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do 38 Not yet The supply curve is sloping, which means that of a good will be supplied at higher prices. Choose the best options from the choices below. and Marted out of 100 Rag question O a upward more O b. downward more O c. downwardless d. upward; less 39 The curve showing all the combinations of goods and services that can be produced using the available resources in the society O a Production possibility curve b. Demand curve O c Supply curve d. Total cost curve Perfect competition involves Little information is available to buyers b. Difficulty entering & ting the market A large number of the Working together to 41 Housing estion 48 Price elasticity of demand is expressed in: ot yet swered arked out of 30 O a. Percentage change in demand divided by percentage change in price O b. Percentage change in price divided by percentage change in demand O c Percentage change in demand O d. Percentage change in price Flag question estion 49 The Law of Supply is graphically shown by tyet aswered O a. Rightward shift in the demand curve ariced out of O b. Leftward shift in the demand cune Flag question O c Shifting of the production possibilities curve O d. Upward sloping supply curve vention 50 In a diagram showing equilibrium of demand and supply excess supply is found wered aried out of 00 a. All of these Flag question Ob on the equilibrium point o c below the equilibrium point O d. above the equilibrium point on 35 What is the difference between perfect competition and monopolistic competition? ed out of ago O a. None of these O b. Perfect competition has a large number of small firms while monopolistic competition does not Oc Perfect competition has barriers to entry while monopolistic competition does not Od. In perfect competition, firms produce identical goods while in monopolistic competition firms produce slightly different goods 36 When the demand care of a good is vertical straight line the price Fag Unitary b. Varying o infinite d. Zero 37 In order for a price floor to be effective, it must be set equilibrium price, while a price ceiling must be set equilibrium price the Marted out of 100 Flag question O a. below, below O b. above below O c below, above O d. above above Qon 5 Which of the following countries can be classified both as a socialistic and communistic economy? ity Ware out of 100 O a China, Russia O b. India China ago O c Russia, Sweden d. India, Sweden The price elasticity of demand in the market can be Greater than DO All of these The permit cost of both fondo Question 26 Not yet answered An economic system where the state solves the major problems of the economy is called: Marked out of 1.00 O a. Mixed economy O b. Socialist economy Flag question O c Capitalist economy O d. com sunistic economy Question 27 Veblen effect is related to: Not yet answered Marked out of 1.00 O a. Upper class buying more at less price O b. Upper class buying more at high price O c. Upper class buying same at any price O d. Upper dass buying less at high price Flag question Question 28 Which of the following would most likely be a monopoly? Not yet answered Marked out of 1.00 O a. An electricity provider O b. A supermarket O cAn electronic appliances store d. A dentist clinic Flag question Quo 29 con 12 The law of demand states that: wered Marked out of 100 O a. As price rise, quantity demanded is constant, other things he main same O b. As price fall, quantity demanded is constant, other things remain Ragason same O cAs price falls, quantity demanded falls, other things remain same d. As price falls, quantity demanded rises, other things remain same 13 If the government of a country determines a very low minimum wage it will lead to No ago a. Export of goods O b. More number of unemployed people with better standard of living c. More number of employed people but with poor standard of Thing d. None of these Machines, tools and equipment etc. factors of production and Labour 15