A major determinant of the demand for a luxury goods is
The price of the goods
The price of other goods
The income of consumers
Tastes and fashion
Correct answer is A
Luxury goods are products that are not essential but are highly desired and associated with wealthy or rich people. Most luxury goods are bought because of the high price associated with it and to support self-worth and status.
A change in supply
A change in the quantity supplied
An increase in the quantity supplied
A increase in the quantity supplied
Correct answer is A
A change in quantity supplied is a movement along the supply curve in response to a change in price, while a change in supply is a shift of the entire supply curve in response to something besides price.
From the question, the price was the same when the quantity supplied changed from 100 units to 120 units. This means the reason for the movement or shift is not because of a change in price, but due to other factors. Hence the correct option is option A. It means a change in supply is the reason for the movement.
If the standard deviation of a given data is 8.2, find its variance
4.1
67.2
82.0
91.8
Correct answer is B
The variance is the square root of the standard deviation. Hence we have;
8.2 x 8.2 = 67.24
If the increase in the price of yams is used to estimate the inflation rate, this is an example of
Deductive reasoning
Inductive reasoning
Normative reasoning
Positive reasoning
Correct answer is B
Inductive reasoning is a method of logical thinking in which you use observations combined with experiential information you already know to arrive at a conclusion.
Inductive reasoning makes broad generalizations from specific observations. From the question, the price of yam (specific observation), is used to make a broad conclusion / generalization (Inflation)
The production possibility curve can be used to explain the underlying concepts of
Scale of preference and choice
Opportunity cost and choice
Wants and means
Opportunity cost and scale of preference
Correct answer is B
The production possibilities curve (PPC) is a graph that shows all of the different combinations of output that can be produced given current resources and technology. It explains the concept of opportunity cost and choice, where an alternative is given up when a choice (the decision made about the use of scarce resources).