4177015
Description
Quiz by asilva9263, updated more than 1 year ago
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Created by asilva9263
over 8 years ago
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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
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158.125%
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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
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Corn
-
Airplane tickets
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Roses
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Colombian Gold
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Cars
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School tuition
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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
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Ceteris Paribus
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Government
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Free Trade
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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
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With ceteris paribus FC should not be taken into account
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FC is not a measure of money so it is irrelevant
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Change in FC=0
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The statement in the question is not true
Question 5
Question
Which of the following goods will never have disutility.
Answer
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Money
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Rare items
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Collections
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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
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y=mx+b
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f'(x)=(dy)/(dx)
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y'=lnx
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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
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Haircuts
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Local goods over imported goods
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Train tickets
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Car wheels
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Music Discs
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books
Question 8
Question
What explains that PES is unitary elastic when its curve touches the origin?
Answer
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Y=mX so they change proportionally
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It's in between being inelastic and elastic
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it doesn't have a y intercept
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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
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The government lower taxes
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there is a new cinema 2 blocks away from your business
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the company buys raw materials by bulk
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the company has great communication within itself
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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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