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Q3. A 'demand' schedule:

Q4. In a supply function the relationship between the price and quantity supplied is:

Econ 1

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Questions 5

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1
Q4. In a supply function the relationship between the price and quantity supplied is:
d) linear
a) direct
c) constant
b) inverse
2
Q3. A 'demand' schedule:
c) is always a straight line
d) shows how demand changes over time
b) sets out amounts demanded at various prices within a set time period
a) is a list of raw materials
3
Q2. A production possibility curve illustrates:
c) combinations of factors required to produce a given output
a) the labour and capital available to a supplier
d) maximum production of two outp
b) factors available from a given total cost outlay
4
Q5. The desire to buy a good backed by the ability to do so, is:
b) a demand schedule
d) total demand
e) effective demand
a) desired demand
5
Q1. Which of the following is not a fundamental economic question:
c) For whom to produce
d) Why produce
a) What to produce
b) How to produce