A-Level - PED, YED, XED

A-Level - PED, YED, XED

9th - 12th Grade

10 Qs

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A-Level - PED, YED, XED

A-Level - PED, YED, XED

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Medium

Created by

Krisna Mukti Wibowo

Used 26+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Price elasticity of demand is:

A. the change in demand given a change in price.

B. how the price changes given a change in quantity demanded.

C. the percentage change in quantity demanded given a change in price.

D. the percentage change in quantity demanded given a percentage change in price.

2.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Along a downward sloping demand curve, the value of price elasticity of demand:

A. falls as the quantity demanded increases.

B. increases as the quantity demanded increases.

C. is the same along the demand curve.

D. varies with the level of expenditure.

3.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

The price of a can of iced tea increases from $1.00 to $1.10.

The quantity demanded falls from 300 cans a week to 240 cans a week.

Calculate the price elasticity of demand.

A. −0.5

B. −2.5

C. −2.0

D. −2.22

4.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

If the price elasticity of demand for a product is equal to 0.5, then a 10% decrease in price will:

A. increase quantity demanded by 5%.

B. increase quantity demanded by 0.5%.

C. decrease quantity demanded by 5%.

D. decrease quantity demanded by 0.5%.

5.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

The price elasticity of demand for a product is 1.

Which of the following changes is correct?

A. A rise in price will result in total spending on the product to rise and then fall.

B. A rise in price will result in no change in total spending on the product.

C. A fall in price will result in an increase in total spending on the product.

D. A fall in price will lead to an increase in quantity demanded but total spending on the product will fall.

6.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Why must total spending on a product increase when its price increases?

A. if demand for the product is price elastic

B. if demand for the product is price inelastic

C. if the price of a substitute product increases

D. if the price of a complementary product increases

7.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

If instant food are an inferior good:

A. demand will increase as income increases.

B. supply will increase to satisfy the increase in demand.

C. demand will fall as income increases.

D. demand will be unchanged as income increases.

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