supply curve B. shift of the supply curve to the left or to the right C.…

Economics is regarded as a social science because it?

5 years ago

A. adopts the scientific method in production B. is an agent of socialization C. adopts the scientific method in the…

If goods P and Q are purchased by a consumer; a fall in the price P with the price Q unchanged will cause the budget line to?

5 years ago

A. shift parallel inwards B. rotate outwards away from the origin C. rotate inwards towards the origin. D. shift parallel…

In the diagram below; what is the excess demand at the price of N60?

5 years ago

A. 200 B. 300 C. 600 D. 100 Correct Answer: Option B - 300

In the pie chart below; the percentage for children is equivalent to?

5 years ago

A. 288° B. 720° C. 90° D. 144° Correct Answer: Option D - 144°

In the diagram below; the marginal rate of substitution of X for Y. For a movement from S to T is?

5 years ago

A. 13:3 B. 1:5 C. 18:4 D. 5:1 Correct Answer: Option D = 5:1

A normal good with close substitutes is likely to have its price elasticity of demand?

5 years ago

A. between zero and one B. equal to unity C. less than unity D. greater than unity Correct Answer: Option…

For a supply curve; an increase in the price of a commodity will result in?

5 years ago

A. a decrease in supply B. a decrease in the quantity supplied C. an increase in supply D. an increase…

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