Economics Q

What is the full name of PED

• Price Elasticity of Demand

• Price Elasicity of Demand

• Price Elasticity of Demond

Which of the following is not a characteristic of money?

• Divisible

• Scarce

• Homogenous

• Unstable in value

What would not be an example of the working of the working of a market system?

• A low price charged because of low quality of raw materials used

• A high price charged for a product advertised by a football player

• A low price charged for subsidised train travel

• A high price charged because of technological research to produce the good

PES formula

• %changed in price/%changed in quantity supplied

• %changed in quantity supplied/%changed in price

• Total cost/out put

• %changed in quantity supplied/%changed in demand

If Benson’s household’s disposable income is 6.5 month and they’ve spent 39k food and rent. What is their APC

• 6

• 6.5

• 6.5/39

• 6/39