8 Questions
Which aspect of taxation involves Normative Economics?
the “fairness” of the tax
When the price of a substitute of commodity X falls, the demand for X:
rises
If the quantity of a commodity demanded remains unchanged as its price changes, the coefficient of price elasticity of demand is:
_________ is concerned with welfare proposition.
Normative Economics
Economy’s historical performance was reflected by:
Either (a) or (b)
Collectively peaks and troughs together is known as:
Turning Points
Successful business firms spend considerable time, energy, and efforts in analyzing the _________ for their products.
competition landscape
In Oligopoly the firms may collude in order to:
To raise the price of the good they offer
Test your knowledge of business economics with this mock test paper, focusing on questions related to taxation and demand for commodities. Can you identify which aspect of taxation involves Normative Economics and predict the impact on the demand for a commodity when the price of its substitute falls?
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