
Economics Quiz
Quiz
•
Business
•
12th Grade
•
Practice Problem
•
Hard
L Grice
FREE Resource
Enhance your content in a minute
65 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a YED of -1.2 for a product indicate?
The product is a luxury good.
The product is a necessity.
The demand for the product is perfectly inelastic.
The demand for the product is income inelastic and it is an inferior good.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a YED of 0.2 suggest about a product?
The product is a luxury good.
The product is a necessity.
The demand for the product is perfectly inelastic.
The demand for the product is income elastic and it is a normal good.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a PED of -1.3 signify for a product?
The product has a perfectly elastic demand.
The product has a perfectly inelastic demand.
The product has a unitary elastic demand.
The product has an elastic demand.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Aside from drawing a line of estimation on a chart, how else can extrapolation be conducted?
Using a ruler to extend the line.
Using historical data to predict future trends.
Guessing the future values.
Asking experts for their opinions on future trends.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Identify two factors in the external environment that can cause the demand of a business to increase.
Decrease in consumer income and higher interest rates.
Improved product quality and lower production costs.
Increase in consumer income and positive changes in consumer tastes.
Technological advancements and employee training.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a negative YED indicate about a product?
It is a luxury product.
It is a normal good.
It is an inferior product.
It has elastic demand.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the YED of a good is positive and less than 1, what type of good is it and what is its elasticity?
Normal good and inelastic.
Inferior good and elastic.
Normal good and elastic.
Inferior good and inelastic.
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever
or continue with

Microsoft
%20(1).png)
Apple
Others
Already have an account?
Similar Resources on Wayground
60 questions
PAT BAHASA INGGRIS X T.A.2023
Quiz
•
9th - 12th Grade
60 questions
IB International Economics SWC
Quiz
•
11th - 12th Grade
60 questions
Management Functions
Quiz
•
10th Grade - University
65 questions
Breakeven - Unit 3 - Business Finance
Quiz
•
12th Grade
69 questions
RIF Comprehensive Practice Exam
Quiz
•
9th - 12th Grade
66 questions
Cash flow - unit 3 - business finance
Quiz
•
12th Grade
60 questions
Modelo Territorial del Estado Español
Quiz
•
12th Grade - University
60 questions
Organization and Management Quarter II
Quiz
•
12th Grade
Popular Resources on Wayground
7 questions
History of Valentine's Day
Interactive video
•
4th Grade
15 questions
Fractions on a Number Line
Quiz
•
3rd Grade
20 questions
Equivalent Fractions
Quiz
•
3rd Grade
25 questions
Multiplication Facts
Quiz
•
5th Grade
22 questions
fractions
Quiz
•
3rd Grade
15 questions
Valentine's Day Trivia
Quiz
•
3rd Grade
20 questions
Main Idea and Details
Quiz
•
5th Grade
20 questions
Context Clues
Quiz
•
6th Grade
Discover more resources for Business
13 questions
BizInnovator Startup - Experience and Overview
Quiz
•
9th - 12th Grade
10 questions
Understanding Stock Market Investing
Interactive video
•
9th - 12th Grade
12 questions
Time Management Lesson
Lesson
•
1st - 12th Grade
20 questions
Review for Business Essentials 2.05
Quiz
•
9th - 12th Grade
