Economics Paper 41
1The price elasticity of demand is defined as the absolute value of the ratio of:
2If a good is a luxury, its income elasticity of demand is:
3A resource is something that:
4If the cross-price elasticity between home personal computers and video game
units for TV is positive, one can conclude that
5As one moves along a convex isoquant, which of the following does not
change?
6Of the following goods, the one where the law of diminishing marginal utility is
least likely to apply is:
7The optimal purchasing rule states that total utility is maximized when a
consumer:
8Which of the following pairs come closest to being complementary goods?
9A Giffen good:
10When an industry expands its costs of production will:
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