Economics Mcqs — Test 78
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Question 1
The income elasticity is +2 and income increases by 20% sales were 5000 units, what will they be now ?
Question 2
Price increases from 10 to 12 pence and the price elasticity of demand is -0.5 The quantity demanded was 500 units. What will it be now ?
Question 3
For an inferior good ?
Question 4
Which best describes a supply curve ?
Question 5
The price of computer chips used in the manufacture of personal computers has fallen. This will lead to _________ personal computer?
Question 6
Market equilibrium exists when _________ at the prevailing price?
Question 7
The price elasticity of demand is the ?
Question 8
The price of burgers increase by 22% and the quantity of burgers demanded falls by 25% This indicates that demand for burgers is ____________?
Question 9
If the quantity demanded of beef increases by 5% when the price of chicken increase by 20% the cross-price elasticity of demand between beef and chicken is ?
Question 10
Which best describes a demand curve ?