8329065
Descripción
Test por Michaela Juric-Donlan, actualizado hace más de 1 año
|
Creado por Michaela Juric-Donlan
hace alrededor de 7 años
|
|
Pregunta 1
Pregunta
The price elasticity of demand is a measure of
Respuesta
-
the amount of a product purchased when income increases.
-
how much a change in demand affects the equilibrium price.
-
he equilibrium price of a product
-
buyers' responsiveness to changes in the price of a product
-
whether a product is a substitute or a complement.
Pregunta 2
Pregunta
The price elasticity of demand calculated as the ________ divided by the ________.
Respuesta
-
change in quantity demanded; change in price
-
change in price; change in the quantity demanded
-
percentage change in the quantity demanded; percentage change in price
-
percentage change in the quantity demanded; change in price
-
percentage change in price; percentage change in the quantity demanded
Pregunta 3
Pregunta
Suppose that a 5% increase in the price of a book resulted in a 2.5% decrease in the quantity demanded of the book. The price elasticity of demand for the book is ________, which can be described as ________.
Respuesta
-
2, unit elastic.
-
0.5, elastic
-
2.5, elastic
-
2.5, inelastic
-
0.5, inelastic
Pregunta 4
Pregunta
If a good has many close substitutes, then its demand is most likely
Respuesta
-
Unit Elastic
-
Elastic
-
Perfectly inelastic
-
inelastic
-
elastic or inelastic depending on whether the price of the good is increasing or decreasing
Pregunta 5
Pregunta
Which of the following is true?
i. The easier it is to find substitutes for a good, the more price elastic the demand for the good is.
ii. The demand for a good is more price elastic the smaller the proportion of income spent on it.
iii. If demand is price elastic, lowering the price leads to a decrease in total revenue.
Respuesta
-
Only i
-
Only ii
-
Only iii
-
i and ii
-
i and iii
Pregunta 6
Pregunta
When we use the midpoint method to compute the price elasticity of demand we use
Respuesta
-
The original price and the average quantity
-
The original quantity and the average price
-
The average price ad the original quantity
-
The average price and the average quantity
-
Either the original or new price, and the average quantity
Pregunta 7
Pregunta
What is measured by the price elasticity of supply?
Respuesta
-
The price elasticity of supply measures how responsive producers are to changes in income
-
The price elasticity of supply measures how responsive producers are to changes in the price of other goods.
-
The price elasticity of supply measures how responsive producers are to changes in the price of a product.
-
The price elasticity of supply is a measure of the slope of the supply curve.
-
The price elasticity of supply measures how responsive producers are to changes in the cost of producing a product
Pregunta 8
Pregunta
If the price elasticity of supply for a good is 10, then supply is
Respuesta
-
Elastic
-
Perfectly Elastic
-
Unit Elastic
-
Inelastic
-
Perfectly inelastic
Pregunta 9
Pregunta
The extent to which the demand for a good changes when the price of a substitute or complement changes, other things remaining the same, is measured as the
Respuesta
-
price elasticity of supply
-
cross elasticity of demand
-
price elasticity of demand
-
income elasticity of demand
-
cross income elasticity of demand
Pregunta 10
Pregunta
The income elasticity of demand is ____________ if the good is ___________ good.
Respuesta
-
positive; an inferior
-
less than one; an inferior
-
positive; a substitute
-
negative; a normal
-
positive; a normal
¿Quieres crear tus propios Tests gratis con GoConqr? Más información.