Other Economics Answers

Which situation best illustrates an effect of the law of demand

Trust deposits are paid into the Trust bank account. Which of the following deposits is not a trust deposit?

•  A. Money paid in by a client in the settlement of their account.
•  B. Deposits of clients pertaining to expenses that have yet to be paid.
•  C. Money paid in by a third party in respect of expenses that have yet to be paid in respect of a conveyancing transaction.
•  D. Deposits of clients in respect of services yet to be rendered.

Sharp Inc., a wholly Ghanaian owned company specializes in the production of hand 

sanitizers branded as Quin. The company has branches in all the regions in Ghana with its 

head office located at Cape Coast. It employs 1,200 people and pays an average of GHȼ

550.00 as income tax to the government of Ghana on a monthly basis. Suppose that seven 

thousand, eight hundred and twenty (7,820) units of Quin are produced and supplied by Sharp 

Inc. but the quantity demanded for Quin is eight thousand (8,000) units. Ceteris Paribus, a 

GHȼ 20.00 change in the price of Quin results in a change in quantity demanded for and 

supplied of 4 and 5 units, respectively. [Hint: change in X due to change in Y is given as ]. 

a) Determine the equilibrium price and equilibrium quantities of Quin.

b) Infer the elasticity of demand for Quin from your solution.

True/false: Uniformity and durability are functions of money.

True/false: The distribution function of government refers to the government promoting efficiency by implementing legislation to ensure certain minimum standards.

True/false : The role of the public sector is to control the money supply and interest rates to achieve economic stability.

Consumer surplus indicates

Which of the following would not be associated with a natural monopoly

A small farmer is more likely to operate in a perfectly competitive market than a company like AB inBev because?

a) a small business is more likely to keep close control on costs than a large firm.

b) AB inBev employs many people, whereas perfectly competitive firms are owner-managed.

c) the demand for beer is less elastic than the demand for food.

d) a small farmer supplies a small share of market supply.