4198301
Beschreibung
Quiz von 2016: Tatiana Se, aktualisiert more than 1 year ago
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Erstellt von 2016: Tatiana Se
vor mehr als 8 Jahre
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Frage 1
Frage
The demand for school biology textbooks is inelastic. This happens because:
Antworten
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The biology textbooks have substitutes
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They are a luxury good
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They are a necessity for biology class in school
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They are really expensive
Frage 2
Frage
When the price of small dolls goes from 10$ to 12$, the quantity demanded decreases from 50 to 45. What is the price elasticity of demand?
Antworten
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-0.5
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-2
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2
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-1
Frage 3
Frage
Which of the following statements is false?
Antworten
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When elasticity is greater than 1 it is a luxury good
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When elasticity is between 0-1 it is a normal necessity
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When elasticity is perfectly inelastic it is horizontal on a graph
Frage 4
Frage
Which of the following good is likely to have an inelastic demand?
Antworten
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Pepsi
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Water
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Coca Cola
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Chocolate
Frage 5
Frage
If product A has an elasticity of 1 and product B has an elasticity of 3.1, what can you tell about these goods?
Antworten
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They are complements
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They are substitutes
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A is unit elastic and B is inelastic
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A has less substitutes than B
Frage 6
Frage
Which of the following is not a reason why price elasticity of supply changes?
Antworten
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Spare capacity
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Flexibility of labor
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Choice
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Time
Frage 7
Frage
If the cross price elasticity of demand is negative than the good is [blank_start]complementary.[blank_end]
Antworten
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complementary
Frage 8
Frage
If you have an inelastic product you should [blank_start]increase[blank_end] the price of the good.
Antworten
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increase
Frage 9
Frage
The mayor of Bogota wants to increase the taxes on cigarettes so they could raise more revenue. The mayor believe that cigarettes are [blank_start]inelastic[blank_end] products.
Antworten
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inelastic
Frage 10
Frage
The economic problem states that we have unlimited wants but we have limited resources.
Antworten
- True
- False
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