Elasticities
Quiz
•
Social Studies
•
11th - 12th Grade
•
Practice Problem
•
Hard
Vincent Horstink
Used 7+ times
FREE Resource
Enhance your content in a minute
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which PED values indicate a good has demand that is elastic?
PED > 0
0 > PED > 1
PED > 1
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When PED = 1, this is referred to as _____
Unitary (unit) elastic
Relatively inelastic
Relatively elastic
Perfectly inelastic
3.
FILL IN THE BLANK QUESTION
1 min • 1 pt
A company sells a good that has been measured to be price inelastic. They are looking to increase their revenue. Should they increase or decrease their price? (answer only one word; increase or decrease)
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A good has an income elasticity of demand (YED) of -1.3. What can you say about the quality of the good? Its a(n) _______
Normal good
Inferior good
Luxury good
Necessary good
5.
FILL IN THE BLANK QUESTION
1 min • 1 pt
The quantity demanded of a good triples when income doubles. What is the YED of this good? (enter just the number, eg. 4 or 3.6)
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the market for luxury watches, a producer is making $500 000 per week in revenue selling them for $2 000 each. The producer increases his price to $3 000 and revenue increases to $600 000. What is the price elasticity of demand in the market?
20
2.5
0.4
0.05
7.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which of the following are determinants of PED? Check all that apply.
Number and closeness of substitutes
Time period considered (time to respond)
Unused capacity
Proportion of income
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
15 questions
How Hong Kong Became a British Colony
Quiz
•
4th Grade - University
10 questions
Tổng hợp KT
Quiz
•
KG - University
12 questions
Abraham Lincoln
Quiz
•
9th - 11th Grade
16 questions
Society and Culture 2010-2011
Quiz
•
12th Grade
10 questions
Information processing - Sports coaching
Quiz
•
12th Grade
20 questions
theory of demand
Quiz
•
12th Grade - University
14 questions
LATIHAN PEMAHAMAN KELOMPOK SOSIAL
Quiz
•
11th Grade
20 questions
U.S. Govt Ch 2 Review
Quiz
•
12th Grade
Popular Resources on Wayground
15 questions
Fractions on a Number Line
Quiz
•
3rd Grade
20 questions
Equivalent Fractions
Quiz
•
3rd Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
22 questions
fractions
Quiz
•
3rd Grade
20 questions
Main Idea and Details
Quiz
•
5th Grade
20 questions
Context Clues
Quiz
•
6th Grade
15 questions
Equivalent Fractions
Quiz
•
4th Grade
20 questions
Figurative Language Review
Quiz
•
6th Grade
Discover more resources for Social Studies
26 questions
APUSH Period 6 Review
Quiz
•
12th Grade
33 questions
PFL & Eco Unit #1 Exam Review (2024 Version)
Quiz
•
11th Grade
6 questions
Unit 8 DEUA Review
Lesson
•
11th Grade
22 questions
Benchmark 1 Review
Quiz
•
11th Grade
20 questions
WG Vocabulary List 21 2025
Quiz
•
9th - 12th Grade
73 questions
AP Psychology - Developmental Psychology
Quiz
•
10th - 12th Grade
15 questions
American and French Revolutions
Quiz
•
9th - 12th Grade
60 questions
STAR REVIEW
Quiz
•
11th Grade
