Elasticities quiz

jzuleta
Quiz by jzuleta, updated more than 1 year ago
jzuleta
Created by jzuleta over 5 years ago
17
1

Description

Elasticities quiz

Resource summary

Question 1

Question
A normal good ALWAYS has an elastic YED.
Answer
  • True
  • False

Question 2

Question
Since inferior goods rise in demand as the income of people falls, it has a negative YED.
Answer
  • True
  • False

Question 3

Question
Luxury goods such as sports cars can be inelastic.
Answer
  • True
  • False

Question 4

Question
Price elasticity of demand can be possitive.
Answer
  • True
  • False

Question 5

Question
If the supply curve goes through the origin it is.
Answer
  • elastic
  • inelastic
  • unit inelastic
  • unit elastic

Question 6

Question
If a change in price takes place, which of the following would take the longest to respond to said change.
Answer
  • toy manufacturers
  • airlines
  • corn farmers without inventory
  • corn farmers with inventory

Question 7

Question
if a good has an income elasticity of 0.45, and the average income fell 4 percent, what was the percentage original change .
Answer
  • .0166
  • .018
  • -.018
  • -.11

Question 8

Question
Two goods substitute each other if :
Answer
  • xed is zero
  • xed is one
  • xed is negative
  • xed is possitive

Question 9

Question
If two goods are completely unrelated to each other.
Answer
  • xed will be zero
  • xed will be inelastic
  • xed will be elastic
  • xed will be undefined

Question 10

Question
If two goods satisfy the same need they are [blank_start]complementary[blank_end], will their xed be possitive or negative?
Answer
  • complementary
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