3948296
Descripción
Test por Kyna Finley, actualizado hace más de 1 año
|
Creado por Kyna Finley
hace más de 8 años
|
|
Pregunta 1
Pregunta
If the price of a good increases by 15%and the quantity demanded changes by 20%, then the price elasticity of demand is
Respuesta
-
.75
-
.33
-
1.33
-
1
Pregunta 2
Pregunta
The university hopes to increase revenue by increasing parking fees. This plan will only work if
Respuesta
-
The price effect is larger than the quantity effect
-
the price effect is smaller than the quantity effect
-
the price effect and quantity effect are the same
Pregunta 3
Pregunta
For an inferior good, elasticity of demand will be
Respuesta
-
negative
-
positive
-
0
Pregunta 4
Pregunta
a demand curve that is perfectly inelastic is
Respuesta
-
vertical
-
horizontal
-
downward sloping
-
upward sloping
Pregunta 5
Pregunta
The burden on the tax that is imposed on a good is said to fall completely on the consumers if
Respuesta
-
price paid by consumers for good declines by the amount of tax
-
price paid by consumers for good increases by the amount of tax
-
price paid by consumers does no change
Pregunta 6
Pregunta
at whatever quantity_________, the decision maker should do________ of the activity
Respuesta
-
MB<MC, that amount
-
MB<MC, less
-
MB>MC, less
-
MB>MC, none
Pregunta 7
Pregunta
Use the midpoint method to determine price elasticity of demand if: Price decreases from $2.50 to $2.25 and quantity demand per period increases from 0 to 25.
Respuesta
-
9
-
19
-
119
-
.5
Pregunta 8
Pregunta
If these countries used all of their resources, this is the amount of each product they could produce.
Spain: 50 pounds of wheat, 100 toys
America: 25 pounds of wheat, 75 toys
Spain has an absolute advantage in___________ and a comparative advantage in__________. America has the comparative advantage in________.
Respuesta
-
toys, wheat, toys
-
toys, toys, toys
-
wheat and toys, wheat, toys
-
neither, toys, wheat
Pregunta 9
Pregunta
Which of the following is true about price elasticity of demand
Respuesta
-
inelastic demand < 1
-
elastic demand < 1
-
unit elastic demand < 1
Pregunta 10
Pregunta
Increase price will increase revenue if demand is
Respuesta
-
elastic
-
inelastic
-
unit elastic
Pregunta 11
Pregunta
If a company sold 1,100 units at $0.90 each, what is total revenue?
Respuesta
-
$900
-
$0.90
-
$1,100
-
$990
Pregunta 12
Pregunta
A luxury tends to be more___________, while necessity is more__________.
Respuesta
-
elastic, inelastic
-
inelastic, elastic
¿Quieres crear tus propios Tests gratis con GoConqr? Más información.