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AP Microeconomics quiz

Description

AP micro semester exam review
2016: Tatiana Se
Quiz by 2016: Tatiana Se, updated more than 1 year ago
2016: Tatiana Se
Created by 2016: Tatiana Se over 8 years ago
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Resource summary

Question 1

Question
The demand for school biology textbooks is inelastic. This happens because:
Answer
  • The biology textbooks have substitutes
  • They are a luxury good
  • They are a necessity for biology class in school
  • They are really expensive

Question 2

Question
When the price of small dolls goes from 10$ to 12$, the quantity demanded decreases from 50 to 45. What is the price elasticity of demand?
Answer
  • -0.5
  • -2
  • 2
  • -1

Question 3

Question
Which of the following statements is false?
Answer
  • When elasticity is greater than 1 it is a luxury good
  • When elasticity is between 0-1 it is a normal necessity
  • When elasticity is perfectly inelastic it is horizontal on a graph

Question 4

Question
Which of the following good is likely to have an inelastic demand?
Answer
  • Pepsi
  • Water
  • Coca Cola
  • Chocolate

Question 5

Question
If product A has an elasticity of 1 and product B has an elasticity of 3.1, what can you tell about these goods?
Answer
  • They are complements
  • They are substitutes
  • A is unit elastic and B is inelastic
  • A has less substitutes than B

Question 6

Question
Which of the following is not a reason why price elasticity of supply changes?
Answer
  • Spare capacity
  • Flexibility of labor
  • Choice
  • Time

Question 7

Question
If the cross price elasticity of demand is negative than the good is [blank_start]complementary.[blank_end]
Answer
  • complementary

Question 8

Question
If you have an inelastic product you should [blank_start]increase[blank_end] the price of the good.
Answer
  • increase

Question 9

Question
The mayor of Bogota wants to increase the taxes on cigarettes so they could raise more revenue. The mayor believe that cigarettes are [blank_start]inelastic[blank_end] products.
Answer
  • inelastic

Question 10

Question
The economic problem states that we have unlimited wants but we have limited resources.
Answer
  • True
  • False
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