Utility is the satisfaction derived from _____?
A. demand B. production C. distribution D. consumption Correct Answer: Option D – consumption
In economic analysis; a statement is said to be normative if it?
A. relates to value judgment B. is incorrect C. can be tested scientifically D. is contradictory Correct Answer: Option A – relates to value judgment
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 Correct Answer: Option C – an outward shift of the demand curve
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 Correct Answer: Option D – is an upward-sloping curve
A movement from M to T implies that there has been?
A. A decrease in supply B. An increase in demand C. A decrease in price D. An increase in price Correct Answer: Option D – An increase in priceProducts
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