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5:35 CANDIDATE NUMBER: 46. Which of the following elasticities measure a movement along a curve rather than a shift in the curve? ii. The price elasticity of demand, The cross elasticity of demand, The income elasticity of demand, The price elasticity of supply. (a) i and ii only (b) i and iii only (c) i and iV only (d) ii and iii only (e) ii and iv only 47. If we have constant returns to scale and we increase the quantity of labour used per unit Of time by but keep the amount Of capital constant, output Will (a) increase by (b) decrease by 100/0 (c) increase by more than (d) increase by less than 10% (e) stay same 48. The market economy is regarded as economically "efficient" in the sense that: (a) It achieves a large quantity of output for each unit of input employed. (b) It generates a fast rate of technological change. (c) It relates resource usage to consumer demand. (d) Managers and workers have an incentive to work hard. (e) It produces low levels of poverty 49. Public goods, such as street-lighting, are not supplied through the ordinary market mechanism because (a) the initial capital cost would be prohibitive (b) some households would not be able to afford to make their full contribution towards the cost (c) the benefits would not be confined to the buyers, but would automatically be available to non-buyers (d) the provision of public goods is essential, and therefore cannot be left to private initiative (e) monopolies would earn excess profits COMPILED BY DR ERIC ADU AGYEMANG GRASAG PRESIDENT HOPEFUL, 2024. CANDIDATE NUMBER: rnibilities available to a closed economy Edit Annotate o Fill & Sign Convert All