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Free CIMAPRA17-BA1-1 Exam Braindumps
BA1 - Fundamentals of Business Economics Questions 141–145 (page: 30)

Updated On: 9-Feb-2026
Page 30 of 95
PDF with 468 Questions

In a market economy the market mechanism can achieve all the following except one.
Which is the exception?

  1. Signaling changes in consumer tastes
  2. Causing supply to respond to changes in demand
  3. Eliminating excess supply and demand
  4. Ensuring a socially fair distribution of goods and services

Answer(s): D



If the demand curve for good A is negatively sloped, a fall in the price of a substitute good B results in

  1. An increase in the quantity demanded of good A
  2. A rightward shift in the demand curve for good A
  3. A leftward shift in the demand curve for good B
  4. A leftward shift in the demand curve for good A

Answer(s): D



Which of the following statements that refer to the price mechanism is not true?

  1. Imperfect market information may prevent the market working efficiently
  2. Trading can only take place at equilibrium prices in a market economy
  3. A fall in the relative price of a good tends to attract consumers to buy that good instead of other goods
  4. In a market economy some essential goods may not be produced.

Answer(s): B



Which of the following events might cause the demand curve for chicken meat to shift to the right?

  1. A fall in the price of chicken meat
  2. A fall in the prices of turkey meat
  3. An outbreak of salmonella infection in chicken meat
  4. The publication of a health report urging people to eat white rather than red meats

Answer(s): D



In a supply and demand diagram, other things remaining the same, an increase in production costs will normally shift:

  1. The demand curve to the right
  2. The supply curve to the right
  3. The demand curve to the left
  4. The supply curve to the left

Answer(s): D



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