Email: bbcnoun@gmail.com Whatsapp/Telegram: 08131667008 ECO121 Question: price ceiling is always fixed ---------- equilibrium price Answer: below Question: In economics the central problem is ---------. Answer: scarcity Question: The following are determinants of demand elasticity except ------ Answer: technology Question: A budget line is ------------------ Answer: downward sloping Question: Free market economy is an economic system where the basic economic decisions are made by the buyers and sellers, individual households and businesses in the economy through the ------. Answer: price mechanism Question: In a controlled economy, it is the ------ that makes the economic decision and it is solely done meaning that there are no ----- sector initiatives Answer: government / private Question: Former Soviet Union, Cuba, Germany, Russia, North Korea etc are close examples of ------ economies Answer: Controlled or Planned Question: The amount of satisfaction derive from consumption of a particular commodity is ----- Answer: utility Question: Controlled or Planned economies are usually associated with -------where government determines the wages of workers, the prices of goods and services and level of output. Answer: Socialism and Communism Question: The following are features of perfect competitive market except ------ Answer: single seller, many buyers Email: bbcnoun@gmail.com Whatsapp/Telegram: 08131667008