Increase
Fall
Fluctuate
Remain unchanged
Correct answer is A
If prices for inelastic goods are increased, the total revenue increases, but it would lead to a small decrease in quantity demanded. This means that firms that deal in inelastic goods or services can increase prices, selling a little less but making higher revenues.
The demand curve for neccessity is usually
Vertical
Backward bending
Horizontal
Negatively sloped
Correct answer is A
Necessity goods are products and services that consumers will buy regardless of the changes in their income levels, therefore making these products less sensitive to income change.
What is the ratio of expenditure on health to agriculture?
2.3
3.4
4.3
5.4
Correct answer is B
No explanation has been provided for this answer.
If the budget of the country was $7,200, how much is allocated to Education?
$2,400.00
$2,000.00
$1,200.00
$1,000.00
Correct answer is A
No explanation has been provided for this answer.
Which of the following cannot be classified as land in economics?
Bauxite deposit in the ground
A lake used for irrigation
A bulldozer for clearing farm land
Grazing field for cattle
Correct answer is C
No explanation has been provided for this answer.
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