A. Demand is inversely related to income
B. Demand in inversely related to price
C. Demand is directly related to price
D. Demand is inversely related to the price of substitutes
Related Mcqs:
- A company is in the ________ stage of the new product development process when the company develops the product concept into a physical product in order to assure that the product idea can be turned into a workable product ?
A. product development
B. commercialization
C. marketing strategy
D. business analysis - If the total product of two workers is 80 and the total product of 3 workers is 90 then the average product of the third worker is ________ and the marginal product of the third worker is _________?
A. 160; 270
B. 10; 30
C. 10; 3.33
D. 30; 10 - For an inferior 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. The price elasticity of demand is negative the income elasticity of demand is positive
D. The price elasticity of demand is positive the income elasticity of demand is positive - Inferior goods have _________ and luxury goods have _________?
A. negative income elasticity income elasticity greater than 1
B. income elasticity greater than 1, negative income elasticities
C. Positive income elasticities, negative income elasticities
D. None of the above - An inferior good is one for which an increase in income causes a(n) ?
A. decrease in supply
B. increase in demand
C. increase in supply
D. decrease in demand - During the Great Depression workers in DCs who took inferior jobs as a result of being laid off were known as ?
A. disguised unemployed
B. cyclical unemployed
C. seasonally unemployed
D. voluntarily unemployed - R&D and engineering first produce the product concept into a physical product during which of the following stages of the new product development process ?
A. Concept development and testing
B. Marketing strategy
C. Business analysis
D. Product development - Suppose there is no tariff on imported inputs and the ratio of the value of imported inputs the value of the final product is 0.5 If the nominal tariff rate on the final product is 10 percent, the effective tariff rate equals ?
A. 5 percent
B. 10 percent
C. 15 percent
D. 20 percent - Which of the following is a correct statement about the relationship between average product (AP) and marginal product (MP) ?
A. If TP is declining, then AP is negative
B. If AP = MP, then total product is at a maximum.
C. If AP exceeds MP then AP is falling
D. If AP is at a maximum, then MP is also, - If as the quantity produced increase a production function first exhibits increasing marginal product and later diminishing marginal product, the corresponding marginal-cost curve will ?
A. be flat (horizontal)
B. slope upward
C. slope downward
D. be U-shaped.
