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Economics Past Questions and Answers

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Economics Questions

Question 4836:

Price elasticity of demand measures:

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A Relationship between income and expenditure
B Increase in production cost only
C Responsiveness of quantity demanded to price change
D Change in supply caused by taxation

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Question 4837:

Which goods commonly have inelastic demand?

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A Luxury jewelry
B Necessity goods
C Expensive perfumes
D Fashion accessories

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Question 4838:

A perfectly elastic demand curve is:

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A Downward sloping steeply
B Vertical
C Upward sloping fully
D Horizontal

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Question 4839:

Cross elasticity of demand measures:

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A Response of demand for one good to price change of another good
B Government response to inflation
C Relationship between income and savings
D Response of supply to production cost

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Question 4840:

One major importance of national income is:

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A Measuring economic performance
B Measuring voting behavior
C Determining rainfall patterns
D Predicting weather conditions

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