571. For a normal good:
A) The price elasticity of demand is negative; the income elasticity of demand is negative
B) The price elasticity of demand is positive; the income elasticity of demand is negative
C) Demand’s price elasticity is negative; Demand’s income elasticity is positive
D) The income elasticity of demand and price elasticity of demand are both positive.
572. Supply is likely to be more price elastic:
A) In the short term as opposed to the long term
B) If production factors are relatively static across industries
C) If there are very few producers
D) If it is easy to expand output
573. Starting at the origin, a supply curve has:
A) A higher than one price elasticity of supply
B) A supply-price elasticity of one
C) A supply-price elasticity less than one
D) A positive price elasticity shifts inwards
574. A contraction in supply occurs when:
A) Demand shifts outwards
B) The supply curve shifts inwards
C) When the price goes down, less is delivered
D) The supply curve shifts outwards
575. Retailer means a person supplying goods to the general public for the purpose of:
(A) Sale
(B) Purchase
C) Consumption
(D) Demand
576. Taxable activity means any _ activity carried by a person whether or not for profit.
A) Financial
B) Fiscal
C) Monetary
D) Economic
577. Open market price means the consideration of money that supply or _ would generally fetch in an open market.
A) Demand
B) Different Supply
C) Similar Supply
D) None of these
578. The direct exchange of goods and services for other goods and services is known as:
A) Primitive trade
B) Barter
C) Non-market trade
579. “Poverty line” is determined by
A) Per capita calories intake
B) Income of the family
(C) Housing and clothing facilities
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