Elasticity

Elasticity

University

10 Qs

quiz-placeholder

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Elasticity

Elasticity

Assessment

Quiz

Social Studies

University

Hard

Created by

Katie Lotz

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10 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If the price of coffee drops from $6 to $5 and sales rise from 80 to 85, what is the price elasticity of demand? (Use the midpoint formula!)

.37

.33

1.34

-.33

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If your salary increases by 50 % and in response you increase your t-shirt purchases by 5 %, income elasticity equals______and clothing is_______.

0.1; normal good

10; inferior good

0.1; luxury good

10; luxury good

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Deadweight loss is more pronounced when a tax is placed on goods and services with an____________ demand.

elastic

inelastic

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the elasticity of demand for a product equals 1.5, then an increase in the product price will cause total revenue to

decrease.

increase.

remain the same.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The determinants of the price elasticity of demand for a specific good include all of the following except:

the availability of substitutes

the time period involved

the ease with which resources can be shifted to and from the production of this good to other uses

whether the good is a luxury or neccessity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers will bear more of the burden of a tax when

the supply is very elastic

the supply is very inelastic

the demand is very elastic

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following products would likely have an inelastic demand?

Fizzy cola, a carbonated soda

A meal at an expensive steak house

auto repair for your car

Nike's Air Force One's

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