2016: Nicolas Di
Quiz by , created more than 1 year ago

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2016: Nicolas Di
Created by 2016: Nicolas Di over 8 years ago
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Nicolas Di Terlizzi

Question 1 of 10

1

What is the definition of an inferior good?

Select one or more of the following:

  • Good that happens when demand falls an income rises; vice versa.

  • Good that happens when demand increases and income increases as well; vice versa.

Explanation

Question 2 of 10

1

What type of goods are considered elastic goods?

Select one or more of the following:

  • Normal luxuries and normal necessities

  • Normal luxuries and superior goods

Explanation

Question 3 of 10

1

What is the formula for XeD?

Select one or more of the following:

  • %change in qty demanded for product x/ %change in price for product y

  • %change in qty demanded/ %change in income

Explanation

Question 4 of 10

1

What is the formula for PeD?

Select one or more of the following:

  • %change in qty demanded/ %change in price

  • %change in qty demanded/%change in income

Explanation

Question 5 of 10

1

What shifts PeS?

Select one or more of the following:

  • Stocks, Capital labor, Capacity and Time

  • Stocks, Capacity, Time and Chance

  • Stocks, Interest Rates, Time and Chance

Explanation

Question 6 of 10

1

What does a complement represent?

Select one or more of the following:

  • 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).

  • When good A substitutes good B (because price of good A increases, the demand for good B will increase).

Explanation

Question 7 of 10

1

What would be an inelastic good?

Select one or more of the following:

  • Normal necessities

  • Macbook Pro

  • Tickets for a soccer match

  • Short-distance flights

Explanation

Question 8 of 10

1

What does a rectangular hyperbole represent?

Select one or more of the following:

  • Unit elasticity along the curve

  • Price elasticity in supply

  • Price elasticity in demand

Explanation

Question 9 of 10

1

What does it mean when you graph a line in a price elasticity graph, that starts in the y- axis?

Select one or more of the following:

  • Inelastic

  • Elastic

  • Unit Elastic

  • Perfectly inelastic

Explanation

Question 10 of 10

1

What kind of profit is a firm making when their ATC= their AR?

Select one or more of the following:

  • Supernormal

  • Abnormal

Explanation

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