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Introducing new Paper mode
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10 questions
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- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is a good?
an apple
dance lessons
a tutoring session
- Multiple ChoicePlease save your changes before editing any questions.
Which of these would be considered an economic activity?
Donating resources to a local church
Putting together a gift basket for an elderly neighbour
Selling tickets of a sport event
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is not a component of demand?
Desire
Surplus
Ability
- Multiple ChoicePlease save your changes before editing any questions.
How do you think demand for a commodity and its price are related?
When prices fall, demand falls
When prices fall, demand rises
When prices fall, no effect on demand
- Multiple ChoicePlease save your changes before editing any questions.
How do you think producers react to changes in prices?
They increase supply when prices increase
They decrease supply when prices increase
They do not respond to changes in prices
- Multiple ChoicePlease save your changes before editing any questions.
A shortage will cause price to
Go up
Go down
No effect
- Multiple ChoicePlease save your changes before editing any questions.
When there is a shortage what should be done?
Decrease price
Increase supply
Increase demand
- Multiple ChoicePlease save your changes before editing any questions.
What decides prices?
Demand alone
Supply alone
Both Demand and Supply
- Multiple ChoicePlease save your changes before editing any questions.
You are a manager in a company that sells laptops? Due to the pandemic, demand for laptops has gone up. The increase in demand is due to:
Market size
Change in consumer behaviour
Price of substitute good
- Multiple ChoicePlease save your changes before editing any questions.
How can supply keep up with demand for COVID 19 vaccines?
Scaling up manufacturing
Exports
Controlling Imports