Posted by admin on Jan 10, 2025 in Economics | 0 comments
Market Economy
1. A market economic system is said to be efficient since:
- (a) It operates without a central authority
- (b) Prices are determined by regulations
- (c) Technological progress reduces costs
- (d) None of the above
Utility and Revenue
2. When we have Marginal Utility of Good X / Price of Good X > Marginal Utility of Good Y / Price of Good Y, utility will increase if:
- (a) Consumption of Good X increases
- (b) Consumption of Good Y decreases
- (c) Consumption of Good X decreases
- (d) Both (a) and (b) are
Read More
