Econ 2

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University

13 Qs

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Econ 2

Econ 2

Assessment

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Engineering

University

Practice Problem

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13 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is demand regarded as in a business enterprise?

A secondary factor

The lifeline

An optional aspect

A minor detail

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

According to Veera Anstey, what is demand for a particular good?

The amount that will be purchased at a given time and price

The total quantity available in the market

The desire to own a product

The willingness to pay any price

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What does the law of demand state?

Demand extends with a fall in price

Demand is constant regardless of price

Demand decreases with a fall in price

Demand increases with a rise in price

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is NOT an assumption used in defining demand?

No change in the price of the commodity

No change in government policy

No change in consumer preferences

No change in consumer income

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What happens to the demand for a commodity if its price rises?

Demand remains unchanged

Demand decreases

Demand fluctuates wildly

Demand increases

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is price elasticity of demand?

The responsiveness of demand to changes in price

The total revenue generated by a firm

The quantity of goods supplied

The fixed cost of production

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What does a negative income elasticity indicate?

Goods are normal

Goods are necessities

Goods are luxury

Goods are inferior

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