All the following factors will cause a change in demand except
The consumer's income
The consumer's taste
A change in population size
A change in weather condition
The price of commodity
Correct answer is E
The price of the commodity does not lead to a change in demand, but rather, it will cause a change in the quantity demanded.
Note that a change in demand and a change in quantity demanded are two different terminologies.
A change in demand means that the entire demand curve shifts either left or right. While a change in quantity demanded refers to a movement along the demand curve, which is caused only by a change in price.
Demand in Economics is synonymous with
Needs
Wants of the consumer
All goods demanded in the market
Wants supported with ability to pay
All consumers goods
Correct answer is D
No explanation has been provided for this answer.
All the following are specific examples of indirect tax except
Purchases tax
Import duty
Export duty
Excise duty
Poll tax
Correct answer is E
No explanation has been provided for this answer.
It is general belief that inflation in West Africa is caused by all the factors listed below except
Excessive bank lending
Budget deficit
Rising incomes
Shortage supply
Decrease in money supply
Correct answer is C
No explanation has been provided for this answer.
I and II only
I and III only
I, II and III only
I, II and IV only
II, III and IV only
Correct answer is C
No explanation has been provided for this answer.