The sacrifice involved when you choose a particular course of action is called the ?
A. Alternative
B. Opportunity cost
C. Consumer cost
D. Producer cost
If you income during one year is Rs10,000 and the following year it is Rs12,000 then it has grown by _______?
A. 20%
B. 2%
C. 12%
D. 16%
On a graph, a positive linear relationship ______?
A. moves down to the right
B. moves up to the left
C. moves up to the right
D. moves down to the left
When we know the quantity of a product that buyers wish to purchase at each possible price we know ____?
A. Demand
B. Supply
C. Excess demand
D. Excess supply
The equilibrium price clears the market it is the price at which ____?
A. Everything is sold
B. Quantity demanded equal quality supplied
C. Excess demanded equals quantity
D. B and C
A demand curve can shift because changing ?
A. incomes
B. prices of related goods
C. tastes
D. all of the above
If a price increase of good A increases the quantity demanded of good B, then good B is a ____?
A. substitute good
B. complementary good
C. bargain
D. inferior good
An increase in consumer income will increase demand for a _________ but decrease demand for a?
A. substitute good, inferior good
B. normal good inferior good
C. inferior good normal good
D. normal good, complementary good
The basic economic problems will not be solved by ?
A. Market forces
B. Government intervention
C. A mixture of government
D. The creation of unlimited resources
A mixed economy ?
A. Has supply but not demand
B. Has demand but not supply
C. Has supply and demand
D. Has market forces and government intervention
