Paper 1 · price and value
Which of the following statements is correct?
AThe value of a commodity has nothing to do with price.
BThe price of a good is its value measured in terms of money.
CAn increase in price of a commodity represents a fall in its value.
DIf the price of a commodity falls, its value relative to other goods does not alter.
Explanation: By definition, price is the value of a good expressed in monetary terms.
ZIMSEC Economics Paper 1, November 2010, Q2
