
ECON 112 Review 1
Authored by Tuan Nguyen
Business
University
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10 questions
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1.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
If apples have a lot of substitutes like oranges, bananas, and grapes, demand for apples will be relatively elastic.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which one of these factors will shift a supply curve to the right?
An increase in preference
An increase in income
An increase in the price of a complement
An increase in technology
3.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
The opportunity costs of going to college include things like tuition or housing costs
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Consider a scenario where a popular brand of sneakers has a price elasticity of demand equal to -2. This implies that the demand for these sneakers is:
relatively elastic
relatively inelastic
perfectly elastic
perfectly inelastic
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What will happen in the market for iPhones if the price of the Google Pixels drops?
An increase in supply
A decrease in supply
An increase in demand
A decrease in demand
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When the price elasticity of demand is -0.6, an increase of ______ in the price will lead to a ______ in quantity demanded.
1 percent, 0.6 percent increase
1 percent, 0.6 percent decrease
1 percent, 6 percent decrease
0.6 percent, 1 percent increase
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Two goods that have a cross price elasticity of demand equal to 2 are ______ goods.
substitute
complement
inferior
normal
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