Economics Mcqs — Test 24
Page 1 of 3
Question 1
If there is excess capacity in a production facility it is likely that the firm’s supply curve is ?
Question 2
If the income elasticity of demand for a good is negative it must be ?
Question 3
In 2000, the Economist estimated that only _________ of some 360 million internet users were in Africa ?
Question 4
The marginal product model assumes that ?
Question 5
If supply is price inelastic the value of the price elasticity of supply must be ?
Question 6
Suppose that at a price of Rs 30 per month there are 30000 subscribers to cable television in small Town. If small Town Cablevision raises its price Rs40 per month the number of subscribers will fall to 20000 Using the midpoint method for calculating the elasticity what is the price elasticity of demand for cable TV in Small Town ?
Question 7
Suppose that at a price of Rs 30 per month there are 30000 subscribers to cable television in small Town. If small Town Cablevision raise its price to Rs 40 per month the number of subscribers will fall to 20000 At which of the following price does small Town Cablevision earn the greatest total revenue ?
Question 8
If demand is linear (a straight line) then price elasticity of demand is ?
Question 9
If consumers think that there are very few substitutes for a good, then ?
Question 10
The price elasticity of demand is defined as ?