Elasticity
Quiz
•
Social Studies
•
2nd - 3rd Grade
•
Practice Problem
•
Hard
Used 200+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
If P = $10 for Tiny Tee-shirts, Q = 20, but if P = $5, Q = 25. The price elasticity of demand for Tiny Tee-shirts is:
3.0.
1/3
1/2
21
2.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
If the price of Kellogg's Corn Flakes goes up from $1.89 to $2.05 and quantity demanded changes from 250 to 210, then the price elasticity of demand would be:
0.47
0.02
250
2.14
3.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Alyssa’s Floral Shoppe dropped its prices for a dozen roses from $45 to $35 this year. Because of this decrease in price, the quantity sold increased from 1000 to 1500. The price elasticity of demand for Alyssa’s roses is:
1.00.
1.6.
0.625.
2.25
4.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
The income elasticity of demand is a measure of the:
relative responsiveness of quantity demanded to changes in income.
absolute change in demand yielded by an absolute change in income.
slope of the income-consumption curve.
negative slope of a market demand curve.
5.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
If the income elasticity of market demand is negative, most consumers view the good as:
a luxury good
having many imperfect substitutes.
an inferior good.
) a normal good.
6.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
If average income rises from $18,000 per year to $22,000 per year and annual gasoline consumption per household rises from 1000 to 1500 gallons, the income elasticity of demand for gas is:
in the inferior range
0.5
1
2
7.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
If two goods have negative price cross‑elasticities of demand, the goods are:
inferior goods.
luxury goods.
complementary goods:
substitute goods.
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