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

Page 37 of 118
PDF with 468 Questions

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



A typical supply curve of a good shows:

  1. The quantities of the good firms actually sell at different possible prices
  2. The quantities of the good firms are prepared to supply at different possible prices
  3. Different possible equilibrium prices
  4. Quantity supplied varying inversely with price

Answer(s): B



If the price elasticity of supply for a good over a certain price range is 0.8, the increase in the quantity supplied of that good, following a 10% increase in its price, will be

  1. 0.8%
  2. 8.0%
  3. 18%
  4. 80%

Answer(s): B



All of the following would tend to make the demand for a good highly price elastic except one.
Which ONE is the exception?

  1. There are many close substitutes for the good
  2. The time period under consideration is long
  3. The good is a luxury
  4. The proportion of consumer income spent on the good is small

Answer(s): D






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