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Economics Past Questions and Answers

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Economics Questions

Question 4181:

What will be the reaction of consumers in a market if there is a fall in the price of the substitute commodity X?

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A Price of commodity X will increase
B Demand for the substitute of commodity X will decrease
C Demand for commodity X will decrease
D Supply of both commodity X and its substitute will increase.

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Question 4182:

An increase in market supply is caused by the following factors except _______________

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A An improvement in innovation and technology.
B An increase in the price of the commodity
C A reduction in the cost of raw materials.
D A favourable weather condition.

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Question 4183:

The coefficient of price elasticity of supply of land is usually _______________

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A One
B Greater than one
C Zero
D Less than one.

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Question 4184:

The price of soap rose from $10 to $20 causing a trader to increase her supply from 50 to 120 boxes per week. This makes supply _______________

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A Unitary elastic.
B Perfectly inelastic.
C Fairly elastic.
D Inelastic.

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Question 4185:

The leftward shift in the supply curve for a commodity indicates _______________

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A An increase in quantity supplied
B A decrease in supply.
C A reduction in quantity supplied.
D An increase in supply.

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