Economics Past Questions and Answers

Which of the following matters may account for changes in demand?<br/> <br/>I - changes in consumer preferences<br/>II - changes in real income<br/>III - changes in distribution of incomes<br/>IV - changes in levels of taxation

A commodity is defined as normal when its demand changes in the same direction as______

Whether a monopolist is able to increase his revenue by restricting his output depends on the shape of the_________

An example of a market which approaches fairly near to perfection is____________

Economics is a social science concerned with the proper use and______