esc1501 assignment 9

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ECS1501 – Economics IA

Tutorial-103_2011_3_e

Tutorial-104_2011_3_e

Tutorial-105_2011_1_e

Tutorial-301_2011_3_e

001_2018_4_b

101_2018_3_b-2

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201_2018_1_b

  Answers1501

Calculation of short run costs

Ch02 Demand and Supply

Ch03 Elasticity

Ch05 Production and Costs

Ch06 Long run Cost Curve

Ch07 Perfect Competition

Ch08 Monopoly and Monopolistic Competition-1

Economics 01

Economics 02

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Labour Output (1)

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Topic 6.1 forum activity

Economics (ecs1501), university of south africa.

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Topic 6: Forum activity

Multiple Choice Questions (MCQ’s)

6.1 Which of the statements below best represents the law of demand?

[1] When buyers’ tastes for a good increase, they purchase more of the good. [2] When income levels increase, buyers purchase more of most goods. [3] When the price of a good decreases, buyers purchase more of the good. [4] When buyers’ demands for a good increase, the price of the good increases.

6.1 Suppose you make gold jewellery. If the price of gold falls, we would expect you to

[1] be willing and able to produce less jewellery than before at each possible price. [2] be willing and able to produce more jewellery than before at each possible price. [3] face a greater demand for your jewellery. [4] face a weaker demand for your jewellery.

6.1 A higher price for torches would result in a(n)

[1] increase in the demand for torches. [2] decrease in the demand for torches. [3] increase in the demand for batteries. [4] decrease in the demand for batteries.

6.1 Rebecca loses her job and, as a result, she buys fewer iTunes music downloads. This shows that Rebecca considers iTunes music downloads to be a(n)

[1] supplementary good. [2] inferior good. [3] normal good. [4] complementary good.

6.1 According to the law of demand

[1] people will demand a great quantity when the price is low and a smaller quantity if the price is high [2] the relationship between price and quantity demanded is always presented as a straight line [3] an increase in consumers’ income will increase the quantity demanded at each price level [4] an increase in the price will result in an outward shift of the demand curve

6.1 Which one of the following statements is correct?

[1] According to the law of demand, the demand curve is always a straight line. [2] An increase in price leads to a decrease in demand [3] The market demand curve is calculated by averaging the demand curves of individual consumers [4] none of the above

• Multiple Choice

Course : Economics (ECS1501)

University : university of south africa.

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