A budget is balance when expected total revenue is
Greater than expected expected expenditure
Less than total expenditure
Equal to expected expenditure
Greater than total expenditure
Correct answer is C
No explanation has been provided for this answer.
General rise in the price level induced by increased price of inputs is referred to as
Run-away inflation
Cost-push inflation
Demand-pull inflation
Imported inflation
Correct answer is B
No explanation has been provided for this answer.
The demand curve for a commodity is downward sloping because the consumer will pay
Less as the marginal utility falls
More as the marginal utility falls
Less as the total utility falls
More as the average utility falls
Correct answer is C
The demand curve is downward sloping, indicating the negative relationship between the price of a product and the quantity demanded. This means that, consumers consume more or less of the commodity. The consumer will be unwilling to pay for a commodity whose total utility is declining
A demand schedule shows the quantities of goods that are
Bought at given price at a time
Supplied at given prices at a time
Produced at given prices at a time
Reserved for future consumption
Correct answer is A
A demand schedule is a table that shows the quantity demanded of a good or service at different price levels.
Where a commodity takes an insignificant proportion of the consumer's income, demand for it will be
Unitary elastic
Price inelastic
Fairly elastic
Income inelastic
Correct answer is D
Income inelastic means that consumer demand would not change in response to a change in income.