4175712
Description
Quiz by 2016: Nicolas Di, updated more than 1 year ago
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Created by 2016: Nicolas Di
over 8 years ago
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Question 1
Question
What is the definition of an inferior good?
Answer
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Good that happens when demand falls an income rises; vice versa.
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Good that happens when demand increases and income increases as well; vice versa.
Question 2
Question
What type of goods are considered elastic goods?
Answer
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Normal luxuries and normal necessities
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Normal luxuries and superior goods
Question 3
Question
What is the formula for XeD?
Answer
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%change in qty demanded for product x/ %change in price for product y
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%change in qty demanded/ %change in income
Question 4
Question
What is the formula for PeD?
Answer
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%change in qty demanded/ %change in price
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%change in qty demanded/%change in income
Question 5
Question
What shifts PeS?
Answer
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Stocks, Capital labor, Capacity and Time
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Stocks, Capacity, Time and Chance
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Stocks, Interest Rates, Time and Chance
Question 6
Question
What does a complement represent?
Answer
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When the increase in demand of good A leads to the increase in demand of good B (If the demand for iphones increases, the demand for iphone cases will also increase).
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When good A substitutes good B (because price of good A increases, the demand for good B will increase).
Question 7
Question
What would be an inelastic good?
Answer
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Normal necessities
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Macbook Pro
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Tickets for a soccer match
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Short-distance flights
Question 8
Question
What does a rectangular hyperbole represent?
Answer
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Unit elasticity along the curve
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Price elasticity in supply
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Price elasticity in demand
Question 9
Question
What does it mean when you graph a line in a price elasticity graph, that starts in the y- axis?
Answer
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Inelastic
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Elastic
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Unit Elastic
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Perfectly inelastic
Question 10
Question
What kind of profit is a firm making when their ATC= their AR?
Answer
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Supernormal
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Abnormal
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