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IB Econ 20 - Elasticity

Authored by Mr Olbricht

Business

11th - 12th Grade

Used 12+ times

IB Econ 20 - Elasticity
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31 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The price elasticity of demand measures how much

quantity demanded responds to a change in price.
quantity demanded responds to a change in income.
price responds to a change in demand.
demand responds to a change in supply.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is

0
1
6
36

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

For a particular good, a 12 percent increase in price causes a 3 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?

There are many substitutes for this good.
The good is a necessity.
The market for the good is narrowly defined.
The relevant time horizon is long.

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A key determinant of the price elasticity of supply is

the ability of sellers to change the price of the good they produce.
the ability of sellers to change the amount of the good they produce.
how responsive buyers are to changes in sellers' prices.
the slope of the demand curve.

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If the price elasticity of supply is 0.2, and a price increase led to a 3% increase in quantity supplied, then the price increase is about

0.07%.
0.60%
6%
15%

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Income elasticity of demand measures how

the quantity demanded changes as consumer income changes.
consumer purchasing power is affected by a change in the price of a good.
the price of a good is affected when there is a change in consumer income.
many units of a good a consumer can buy given a certain income level.

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The quantity of peanuts supplied increased from 40 tons/week to 60 tons/week when the price of peanuts increased from $4/ton to $5/ton. The price elasticity of supply for peanuts over this price range is:

Elastic
Inelastic
Unit Elastic
Perfectly Inelastic

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