Economics - Study Mode

[#521] Rational decision making requires that
Correct Answer

(B) One's choices be consistent with one's goals

Explanation

Solution: Rational decision making requires that One's choices be consistent with one's goals. Rational choice theory, also called rational action theory or choice theory, school of thought based on the assumption that individuals choose a course of action that is most in line with their personal preferences.

[#522] If the demand for a good is inelastic, an increase in the price of the good will cause the total expenditure of the consumers of the good to
Correct Answer

(B) Increase

Explanation

Solution: If the demand for a good is inelastic, an increase in the price of the good will cause the total expenditure of the consumers of the good to Increase.

[#523] All of the following are determinants of demand except
Correct Answer

(B) Quantity supplied

Explanation

Solution: All of the following are determinants of demand except Quantity supplied. The Five Determinants of Demand Prices of related goods or services. These are either complementary, those purchased along with a particular good or service, or substitutes, those purchased instead of a certain good or service. Tastes or preferences of consumers. Expectations.

[#524] The demand for a product would be more inelastic
Correct Answer

(C) the less expensive is the product in relation to incomes

[#525] Indifference curves are usually:
Correct Answer

(A) Convex