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Free CIMAPRA17-BA1-1 Exam Braindumps (page: 42)

Page 41 of 118
PDF with 468 Questions

A shift in the supply curve for a good will have the biggest effect on the market price when the demand curve for the good

  1. is highly price elastic
  2. is highly price inelastic
  3. has unit price elasticity
  4. is perfectly price elastic

Answer(s): B



Which ONE of the following conditions would lead to instability over time in the incomes of producers of primary products?

  1. Both demand and supply tend to be price inelastic
  2. Large shifts in demand combined with supply that is price inelastic
  3. Large supply shifts under the impact of unstable weather conditions
  4. Both demand and supply tend to be price elastic

Answer(s): B



When a minimum price is imposed on a good by the government, which is above the equilibrium price:

  1. Excess supply will result
  2. Trading will continue at the equilibrium price
  3. Excess demand will result
  4. Firms will fulfill their market plans at this price

Answer(s): A



A market is in equilibrium. If the government imposes a minimum price above the equilibrium price, there will be:

  1. an extension in demand, a contraction in supply and a market shortage
  2. a decrease in demand, an extension in supply and a market surplus
  3. a contraction in demand, an increase in supply and a market surplus
  4. a contraction in demand, an extension in supply and market surplus

Answer(s): D






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