5) which of the following is not a determinant of a consumer's demand for a commodity? a) Price b) Income c) Taste and Preference d) Technology 1)If a price of the bun is $2 identity the corresponding...

Extracted text: 5) which of the following is not a determinant of a consumer's demand for a commodity? a) Price b) Income c) Taste and Preference d) Technology 1)If a price of the bun is $2 identity the corresponding quantity demanded 6) Assume that fims in an industry observe a15% increase in the productivity of labor, but to get there they had to increase the cost of labor by 10%. What should be expected to happen in the a) 5 b) 10 c) 15 d) 0 output market as aresult of this development? a) The Supply should incresse. b) The Demand should decressed. C) The Supply should decrease. d) The supply should remain unchanged. 2) Suppose that a decresse in the price of X results in less of good Y sold. This would mean that Xand Y are a) Normal Goods. b) Unrelated Goods. c) Substitute Goods. 7)By definition, an inferior good is a a) Good for which demand decreases when income increase. Want that is not expressed by demand. c) Normal substitute good. d) Good for which demand decresses when its price rises. d) Complementary Goods. 3)If a rise in supply exceeds a rise in demand, then we should expect a) the equilibrium price and quantity levels will decline. b) the equilibrium price will fall while the equilibrium quantity willrise. c) the equilibrium price will rise while the equilibrium quantity will decline. d) the aquilibrium price and quantity levels will rise. 8) The study of the decisions of individual units in the economy is known as a) Microsconomics b) Macroeconomica c) The Study ofincentives d) Ceteris Paribus Study .......... 9) If a good has a price, then it is considered 4) From the given curve above, find the equilibrium quantity and price a) P=1.6, Q=130 b) P=1, Q=200 C) P=0.5, Q=290 d) P=0.5, Q=130 e) P=1.6, Q=290


Extracted text: 10) Refer to the figure below and identify if the unattainable point on the PPF| * 154 10 PPF 2 4 Pizzos (millions) a) Any point inside the PPF b) Cannot be judged with the given data c) Any point beyond the PPF d) Any point on the PPF (uoo jo suogu op