Microeconomics quiz

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asilva9263
Quiz by asilva9263, updated more than 1 year ago
asilva9263
Created by asilva9263 almost 9 years ago
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Resource summary

Question 1

Question
Good X has a PED of 1.2, Good Y has a PED of 0.8. If the XED of good X is 2.3. What is the percent change in price of good X if the demand of good Y changes by 55%?
Answer
  • 158.125%
  • 68.75%
  • 131.771%
  • 55%

Question 2

Question
Which of the following products will experience a price change due to the current drought in Colombia? Select all that apply
Answer
  • Corn
  • Airplane tickets
  • Roses
  • Colombian Gold
  • Cars
  • School tuition
  • Night at a hotel

Question 3

Question
The study of economics wouldn't be as easy if it wasn't for which of the following?
Answer
  • Ceteris Paribus
  • Government
  • Free Trade
  • The 4 scarce resources

Question 4

Question
If total cost is equal to variable cost + fixed cost what would explain that Change in TC is equal to change in VC?
Answer
  • With ceteris paribus FC should not be taken into account
  • FC is not a measure of money so it is irrelevant
  • Change in FC=0
  • The statement in the question is not true

Question 5

Question
Which of the following goods will never have disutility.
Answer
  • Money
  • Rare items
  • Collections
  • All of the above

Question 6

Question
Which of the following mathematical equations explain why a PED rectangular hyperbola curve will always be unitary elastic?
Answer
  • y=mx+b
  • f'(x)=(dy)/(dx)
  • y'=lnx
  • y=1/x

Question 7

Question
The price of airplane tickets increases by 257%, which of the following goods will be demanded more? select all that apply
Answer
  • Haircuts
  • Local goods over imported goods
  • Train tickets
  • Car wheels
  • Music Discs
  • books

Question 8

Question
What explains that PES is unitary elastic when its curve touches the origin?
Answer
  • Y=mX so they change proportionally
  • It's in between being inelastic and elastic
  • it doesn't have a y intercept
  • The Free origin law of economics

Question 9

Question
Which of the following are examples of internal economies of scale? Check all that apply
Answer
  • The government lower taxes
  • there is a new cinema 2 blocks away from your business
  • the company buys raw materials by bulk
  • the company has great communication within itself
  • the company has a greedy manager

Question 10

Question
The PED curve has a direct relationship with the AD curve
Answer
  • True
  • False
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