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Fundamentals of Business Economics Questions and Answers

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Question 1

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

Options:

Signaling changes in consumer tastes

Causing supply to respond to changes in demand

Eliminating excess supply and demand

Ensuring a socially fair distribution of goods and services

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Question 2

A wireless phone manufacturer currently sells 2,000 units per quarter at a price of $400 The estimated price elasticity of demand is -2.5.

The manufacturer is considering an increase in the price to $440

What will this raise (+) or reduce (-) total revenue by? Give your answer in whole numbers.

Options:

Question 3

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

Options:

The demand curve to the right

The supply curve to the right

The demand curve to the left

The supply curve to the left

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BA1 Exam Dumps : Fundamentals of Business Economics

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Fundamentals of Business Economics Questions and Answers

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Fortinet

Microsoft

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