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AP Microeconomics quiz
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Questions in this quiz (10)
1The demand for school biology textbooks is inelastic. This happens because:
- AThe biology textbooks have substitutes
- BThey are a luxury good
- CThey are a necessity for biology class in school
- DThey are really expensive
2When 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?
- A-0.5
- B-2
- C2
- D-1
3Which of the following statements is false?
- AWhen elasticity is greater than 1 it is a luxury good
- BWhen elasticity is between 0-1 it is a normal necessity
- CWhen elasticity is perfectly inelastic it is horizontal on a graph
4Which of the following good is likely to have an inelastic demand?
- APepsi
- BWater
- CCoca Cola
- DChocolate
5If product A has an elasticity of 1 and product B has an elasticity of 3.1, what can you tell about these goods?
- AThey are complements
- BThey are substitutes
- CA is unit elastic and B is inelastic
- DA has less substitutes than B
6Which of the following is not a reason why price elasticity of supply changes?
- ASpare capacity
- BFlexibility of labor
- CChoice
- DTime
7If the cross price elasticity of demand is negative than the good is [blank_start]complementary.[blank_end]
- Acomplementary
8If you have an inelastic product you should [blank_start]increase[blank_end] the price of the good.
- Aincrease
9The 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.
- Ainelastic
10The economic problem states that we have unlimited wants but we have limited resources.
- ATrue
- BFalse
Information
- Description
- AP micro semester exam review
- Author
- 2016: Tatiana Se
- Language
- English
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- 60
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