Eco:FinalExRevision

People with a high salaries can afford very _____ goods.

• expensive

• zero

Any household or business expense which does not change, is called a ______cost.

• variable

• fixed

All producers as a group present the ______ supply curve.

• market

• individual

Government act as the _______ when introducing laws to prevent harm to citizens.

• guardian

• protector

When consumers buy more of a product at a lower price and less at a higher price, it is called law of ______

• demand.

• supply

Government's efforts to control inflation and the interest rate, is to ensure _____ within the economy.

• cost stability

• price stability

When consumers have to choose between two similar products, it is referred to as the _____

• income effect.

• substitute effect.

Consumer's responds to a price change is referred to as _____ demand.

• inelastic

• elastic

The image shows the _____ cost.

• variable

• fixed

Factors of production which are used for manufacturing, are also called ___

• outputs.

• inputs