Q16. The shifting or returning of government economic functions to individuals a

Question

Q16. The shifting or returning of government economic functions to individuals and firms in the economy is known as
   a. liberalization
   b. intervention
   c. competition
   d. privatization

Q17. The effect of a change in the quantity sold of product A resulting from a change in the price of product B is measured by
   a. price elasticity of demand
   b. cross elasticity of demand
   c. income elasticity of demand
   d. promotional elasticity of demand

Q18. The point where quantity demanded and quantity supplied are equal is known as the
   a. ceiling price
   b. minimum price
   c. equilibrium price
   d. administered price

Q19. The total quantity of a good that all buyers in the market would buy at various prices at a given time is known as
   a. individual demand
   b. conglomerate demand
   c. market demand
   d. additive demand

Q20. An increase in supply will cause the supply line to
   a. move to the left
   b. move to the right
   c. become more vertical
   d. become more horizontal

Explanation / Answer

16. d. privatization
17. b. cross elasticity of demand

18. c. equilibrium price

19. c. market demand

20. b. move to the right

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