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Economics Past Questions

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4746

If the quantity demanded of rice de- creased from 150 bags to 100 bags, the percentage change in quantity demanded is

  • A. 30.0 %
  • B. 33.3 %
  • C. 50.0%
  • D. 66.7%
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4747

The law of demand will not hold when

  • A. normal goods are involved.
  • B. size of the population changes.
  • C. rare commodities are involved.
  • D. incomes of consumers increase.
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4748

The diagram above shows the demand for milk. Use it to answer questions this question.

 

The movement from point x to z might have been caused by

  • A. a change in taste in favour of milk.
  • B. a decrease in price of milk.
  • C. an increase in income of consumers.
  • D. a favourable weather condition.
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4749

The diagram above shows the demand for milk. Use it to answer questions this question.

 

If demand for postal services decline as a result of increased use of e-mails, then the two services are in 

  • A. composite demand.
  • B. derived demand.
  • C. competitive demand.
  • D. complementary demand.
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4750

Other things being equal, an increase in the demand for land in the short-run will cause an increase in the 

  • A. price only.
  • B. price and supply.
  • C. quantity supplied only.
  • D. supply only.
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