PRS PDHR ECONOMICS

Front

Demand is the amount of a good that buyers are willing and able to purchase (willing to buy at a certain price).

Back

False

Answer explanation

Its not demand, its Quantity Demanded

Front

If the price of substitute good X increases, what happens to the demand curve for good Y?

Back

The demand curve for good Y shifts to the right.

Front

The law of demand states that other things remaining unchanged, price and quantity demanded are related.

Back

inversely

Front

The number of computers bought increased by 20% when the price of online services declined by 10%. Assuming other factors are held constant, computers and online services are classified as: complements, unrelated goods, substitutes, social goods.

Back

complements

Front

If the price elasticity of supply equals zero, this implies that:

Back

the supply curve is perfectly vertical.

Front

Demand is unit elastic if it is less than 1.0.

Back

False

Front

Azmadi Bakery observes: Raising the price of bread increases total revenue. What does this indicate about the demand for bread?

Back

The demand for bread must be inelastic.

Front

If the country uses all its resources to produce only one type of good, it is called Specialization.

Back

True

Front

Why does the management of a company need to know the cost of a product?

Back

To determine the selling price

Front

Malaysian government faces scarcity in resources and money supply but its aim is to:
- Reduce stability
- Social unrest
- Increase welfare of the society
- Reduce political unrest

Back

Increase welfare of the society