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Elasticities quiz

jzuleta 10 questions 1.0 (1 rating)

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Questions in this quiz (10)

1A normal good ALWAYS has an elastic YED.
1. ATrue
2. BFalse
2Since inferior goods rise in demand as the income of people falls, it has a negative YED.
1. ATrue
2. BFalse
3Luxury goods such as sports cars can be inelastic.
1. ATrue
2. BFalse
4Price elasticity of demand can be possitive.
1. ATrue
2. BFalse
5If the supply curve goes through the origin it is.
1. Aelastic
2. Binelastic
3. Cunit inelastic
4. Dunit elastic
6If a change in price takes place, which of the following would take the longest to respond to said change.
1. Atoy manufacturers
2. Bairlines
3. Ccorn farmers without inventory
4. Dcorn farmers with inventory
7if a good has an income elasticity of 0.45, and the average income fell 4 percent,
what was the percentage original change .
1. A.0166
2. B.018
3. C-.018
4. D-.11
8Two goods substitute each other if :
1. Axed is zero
2. Bxed is one
3. Cxed is negative
4. Dxed is possitive
9If two goods are completely unrelated to each other.
1. Axed will be zero
2. Bxed will be inelastic
3. Cxed will be elastic
4. Dxed will be undefined
10If two goods satisfy the same need they are [blank_start]complementary[blank_end], will their xed be possitive or negative?
1. Acomplementary