4198301
Descrição
Quiz por 2016: Tatiana Se, atualizado more than 1 year ago
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Criado por 2016: Tatiana Se
mais de 8 anos atrás
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Questão 1
Questão
The demand for school biology textbooks is inelastic. This happens because:
Responda
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The biology textbooks have substitutes
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They are a luxury good
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They are a necessity for biology class in school
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They are really expensive
Questão 2
Questão
When the price of small dolls goes from 10$ to 12$, the quantity demanded decreases from 50 to 45. What is the price elasticity of demand?
Responda
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-0.5
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-2
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2
-
-1
Questão 3
Questão
Which of the following statements is false?
Responda
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When elasticity is greater than 1 it is a luxury good
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When elasticity is between 0-1 it is a normal necessity
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When elasticity is perfectly inelastic it is horizontal on a graph
Questão 4
Questão
Which of the following good is likely to have an inelastic demand?
Responda
-
Pepsi
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Water
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Coca Cola
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Chocolate
Questão 5
Questão
If product A has an elasticity of 1 and product B has an elasticity of 3.1, what can you tell about these goods?
Responda
-
They are complements
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They are substitutes
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A is unit elastic and B is inelastic
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A has less substitutes than B
Questão 6
Questão
Which of the following is not a reason why price elasticity of supply changes?
Responda
-
Spare capacity
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Flexibility of labor
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Choice
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Time
Questão 7
Questão
If the cross price elasticity of demand is negative than the good is [blank_start]complementary.[blank_end]
Responda
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complementary
Questão 8
Questão
If you have an inelastic product you should [blank_start]increase[blank_end] the price of the good.
Responda
-
increase
Questão 9
Questão
The mayor of Bogota wants to increase the taxes on cigarettes so they could raise more revenue. The mayor believe that cigarettes are [blank_start]inelastic[blank_end] products.
Responda
-
inelastic
Questão 10
Questão
The economic problem states that we have unlimited wants but we have limited resources.
Responda
- True
- False
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