Economics Mcqs

A. +2
B. +0.5
C. -2
D. -0.5

A. Demand shifts outwards
B. The supply curve shifts inwards
C. The quantity supplied falls when the price falls
D. The supply curve shifts outwards

A. In the short run rather than the long run
B. If factors of production are relatively immobile between industries
C. If there are very few producers
D. If it is easy to expand output

A. The quantity consumers would like to buy in an ideal world
B. The quantity producers are willing and able to sell at each and every price all other things unchanged
C. The quantity producers are willing and able to sell at each and every income all other things unchanged
D. The quantity producers are willing and able to sell at each and every point in time all other things unchanged

A. The price elasticity of demand is negative: the income elasticity of demand is negative
B. The price elasticity of demand is positive the income elasticity of demand is negative
C. The price elasticity of demand is negative the income elasticity of demand is positive
D. The price elasticity of demand is positive the income elasticity of demand is positive

A. 550 units
B. 500 units
C. 450 units
D. 490 units

A. 3000
B. 7000
C. 5500
D. 4500

A. Reduces revenue
B. Leaves revenue unchanged
C. Increase revenue
D. Reduces costs

A. Demand is price inelastic
B. The good is inferior
C. Income elasticity is -2
D. The product is normal

A. Demand is inversely related to income
B. Demand is inversely related to price
C. Demand is directly related to price
D. Demand is inversely related to the price of substitutes