Economics

An increase in the supply of restaurants serving fast-foods leads to

•   Growth in the demand for fast-food meals

•   Increase in the supply of fast-food meals

• Increase in the price of fast-food meals

• Growth in the demand for substitutes of fast-food meals

When the quantity demanded of the goods is equal to the quantity supplied of that goods, then

• There is a surplus

• The government is intervening in the market

• There is an equilibrium

• There is a shortage

If the price changes by 1% and supply changes by 2%, then the supply is

• Static

• Indeterminate

• Inelastic

• Elastic

Canned food and instant noodles are……………..type of goods

• Substitute

• Complimentary

• Normal

• Inferior

A point inside the PPF represents:

• Full employment of resources

• Inefficient use of resources

• Unattainable production

• Economic growth

Law of demand states that

• Price increases, demand increases

• Price increases, demand decreases

• Price decreases, demand decreases

• None

Demand schedule is

• Relationship between price of the product and quantity demanded

• Relationship between price of the product and quantity supplied

• Relationship between price of the substitute product and quantity demanded

• Relationship between price of the complimentary product and quantity demanded

If the price of the goods changes, all other things remains the changes, the it is called

• Shift in demand curve

• Movement along the demand curve

• Increase in demand curve

• None

Factors that bring change in supply are:

• Expected future prices

• Number of Suppliers

• Technological changes

• All

Determinants for changes in demand are

• Price of substitute goods

• Price of complementary goods

• Population

• All of the above