Econ Quiz March 21st

Econ Quiz March 21st

12th Grade

15 Qs

quiz-placeholder

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Econ Quiz March 21st

Econ Quiz March 21st

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Price elasticity of demand is calculated as

change in quantity demanded divided by change in quantity supplied
change in quantity demanded divided by change in price
percentage change in quantity demanded divided by percentage change in quantity supplied
change in price divided by change in quantity demanded
percentage change in quantity demanded divided by percentage change in price

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

For a downward-sloping demand curve, price elasticity of demand is ALWAYS

zero
constant
negative
inelastic
unit elastic

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What does price elasticity of demand measure?

consumers’ maximum willingness to pay
price changes over a time period
consumers’ responsiveness to price fluctuations
suppliers’ responsiveness to demand
the degree of stability of market equilibrium

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Demand is inelastic when a 1% change in price results in a

1% decrease in demand
drop in demand to zero
3% decrease in demand
3% increase in demand
0.5% decrease in demand

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

High price sensitivity is MOST associated with

a relatively flat demand curve
fluctuating elasticity along the demand curve
low price elasticity of demand
a vertical demand curve
an inelastic demand curve

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following characteristics leads to a higher price elasticity of demand?

The good has no close substitutes.
The good is defined in terms of a broad market.
The good is produced by a monopoly.
The good is a necessity.
The good is considered a luxury item.

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following explanations BEST describes why Coke would have a high price elasticity of demand?

Coke is produced by a large company.
Coke is marketed toward younger audiences.
Coke is a necessity.
Coke is very cheap.
Coke tastes very similar to Pepsi.

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