3.1.2.2 YED and 4.1.3.2 (Income elasticity of demand)
Authored by James Hannaford
Social Studies
12th Grade
Used 22+ times
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11 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Income elasticity of demand measures the responsiveness of
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The formula for calculating income elasticity is:
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
a positive income elasticity of demand
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Normal .... have an income elasticity of demand of between 0 and +1
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
a 8% increase in income might lead to a 10% rise in the demand for new kitchens.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Staple food products such as bread, vegetables and frozen foods.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Sports cars
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