Business Economics

Which of the following is a microeconomics statement ?

• the real domestic output increased by 2.5 % last year

• unemployment was 9.8% of the labour force last year

• the price of wheat determines its demand

• the general price level increased by 4% last year

Which theory is generally included under micro economics?

• price theory

• income theory

• employment theory

• trade theory

What theory is generally included under micro economics ?

• price theory

• income theory

• employment theory

• trade theory

What are the macro economics system ----

• capitalistic

• socialism

• mixed

• all the above

------- have exchange value and their ownership rights can be established and exchange

• goods

• service

• markets

• revenues

The actual value for elasticity of the demand of a product or service rages from

• zero to infinity

• one to infinity

• zero to one

• none of the above

Movement along the demand curve shows

• expansion and contraction of demand

• expansion of demand

• contraction of demand

• none of the above

The basic for the law of demand is related to -----

• law of diminishing marginal utility

• law of supply

• law of equi-marginal utility

• gossen's law

Elasticity of demand is equal to one indicates

• unitary elasticity demand

• perfectly elasticity demand

• perfectly inelasticity demand

• relatively elasticity demand

Increase in law of demand is caused by

• increase in tax

• higher subsidy

• increase in interest rate

• decline in population