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Free CIMAPRA17-BA1-1 Exam Braindumps
BA1 - Fundamentals of Business Economics Questions 136–140 (page: 29)

Updated On: 9-Feb-2026
Page 29 of 95
PDF with 468 Questions

A market for a normal good is in equilibrium.
What will happen in this market if there was an increase in consumer incomes?

  1. The demand curve would shift to the right, the equilibrium price would rise and there would be an increase in supply
  2. The demand curve would shift to the left, the equilibrium price would fall and there would be a contraction in supply
  3. The demand curve would shift to the right, the equilibrium price would rise and there would be an extension in supply
  4. The demand curve would shift to the left, the price would fall and there would be a decrease in supply

Answer(s): C



Which of the following is likely to cause the demand curve of margarine to shift to the left?

  1. A fall in the price of margarine
  2. A fall in the cost of vegetable oils
  3. A successful advertising campaign by butter producers
  4. A fall in the price of bread

Answer(s): C



A rise in the demand for petrol by motorists is likely to follow a rise in the price of:

  1. Steel
  2. Second-hand cars
  3. Public transport
  4. Motor insurance

Answer(s): C



If the price of a good is held above the equilibrium price, the result will be

  1. a shortage in the market
  2. a surplus in the market
  3. excess demand for the good
  4. an increase in the demand for the good

Answer(s): B



In a market economy, prices act as all of the following except which one?

  1. Signals to consumers about costs
  2. Signals to producers about consumer preferences
  3. A substitute for barter
  4. A means of allocating scarce resources

Answer(s): C



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