Which of these factors does not cause a change in demand?
Income
Taste and fashion
Population
Price of other commodities
Price of the commodity concerned
Correct answer is E
A change in demand means a change in consumers' desire to purchase a particular good or service, irrespective of a change in its price.
The following are the factors affecting a change in demand
From the above explanation, the price of the commodity does not affect the willingness of the consumer to purchase the commodity, hence option E is the correct option.
Economics can be best defined as the study of
How to spend the family income efficiently
How to find minimum cost of production
The interpretation of scarce resource and date
How scarce resource can be used efficiently
Why resource are scarce
Correct answer is D
No explanation has been provided for this answer.
Which of the following is not an advantage of price control?
Control of inflation
Distortion of price mechanism
Prevention of exploitation
Control of producer’s profit
Helping low income earners
Correct answer is B
No explanation has been provided for this answer.
US dollar
Japanese Yen
Pound Sterling
Deutschemark
Naira
Correct answer is A
No explanation has been provided for this answer.
A table containing the price of goods
A table showing the relationship between price and quantity demanded of a commodity
A table showing the consumer demand on order of importance
The quantity of goods the consumer is prepared to buy
The market demand
Correct answer is B
No explanation has been provided for this answer.