PED DP1
Authored by Julia Peters
Social Studies
9th - 12th Grade
Used 1+ times
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30 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What does PED stand for?
Price Elasticity of Demand
Price Efficiency of Demand
Price Elasticity of Difference
Percentage Elasticity of Demand
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
How is PED calculated?
Percentage change in price / percentage change in quantity
Percentage change in quantity / percentage change in price
Price / Quantity
Quantity / Price
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What does a PED greater than 1 indicate?
Inelastic demand
Elastic demand
Unitary elastic demand
Perfectly elastic demand
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
If PED is less than 1, the product is considered?
Elastic
Inelastic
Unitary elastic
Perfectly inelastic
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
When PED is equal to 1, the demand is?
Elastic
Inelastic
Unitary elastic
Perfectly inelastic
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
A necessity good typically has which kind of demand?
Elastic
Inelastic
Unitary elastic
Perfectly inelastic
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Luxury goods usually have what kind of PED?
Inelastic
Elastic
Unitary elastic
Perfectly elastic
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