
4. MICRO-CH-5

Quiz
•
Mathematics
•
University
•
Medium
Used 10+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
If a small percentage increase in the price of a good greatly reduces the quantity demanded for that good, the demand for that good is
price inelastic
price elastic
unit price elastic
income inelastic
income elastic
2.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
The price elasticity of demand is defined as
the percentage change in price of a good divided by the percentage change in the quantity demanded of that good.
the percentage change in income divided by the percentage change in the quantity demanded.
the percentage change in the quantity demanded of a good divided by the percentage change in the price of that good.
the percentage change in the quantity demanded divided by the percentage change in income.
None of the answers is correct.
3.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
In general, a flatter demand curve is more likely to be
price elastic.
price inelastic.
unit price elastic.
None of the answers is correct.
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
In general, a steeper supply curve is more likely to be
price elastic.
price inelastic.
unit price elastic.
None of the answers is correct.
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Which of the following would make a demand curve for a good to be price inelastic?
There are a great number of substitutes for the good.
The good is inferior.
The good is a luxury.
The good is a necessity.
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
The demand for which of the following is likely to be the most price inelastic?
airline tickets
bus tickets
taxi rides
transportation
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
If the cross-price elasticity between two goods is negative, the two goods are likely to be
luxuries
necessities
complements
substitutes
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