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AQA Business A Level elasticity basics

Authored by Emily Strutt

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12th Grade

Used 1+ times

AQA Business A Level elasticity basics
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the income elasticity of a product is 0.5 it is a...

Luxury product

Necessity

Inferior good

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the income elasticity of a product is 2.7 it is a...

Luxury product

Necessity

Inferior good

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the income elasticity of a product is -1.5 it is an...

Luxury product

Necessity

Inferior good

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When income increases businesses will see sales of which type of product increase?

Luxury product

Necessity

Inferior good

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When income decreases businesses will see sales of which type of product increase?

Luxury product

Necessity

Inferior good

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Price elasticity of demand is...

How much demand is affected by a change in price

How much demand is affected by a change in income

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income elasticity of demand is...

How much demand is affected by a change in price

How much demand is affected by a change in income

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