Economics MCQs

Page No. 348

Adding up the quantities demanded of a good by different people facing the same price gives us the ?


aSupply curve


bMarket demand curve


cDemand curve


d Market supply curve


View Answer Market demand curve

Economics assumes that people consume goods and services to achieve ?


a Status


b Prestige


c Utility


d Self-esteem


View Answer Utility

The income effect of a price increase of a normal good is to ________ of that good and the substitution effect is to _________ of that good?


aincrease quantity demanded, reduce quantity demanded


b increase quantity demanded, increases quantity demanded


creduce quantity demanded, reduce quantity demanded


dreduce quantity demanded, increase quantity demanded



Inferior goods have _________ and luxury goods have _________?


a negative income elasticity income elasticity greater than 1


b income elasticity greater than 1, negative income elasticities


cPositive income elasticities, negative income elasticities


dNone of the above



Positive cross elasticities suggest that goods are ____ and negative cross-elasticities that goods are ?


asubstitutes inferior


bnormal, complements


csubstitutes complements


dnormal, inferior



If demand is __________ then price cuts will _________ spending?


a inelastic; increase


b elastic; increase


celastic, decrease


dnone of the above


View Answer elastic; increase

Increased levels of spending on imports ?


a shift aggregate supply to the right


b shift aggregate supply to the left


cshift aggregate demand to the right


d shift aggregate demand to the left



Increase unemployment benefits and less incentive to work would ?


a shift aggregate supply to the right


bshift aggregate supply to the left


cshift aggregate demand to the right


d shift aggregate demand to the left



Which of the following would decease aggregate demand ?


aincrease consumption


b increasing export revenue


c increased taxation revenue


dincreased investment



An increase in aggregate demand will have most effect on prices if ?


aAggregate supply is price inelastic


bAggregate supply is price elastic


cAggregate supply has a unitary price elasticity


d Aggregate demand is price inelastic



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