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Free CIMAPRA17-BA1-1 Exam Braindumps (page: 38)

Page 38 of 118
PDF with 468 Questions

The demand for salt is generally regarded as price inelastic.
Which ONE of the following factors would not contribute to making demand for salt price inelastic?

  1. There are few close substitutes for salt
  2. Salt is a small proportion of household expenditure
  3. Salt is a necessity
  4. Supply rises quickly if demand rises because salt is easy to make

Answer(s): D



Which ONE of the following would make the market supply of a product price elastic?

  1. Suppliers are unable to store unsold product
  2. Firms can join the industry easily
  3. Demand is price elastic
  4. There is a shortage of resources to make the product

Answer(s): B



Which ONE of the following would tend to make the demand for a product price inelastic?

  1. Expenditure on the product accounts for a large part of total household spending
  2. There are many close substitutes for the product
  3. The product is regarded as a luxury
  4. The price changed a short while ago

Answer(s): D



Assume the demand for cheese is price elastic.
Which of the following describes the effect of a rise in demand for cheese?

  1. Higher price, more sold, fall in revenues of cheese makers
  2. Higher price, less sold, fall in revenues of cheese makers
  3. Higher price, more sold, rise in revenues of cheese makers
  4. Higher price, less sold, rise in revenues of cheese makers

Answer(s): C



Page 38 of 118



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