Ecs1500 mcqs exam pack - Study guides, Study notes & Summaries

ECS1500 MCQS Updated Exam Pack from Nov 2022-June 2023

1. A normal good is one for which the income elasticity is greater than one. a. True b. False 2. The demand for a good, perceived by the consumer to be a necessity, will tend to be elastic. a. True b. False 3. Macroeconomics is concerned with the study of how households and firms make decisions and how they interact in specific markets a. True b. False 4. Price and quantity demanded for most goods are positively related a. True b. False 5. If three variables are related, one of them...

ECS1500 MCQs Exam Pack

1. A normal good is one for which the income elasticity is greater than one. a. True b. False 2. The demand for a good, perceived by the consumer to be a necessity, will tend to be elastic. a. True b. False 3. Macroeconomics is concerned with the study of how households and firms make decisions and how they interact in specific markets a. True b. False 4. Price and quantity demanded for most goods are positively related a. True b. False 5. If three variables are related, one of them...

Multiple Choice Questions (Section A): (A) 1. A normal good is one for which the income elasticity is greater than one. a. True b. False 2. The demand for a good, perceived by the consumer to be a necessity, will tend to be elastic. a. True b. False 3. Macroeconomics is concerned with the study of how households and firms make decisions and how they interact in specific markets a. True b. False 4. Price and quantity demanded for most goods are positively related a. True b. False 5...