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GNEC115 Revision 2

Authored by Wilma Opperman

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GNEC115 Revision 2
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Utility expresses the degree of satisfaction that a firm derives from production of products.

False

True

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An indifference curve is based on cardinal utility.

False

True

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Elasticity shows the impact of a change in price on quantity demanded or supplied.

False

True

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

it is possible to compare the utility derived by two different consumers from the consumption of the same product (eg beef).

False

True

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of 3G data bundles, a substitute for fixed-line data bundles, decreases, then the demand curve for fixed-line data bundles will shift to the left.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the income elasticity of demand for a good is –0,5, then this implies that this good must be a necessity.

False

True

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumer equilibrium is illustrated where the budget line intersects the indifference curve that lies closest to the origin.

False

True

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