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AP Micro Quiz

mkling 10 questions

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Questions in this quiz (10)

  1. 1The Total Revenue curve derives is a downward parabola thanks to the fact that:
    1. AElasticity of demand curves have different elasticities as you move along them.
    2. BTotal Revenue is computed in a quadratic form.
    3. CElasticity of demand curve has a constant elasticity at every point.
    4. DThere is not rational answer to this problem.
  2. 2The law of demand states:
    1. AConsumers will buy more of a product when its price declines.
    2. BConsumers will buy more of a product when its price increases.
    3. CConsumers are not sensitive to price changes in any scenario.
    4. DConsumers do not take into account prices when purchasing.
  3. 3A value for elasticity is considered to be elastic if it:
    1. AIs less than one.
    2. BIs greater than 1.
    3. CIs equal to one.
    4. DIs equal to infinity.
  4. 4A value for elasticity is considered to be inelastic if it:
    1. AIs less than one.
    2. BIs more than one.
    3. CEquals infinity.
    4. DEquals one.
  5. 5A value for elasticity is considered to be unit elastic if it:
    1. AIs equal to one.
    2. BIs less than one.
  6. 6A value for elasticity is considered to be perfectly elastic if it:
    1. AIs equal to infinity.
    2. BIs equal to 0.
  7. 7A value for elasticity is considered to be perfectly inelastic if it:
    1. AIs equal to 0.
    2. BIs equal to infinity.
  8. 8The total revenue test indicates that:
    1. AIf demand is elastic an increase in price will increase total revenue.
    2. BIf demand is elastic an increase in price will decrease total revenue.
  9. 9The Total Revenue Test indicates that:
    1. AIf demand is inelastic an increase in price will increase total revenue.
    2. BIf demand is inelastic an increase in price will decrease total revenue.
  10. 10The greater the number of substitute goods:
    1. Athe greater the price elasticity of demand.
    2. Bthe lower the price elasticity of demand.

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Description
A quiz on microeconomics.
Author
mkling
Language
English
Views
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