If the income elasticity of a product is 0.5 it is a...
AQA Business A Level elasticity basics
12th Grade
•10 Qs
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AQA Business A Level elasticity basics
Quiz
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Fun
•
12th Grade
•
Easy
Emily Strutt
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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