Choose the correct answer among the given alternatives.
1.......is a tabular representation of the relationship b/n quantities of a commodity purchased by an individual consumer at different prices.
A) Market demand curve
B) Individual demand schedule
C) Market supply curve
D. National income
E. non of the above
2. Which one of the following is not a macroeconomic variable?
A) Unemployment rate
B) Firm's Monthly income
C) General Price level
D) Individual supply schedule
E) None of the above
3. Suppose a consumer's weekly income rises from Birr 300 to Birr 320, and as a result his/her purchase of the good X increases from 25 units per week to 30 units. Then which of the following is true about the good X in consumer's consumption?
A) It is luxury good.
B) It is inferior good.
C) It is necessity good.
D) None of the above
4. Suppose the market demand function for good X is given by Qx=30-2P, and the supply function for good X is given by Qx=-6+ P. Then, the market clearing price and quantity are respectively equal to:
A) 9 & 12
D) 11 & 8
B) 12 & 6
C),12&9
E) None of the above
5. If a supply curve is a vertical straight line, the value clasticity of supply (e,) is:
C) 12 & 9
D. 0
A.what
B. >1
E. None
C. <1
The correct answers are:
1. B) Individual demand schedule
2. B) Firm's Monthly income
3. C) It is necessity good.
4. C) 12 & 9
5. D) 0
1. B) Individual demand schedule
2. B) Firm's Monthly income
3. C) It is necessity good.
4. A) 9 & 12
5. D) 0