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4741

The pursuit of private profits is a feature of

  • A. command economies.
  • B. Socialist economies.
  • C. capitalist economies.
  • D. statutory corporations.
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4742

A major feature of the socialist economic system is 

  • A. setting of production targets by public authorities.
  • B. freedom of choice for consumers.
  • C. determination of price by market forces.
  • D. private ownership of productive inputs.
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4743

 If the budget on education is $50 m out of an annual national budget of $300 m. The sector of a pie chart representing education is 

  • A. 16.6°
  • B. 60°
  • C. 150°
  • D. 300°
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4744

Price elasticity of demand is the responsiveness of quantity demanded to a change in

  • A. demand for the product.
  • B. price of another product.
  • C. income of the buyer.
  • D. price of the product.
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4745

When total revenue increases as price falls, the coefficient of price elasticity of demand is 

  • A. greater than one.
  • B. one
  • C. less than one
  • D. zero
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