Centrally planned economy
Free market economy
Developed economy
Mixed economy
Correct answer is B
In a free-market economy, the concept of price ceiling and price floor come to play. In this kind of market situation, the government can introduce laws to ensure that prices do not rise or fall beyond a particular amount.
In a demand curve, the relationship between price and quantity is
Indeterminate
Direct
Nil
Inverse
Correct answer is D
A demand curve shows the relationship between quantity demanded and price.
The price of a good is inversely related to the quantity demanded in the sense that, the higher the price, the lower the demand, and the lower the price, the higher the demand.
A vertical supply curve indicates that
The quantity supplied is responsive to price
The same fixed quantity will be supplied no matter the price
An increase in price will result in an increase in the quantity supplied
There is a fixed price for the commodity below which no supply will be made
Correct answer is B
No explanation has been provided for this answer.
A major problem facing all economies is how to
Increase consumption of imported goods
Improve trade among nations
Transform from a developing to a developed economy
Allocate scarce resources
Correct answer is D
No explanation has been provided for this answer.
When a generalization is made based on observed facts, it is known as
Deductive reasoning
Inductive reasoning
Theoretical reasoning
Normative reasoning
Correct answer is B
Inductive reasoning is a process by which a person makes a generalization based on specific, individual experiences. The process begins with observation. A person collects data through the five senses, then analyzes the gathered information to draw a general conclusion that may be applied to other situations. It is the most basic form of reasoning in existence.