In a planned economy; the emphasis is on?
A. public ownership and control B. prices and competition C. individual choices and decisions D. private ownership and control Correct Answer: Option A – public ownership and control
The price of a good rises from N5 to N8 and the quantity demanded falls from 200 to 190 units Over this price range; the demand curve is?
A. perfectly inelastic B. fairly inelastic C. perfectly elastic D. fairly elastic Correct Answer: Option B – fairly inelastic
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 judgmentProducts
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