Business Economics Mock Test: Taxation and Demand
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Questions and Answers

Which aspect of taxation involves Normative Economics?

  • the incidence of the tax
  • the effect of the tax on incentives to work
  • the “fairness” of the tax (correct)
  • all of the above

    • When the price of a substitute of commodity X falls, the demand for X:

  • rises (correct)
  • falls
  • remains unchanged
  • any of the above

    • If the quantity of a commodity demanded remains unchanged as its price changes, the coefficient of price elasticity of demand is:

  • = 1
  • 0 but < 1
  • >1
  • = 1

    • _________ is concerned with welfare proposition.

    <p>Normative Economics</p> Signup and view all the answers

    Economy’s historical performance was reflected by:

    <p>Either (a) or (b)</p> Signup and view all the answers

    Collectively peaks and troughs together is known as:

    <p>Turning Points</p> Signup and view all the answers

    Successful business firms spend considerable time, energy, and efforts in analyzing the _________ for their products.

    <p>competition landscape</p> Signup and view all the answers

    In Oligopoly the firms may collude in order to:

    <p>To raise the price of the good they offer</p> Signup and view all the answers

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