4. MICRO-CH-5

4. MICRO-CH-5

University

20 Qs

quiz-placeholder

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4. MICRO-CH-5

4. MICRO-CH-5

Assessment

Quiz

Mathematics

University

Medium

Used 10+ times

FREE Resource

20 questions

Show all answers

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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