4174163
Description
Quiz by mateogalvis97, updated more than 1 year ago
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Created by mateogalvis97
over 8 years ago
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Question 1
Question
Elasticity refers to the responsiveness of demand due to
Answer
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Cost
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Price
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Motivation
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Income
Question 2
Question
Products that are addictive (cigarettes, alcohol, cocaine etc.) tend to be
Answer
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Inelastic, because people are not willing to pay more for a product that has no real benefit in their life.
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Elastic, because people who are addictive will always want the product, regardless of the price.
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Inelastic, because people who are addictive will always want the product, regardless of the price.
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Elastic, because people are not willing to pay more for a product that has no real benefit in their life.
Question 3
Question
Business air travel is more inelastic than leisure air travel because
Answer
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People who travel for business usually travel in first class so it's more expensive.
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People who travel for leisure will have other options other than traveling for vacation.
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There is more people traveling for business than people traveling for leisure.
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There is more people traveling for leisure than people traveling for business.
Question 4
Question
The demand curve is upward sloping.
Answer
- True
- False
Question 5
Question
Lipton Ice Tea and Fuze Tea are weak substitutes.
Answer
- True
- False
Question 6
Question
If the price for iPhones suddenly rises drastically, what is expected to happen to the demand for the Samsung Galaxy?
Answer
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It will increase
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It will stay the same
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It will decrease
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It will decrease and then increase in the long run.
Question 7
Question
Which of the following is an example of a complementary good of pasta?
Answer
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Coca-Cola
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Eggs
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Nuts
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Parmesan cheese
Question 8
Question
Product A has unitary elasticity. If the price for Product A goes from $20 to $100, the demand will be
Answer
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5,7x lower
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5,4x higher
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5,3x lower
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None of the above
Question 9
Question
Cellphones and SIM cards are expected to have joint demand.
Answer
- True
- False
Question 10
Question
Motivation is one of the factors affecting PES.
Answer
- True
- False
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