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Microeconomics Quiz

mateogalvis97 10 questions

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Questions in this quiz (10)

  1. 1Elasticity refers to the responsiveness of demand due to
    1. ACost
    2. BPrice
    3. CMotivation
    4. DIncome
  2. 2Products that are addictive (cigarettes, alcohol, cocaine etc.) tend to be
    1. AInelastic, because people are not willing to pay more for a product that has no real benefit in their life.
    2. BElastic, because people who are addictive will always want the product, regardless of the price.
    3. CInelastic, because people who are addictive will always want the product, regardless of the price.
    4. DElastic, because people are not willing to pay more for a product that has no real benefit in their life.
  3. 3Business air travel is more inelastic than leisure air travel because
    1. APeople who travel for business usually travel in first class so it's more expensive.
    2. BPeople who travel for leisure will have other options other than traveling for vacation.
    3. CThere is more people traveling for business than people traveling for leisure.
    4. DThere is more people traveling for leisure than people traveling for business.
  4. 4The demand curve is upward sloping.
    1. ATrue
    2. BFalse
  5. 5Lipton Ice Tea and Fuze Tea are weak substitutes.
    1. ATrue
    2. BFalse
  6. 6If the price for iPhones suddenly rises drastically, what is expected to happen to the demand for the Samsung Galaxy?
    1. AIt will increase
    2. BIt will stay the same
    3. CIt will decrease
    4. DIt will decrease and then increase in the long run.
  7. 7Which of the following is an example of a complementary good of pasta?
    1. ACoca-Cola
    2. BEggs
    3. CNuts
    4. DParmesan cheese
  8. 8Product A has unitary elasticity. If the price for Product A goes from $20 to $100, the demand will be
    1. A5,7x lower
    2. B5,4x higher
    3. C5,3x lower
    4. DNone of the above
  9. 9Cellphones and SIM cards are expected to have joint demand.
    1. ATrue
    2. BFalse
  10. 10Motivation is one of the factors affecting PES.
    1. ATrue
    2. BFalse

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