Economics Past Questions and Answers

What effect will an increase in price have on the total revenue of a firm whose product has inelastic demand? total revenue will

A Increase
B Fall
C Fluctuate
D Remain unchanged

Question 1497:

If the quantity of men's hat demanded per week is represented by the function Qd=20-$\frac{1}{3}$P, where P is price, how many hats are demanded when the price is $9.00?

A 11
B 17
C 23
D 47

Question 1498:

The demand for torch and batteries is an example of

A Competitive demand
B Composite demand
C Complementary demand
D Derived demand

Question 1499:

Price elasticity of demand or supply measures how responsive

A Consumers are to a change in price
B Sellers are to a change in price
C Sellers are to a change in price
D Buyers are to a change in income

Question 1500:

The tendency for workers to value their leisure hours more than hours of work as wage rate increases gives rise to

A Positively sloping supply curve
B Perfectly elastic supply curve
C Backward bending supply curve
D Perfectly inelastic