Test
Microeconomics Quiz
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Preguntas del test (10)
1Elasticity refers to the responsiveness of demand due to
- ACost
- BPrice
- CMotivation
- DIncome
2Products that are addictive (cigarettes, alcohol, cocaine etc.) tend to be
- AInelastic, because people are not willing to pay more for a product that has no real benefit in their life.
- BElastic, because people who are addictive will always want the product, regardless of the price.
- CInelastic, because people who are addictive will always want the product, regardless of the price.
- DElastic, because people are not willing to pay more for a product that has no real benefit in their life.
3Business air travel is more inelastic than leisure air travel because
- APeople who travel for business usually travel in first class so it's more expensive.
- BPeople who travel for leisure will have other options other than traveling for vacation.
- CThere is more people traveling for business than people traveling for leisure.
- DThere is more people traveling for leisure than people traveling for business.
4The demand curve is upward sloping.
- AVerdadero
- BFalso
5Lipton Ice Tea and Fuze Tea are weak substitutes.
- AVerdadero
- BFalso
6If the price for iPhones suddenly rises drastically, what is expected to happen to the demand for the Samsung Galaxy?
- AIt will increase
- BIt will stay the same
- CIt will decrease
- DIt will decrease and then increase in the long run.
7Which of the following is an example of a complementary good of pasta?
- ACoca-Cola
- BEggs
- CNuts
- DParmesan cheese
8Product A has unitary elasticity. If the price for Product A goes from $20 to $100, the demand will be
- A5,7x lower
- B5,4x higher
- C5,3x lower
- DNone of the above
9Cellphones and SIM cards are expected to have joint demand.
- AVerdadero
- BFalso
10Motivation is one of the factors affecting PES.
- AVerdadero
- BFalso
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- mateogalvis97
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- English
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