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Microeconomics quiz

Question 1 of 10

1

Good X has a PED of 1.2, Good Y has a PED of 0.8. If the XED of good X is 2.3. What is the percent change in price of good X if the demand of good Y changes by 55%?

Select one of the following:

  • 158.125%

  • 68.75%

  • 131.771%

  • 55%

Explanation

Question 2 of 10

1

Which of the following products will experience a price change due to the current drought in Colombia?
Select all that apply

Select one or more of the following:

  • Corn

  • Airplane tickets

  • Roses

  • Colombian Gold

  • Cars

  • School tuition

  • Night at a hotel

Explanation

Question 3 of 10

1

The study of economics wouldn't be as easy if it wasn't for which of the following?

Select one of the following:

  • Ceteris Paribus

  • Government

  • Free Trade

  • The 4 scarce resources

Explanation

Question 4 of 10

1

If total cost is equal to variable cost + fixed cost what would explain that Change in TC is equal to change in VC?

Select one of the following:

  • With ceteris paribus FC should not be taken into account

  • FC is not a measure of money so it is irrelevant

  • Change in FC=0

  • The statement in the question is not true

Explanation

Question 5 of 10

1

Which of the following goods will never have disutility.

Select one of the following:

  • Money

  • Rare items

  • Collections

  • All of the above

Explanation

Question 6 of 10

1

Which of the following mathematical equations explain why a PED rectangular hyperbola curve will always be unitary elastic?

Select one of the following:

  • y=mx+b

  • f'(x)=(dy)/(dx)

  • y'=lnx

  • y=1/x

Explanation

Question 7 of 10

1

The price of airplane tickets increases by 257%, which of the following goods will be demanded more?
select all that apply

Select one or more of the following:

  • Haircuts

  • Local goods over imported goods

  • Train tickets

  • Car wheels

  • Music Discs

  • books

Explanation

Question 8 of 10

1

What explains that PES is unitary elastic when its curve touches the origin?

Select one of the following:

  • Y=mX so they change proportionally

  • It's in between being inelastic and elastic

  • it doesn't have a y intercept

  • The Free origin law of economics

Explanation

Question 9 of 10

1

Which of the following are examples of internal economies of scale?
Check all that apply

Select one or more of the following:

  • The government lower taxes

  • there is a new cinema 2 blocks away from your business

  • the company buys raw materials by bulk

  • the company has great communication within itself

  • the company has a greedy manager

Explanation

Question 10 of 10

1

The PED curve has a direct relationship with the AD curve

Select one of the following:

  • True
  • False

Explanation

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