Economics Paper 4

1

The demand curve for a resource may shift because of






2

Consumer surplus is:






3

If the absolute value of the price elasticity of demand for dry white wine is greater than one, a decrease in the price of all wine would result in:






4

If both the supply and the demand for a good increase, the market price will






5

A supply curve illustrates the relationship between






6

As a business owner you have determined that the demand for your product is inelastic. Based upon this assessment you understand that






7

Which one of the following has an inverse relationship with the demand for money?






8

An improvement in technology that in turn leads to improved worker productivity would most likely result in






9

Which of the following market features is likely to cause a surplus of a particular product?






10

A decrease in the price of a complementary good will






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