ECONOMICS

ECONOMICS

12th Grade

•

36 Qs

quiz-placeholder

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ECONOMICS

ECONOMICS

Assessment

Quiz

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Other

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12th Grade

•

Practice Problem

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Medium

Created by

Rich Zuniga

Used 1+ times

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36 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

  • A seller increases the price of a good by 5%, causing the quantity demanded to decrease by 16%. Calculate the coefficient of price elasticity of demand.

-0.03

-3

3

0.03

2.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

What is the term that describes the transformation of resources or inputs into goods and services?

Manufacturing

Production

Operation

Processing

3.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

  • A 12% decrease in the price of a product results in a 15% increase in quantity demanded. Calculate the price elasticity of demand.

1.25

-1.25

0.008

-0.008

4.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

  • What term describes a situation in which the quantity demanded changes proportionately to price changes?

Inelastic Demand

  1. Elastic Demand

  1. Unit Elastic Demand

Cross Elasticity

5.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

  1. When the price of a good rises by 8%, and its quantity demanded falls by 24%, what is the price elasticity of demand?

-3

3

-0.33

0.33

6.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

  • What is the term for a situation in which the percentage change in quantity demanded is less than the percentage change in price?

Inelastic Demand

Elastic Demand

Unit Elastic Demand

Cross Elasticity

7.

MULTIPLE CHOICE QUESTION

10 mins • 1 pt

How would you define a situation in which a small change in price leads to a theoretically infinite change in the quantity supplied?

Perfectly Elastic Supply

Inelastic Supply

Unitary Elastic Supply

Cross Elasticity of Supply

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