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AP Micro Quiz

Description

A quiz on microeconomics.
mkling
Quiz by mkling, updated more than 1 year ago
mkling
Created by mkling over 8 years ago
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Resource summary

Question 1

Question
The Total Revenue curve derives is a downward parabola thanks to the fact that:
Answer
  • Elasticity of demand curves have different elasticities as you move along them.
  • Total Revenue is computed in a quadratic form.
  • Elasticity of demand curve has a constant elasticity at every point.
  • There is not rational answer to this problem.

Question 2

Question
The law of demand states:
Answer
  • Consumers will buy more of a product when its price declines.
  • Consumers will buy more of a product when its price increases.
  • Consumers are not sensitive to price changes in any scenario.
  • Consumers do not take into account prices when purchasing.

Question 3

Question
A value for elasticity is considered to be elastic if it:
Answer
  • Is less than one.
  • Is greater than 1.
  • Is equal to one.
  • Is equal to infinity.

Question 4

Question
A value for elasticity is considered to be inelastic if it:
Answer
  • Is less than one.
  • Is more than one.
  • Equals infinity.
  • Equals one.

Question 5

Question
A value for elasticity is considered to be unit elastic if it:
Answer
  • Is equal to one.
  • Is less than one.

Question 6

Question
A value for elasticity is considered to be perfectly elastic if it:
Answer
  • Is equal to infinity.
  • Is equal to 0.

Question 7

Question
A value for elasticity is considered to be perfectly inelastic if it:
Answer
  • Is equal to 0.
  • Is equal to infinity.

Question 8

Question
The total revenue test indicates that:
Answer
  • If demand is elastic an increase in price will increase total revenue.
  • If demand is elastic an increase in price will decrease total revenue.

Question 9

Question
The Total Revenue Test indicates that:
Answer
  • If demand is inelastic an increase in price will increase total revenue.
  • If demand is inelastic an increase in price will decrease total revenue.

Question 10

Question
The greater the number of substitute goods:
Answer
  • the greater the price elasticity of demand.
  • the lower the price elasticity of demand.
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