1. A shift in the demand for luxury cars, resulting from a decrease in income due to an interest rate change will result

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1. A shift in the demand for luxury cars, resulting from adecrease in income due to an interest rate change will resultin……(b) Higher prices(c) Lower prices(d) A shift in the supply curve(e) Increased output
2. The market in which the currency of one country is exchanged forthe currency of another is the….(a) Capital market(b) Money market(c) Foreign exchange market(d) Future market
3. In the short term, a competitive firm should shut downoperations when prices fall below minimum…(a) Average total cost(b) Marginal cost(c) Average fixed cost(d) Average variable cost
4. A / an ____________ is a result of a country importing more thanit exports.(a) Trade surplus(b) Trade deficit(c) Recession(d) Expansion
5. ______________unemployment would occur in winter withice-creambicycle sellers.(a) Seasonal(b) Frictional(c) Structural(d) Demand-deficient
6. A vertical supply curve may be described as…(a) Relatively elastic(b) Perfectly elastic(c) Relatively inelastic(d) Perfectly inelastic
7. Marginal fixed cost is always…(a) Zero(b) Near zero(c) Quite high(d) Variable, depending on the product
8. In a ____________ economic system, what is to be produced, howand for whom is determined by the price mechanism.(a) Traditional(b) Centrally controlled(c) Socialist(d) Capitalist
9. Who are the owners of the production factors?(a) Firms(b) Households(c) Government(d) SARB
10. ____________ would not describe internal equilibrium.(a) Stability of price levels(b) Full employment(c) Stable exchange stability(d) Maintenance of an optimal growth rate