4168421
Descripción
Test por 2016: Paula Jara, actualizado hace más de 1 año
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Creado por 2016: Paula Jara
hace más de 8 años
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Pregunta 1
Pregunta
When is demand inelastic?
Respuesta
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The percentage change of quantity demanded is greater than the percentage change in price of a good.
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The percentage change of quantity demanded is smaller than the percentage change in price of a good.
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A relative small change in price results in a relatively big change in quantity demanded.
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The PED is greater than 1.
Pregunta 2
Pregunta
The factors that change PES are?
Respuesta
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Time only.
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Time and stocks only.
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Stocks and capacities only.
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Time, stocks, capacities, and capital labor.
Pregunta 3
Pregunta
What should a company do to raise total revenue if the product is inelastic?
Respuesta
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Lower prices.
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Declare it an inferior good.
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Diversify its production.
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Raise prices.
Pregunta 4
Pregunta
The price of elasticity of demand of an elastic product can range between?
Respuesta
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-1 to 1
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0 to 1
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-infinity to 1
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1 to infinity
Pregunta 5
Pregunta
When is the Xed a substitute good rather than a complementary one?
Respuesta
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When the Xed is negative
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When it is a normal good
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When the Xed is positive
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Can't be determined
Pregunta 6
Pregunta
Supply is elastic if?
Respuesta
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The good in the question is a normal good
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The slope of the supply curve is positive
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If the curve crosses through y-axis
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If the curve crosses through x-axis
Pregunta 7
Pregunta
If the price elasticity of demand for a product equals 1, as its price rises the
Respuesta
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Total revenue increases
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Total revenue stays the same
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Total revenue decreases
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supply of good decreases
Pregunta 8
Pregunta
What is the difference between a luxury good and an inferior good.
Respuesta
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Luxury goods Yed is always positive, and elastic
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Luxury goods Yed is always positive, and inelastic
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Luxury goods Yed may be both inelastic and elastic
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Luxury goods are always negative
Pregunta 9
Pregunta
In substitute goods...?
Respuesta
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Weak substitutes are elastic
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There is no such a thing as weak substitutes
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Strong substitutes are elastic
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There is no such a thing as strong substitutes
Pregunta 10
Pregunta
What is the shape of the unit elastic for PED?
Respuesta
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Horizontal
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Vertical
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Positively diagonal
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Rectangular hyperbola
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