economics

Economics is regarded as a social science because it?

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

4 years ago

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?

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

4 years ago

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

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

4 years ago

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

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

4 years ago

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

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

4 years ago

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

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

4 years ago

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

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

4 years ago

At the consumer equilibrium; the slope of the indifference curve is?

A. half the slope of the budget constraint line B. equal to the slope of the budget constraint line C.…

4 years ago

In a free market economy; the price system allocates resources?

A. under government's directives B. to ensure general welfare C. to their best alternatives D. to reduce poverty Correct Answer:…

4 years ago

If the price elasticity of demand for a good is 0.43; an increase in the price of the good will result in?

A. an increase in profit by 43% B. a net gain C. a decrease in profit 43% D. a net…

4 years ago