A supply curve which is vertical has an elasticity co-efficient of
0.0
0.5
1.5
2
Correct answer is A
A vertical market supply curve is illustrated by a line running up and down on the graph. When a market supply curve is vertical, it represents that the quantity of that good is fixed no matter what the price of the good is. A vertical curve illustrates a good that has zero elasticity.
Competitive supply
Excess supply
Joint supply
Composite supply
Correct answer is C
Joint supply refers to a product or process that can yield two or more outputs. This is when a product can be used to produce more than one output. Palm oil is used for cooking as well as in soap and cream making, while palm kernel is used in making palm oil and kernel oil amongst others.
Another Common examples occur within the livestock industry: cows can be utilized for milk, beef.
The total stock of money available for use in an economy is
A function of money
A characteristics of money
The demand for money
The supply of money
Correct answer is D
Money supply is the total value of money available in an economy at a point of time.
Which of the following over estimates the value of national income?
Incomplete statistical data
Wrong timing of computation
Changes in price of goods within the year
Double counting
Correct answer is D
In national income, double counting happens when certain items are counted more than once resulting in over-estimation of national product to the extent of the value of intermediate goods included.
This is called the problem of double counting which means counting value of the same commodity more than once.