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Elasticity Quiz

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Elasticity

Question 1 of 10

1

When the price elasticity of demand is between 0 and 1 it is

Select one of the following:

  • inelastic

  • elastic

  • unit elastic

Explanation

Question 2 of 10

1

Price elasticity of demand has an inverse relationship

Select one of the following:

  • True
  • False

Explanation

Question 3 of 10

1

If the elasticity is unit elastic, and the quantity demanded increases by 20%, then the price must increase by 20%

Select one of the following:

  • True
  • False

Explanation

Question 4 of 10

1

The equation for finding a percentage change is

Select one of the following:

  • old-new/new

  • (new-old/old) *100

  • new-old/old

Explanation

Question 5 of 10

1

bread and cream cheese have an xed of -0.7. They are

Select one of the following:

  • weak or no subsitutes

  • strong subsitutes

  • weak or no complements

  • strong complements

Explanation

Question 6 of 10

1

The reasons for why ped changes are

Select one or more of the following:

  • stock

  • time

  • capacities

  • substituion of capital labor

  • choice

Explanation

Question 7 of 10

1

The unit elastic graph of ped starts at the origin

Select one of the following:

  • True
  • False

Explanation

Question 8 of 10

1

If a scarf has an elasticity of 1.6, it is a

Select one of the following:

  • Normal necessity good

  • Normal inferior good

  • Normal luxury good

  • Inferior good

Explanation

Question 9 of 10

1

If a good is inelastic, it's not responsive to price

Select one of the following:

  • True
  • False

Explanation

Question 10 of 10

1

In a xed graph, two goods with no relationship would look like a horizontal line

Select one of the following:

  • True
  • False

Explanation

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