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ECO162 ONLINE GAMES CHAPTER 2 Flashcards | StudBud
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ECO162 ONLINE GAMES CHAPTER 2
ECO162 ONLINE GAMES CHAPTER 2
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Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Wool and cotton are the substitute goods.
False
True
2
If the demand for Good B declines as the price of Good C increases, then Good B and Good C are......
normal goods.
complementary goods.
substitutes goods.
inferior goods.
3
Below are the factors that cause a movement along the supply curve…
decrease of tax.
increase of tax.
change in price.
increase in the price of other goods.
4
There are only two types of goods in Islamic Economics which are Tarafiyyah and Dharuriyyah.
False
True
5
The Law of Demand states that...
a decrease in the price will cause the demand curve to shift leftwards.
the price of a good is negatively related to the quantity demanded.
the price of goods is positively related to the quantity demanded.
an increase in the price will cause the demand curve to shift rightwards.
6
The Law of Supply states that...
a decrease in the price will cause the supply curve to shift to the right.
the price of goods is not related to the quantity supplied of the goods.
an increase in the price will cause the supply curve to shift to the right.
the price of goods is positively related to the quantity supplied.
7
Bus travel is an inferior good. If the consumer’s income decreases, the demand curve for bus travel will shift rightward
False
True
8
If there is an increase in the price of rubber in the market, it will decrease the supply of palm oil.
False
True
9
As the price of a normal good decrease, the quantity demanded will...
decrease.
be uncertain.
be unchanged.
increase.
10
The demand for inferior goods decreases as the income decreases and vice versa.
False
True
11
Which of the following is not a determinant of supply for petrol?
The number of sellers.
The consumer’s income.
The price of an automobile.
The price of diesel.
12
A rightward shift of the demand for silk scarves might cause by
an increase in the buyers’ salary.
the price of silk scarves increasing.
a decrease in the number of buyers.
an increase in the cost of production.
13
An increase in the price of flour will increase the quantity supplied of flour.
False
True
14
Complementary goods have the same use.
False
True
15
If the price of Tuna increases, the supply curve of Sardines will ...
remain constant.
be undecided.
shift to the left.
shift to the right.
