Elasticity Test
Authored by Simon Murray
Other, Social Studies
11th Grade - University
Used 22+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An 20% increase in the price of a product leads to a 40% decrease in quantity demanded. What is the price elasticity of demand?
2
0.5
-2
1
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A person's income rises by 10%, their demand for Big Macs drops by 5%. Calculate Income elasticity of Demand.
0.5
-0.5
2
-2
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The price of Pepsi rises by 10%, the demand for Coke rises by 10% too.
Ped = 1
Ped = -1
Xed = 1
Xed = -1
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The price of a good is $10, with a quantity demanded of 100 units. The price drops to $8 and the quantity demanded rises to 150 units. What is the PED?
0.4
-0.4
2.5
-2.5
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Price elasticity of demand = -0.5
Inelastic demand
Elastic demand
Unitary demand
Perfectly Inelastic demand
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Income elasticity of demand = -0.4
Normal Good
Inferior Good
Complementary Good
Substitute Good
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cross elasticity of demand = 0.4
Normal Good
Inferior Good
Complementary Good
Substitute Good
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